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A business leader can’t eliminate all risks, but insurance can provide some cover should the sky begin to fall. Despite this, insurance is an area where owners often try to skimp on the type of insurance they pay for or the amount of coverage they choose. Property insurance . Workers’ compensation. Professional liability.
If you’re looking for ways to save on workers’ compensation insurance, you’re well aware of the direct costs that you pay in premiums. But what you may not have considered is the indirect costs of on-the-job accidents and injuries, which go beyond what you pay for workers’ compensation insurance.
It’s critical to consult with HR experts to handle these situations in an optimal way. That’s why many business owners and leaders opt to consult with experienced HR personnel, a professional employer organization (PEO) or legal resources to help minimize risks and potential liability. Religious beliefs. Incentivizing vaccines.
They consult with client companies on a regular, ongoing and proactive basis. An example of this is a client company discovering that they’ve been continuing to pay for medical insurance for a terminated employee. You have many options for outsourcing your company’s human resources (HR) function.
Life insurance is vital to your financial planning if you have young children or someone who depends on your income. Most people know that life insurance helps your family if you pass away and they lose your income. What is a life insurance retirement plan? What is a life insurance retirement plan? How does it work?
Navigating the world of health insurance is complicated enough within the United States. When preparing to move abroad as a digital nomad, typical private medical coverage doesn’t necessarily work while you’re outside of your home country—while travel insurance might not be designed for longer trips or anything other than emergency care.
You’re probably well-aware of the direct costs you pay in workers’ compensation insurance premiums, but you may not have considered the indirect costs of on-the-job accidents and injuries. Consider using: A third-party consultant – Independent workplace safety consultants typically charge about $100/hour.
As a freelancer or independent contractor, you may think your business is too small to need insurance. Client contracts sometimes even require you to have freelance business insurance. The bottom line: More than half of those surveyed said their biggest barrier to getting coverage was understanding what insurance their business needed.
Start by offering a solid benefits package that includes a great portfolio of health insurance options to choose from. This alone can help ease some of your employees’ money concerns because they will have the opportunity to get things like medical insurance, disability, flexible spending accounts, retirement plans and more.
Outside consultants are often hired to assist with specific projects, and are responsible for paying most of their own payroll taxes. If you have any questions about whether a person is properly identified as an independent contractor, please consult a lawyer experienced in wage and hour matters. Independent contractor.
Before you start to pack any boxes, obviously, it’s wise to consult legal counsel. When weighing where to move, it’s worth considering, for example, the workers’ compensation insurance requirement or the required timeline for filing for unemployment claims as these may impact your administrative timelines.
And because of the Health Insurance Portability and Accountability Act (HIPAA), it may be wise to store your employees’ health and welfare-related benefits information separately as well. Make sure you’re retaining the right records.
If there is no IT department, consider hiring an IT security firm or consultant to assess the company’s computer network and address security weaknesses to prevent a future data breach. Contact your company’s insurance provider, if you have cyber liability Insurance.
An early start will also give you time to interview vendors, get cost quotes and consult with stakeholders in your company to make decisions. On the administrative side, this streamlines the process so the data entered by employees is ready to go directly to the insurance provider. Develop an employee communication plan.
If you rent office space, your building management will need to be consulted. Regardless of whether you rent or own your workspace, it’s a good idea to contact your insurance agent about coverage for pet-related damages. Some ideas include: Offer a discount for pet insurance. Host a happy hour at a dog park.
If you’re looking for ways to save on workers’ compensation insurance, you’re well aware of the direct costs that you pay in premiums. But what you may not have considered are the indirect costs of on-the-job accidents and injuries, which go beyond what you pay for workers’ compensation insurance.
An art experience that connects to your brand, mission and values is “absolutely critical” to business organizations, according to the State of the Art Consulting & Curating Business survey. Work with an art curator who specializes in corporate art consulting and advising to help you plan the best way to care for each piece.
That’s why you should also have property insurance so you can rebuild your office space with minimal financial stress and disruption to regular operations. A “business interruption” add-on to your insurance policy can even reimburse you for lost income related to property damage. Loss of key client. Workplace violence.
An EAP provides: Counseling and consultation services for many work and home-life topics Connection with customized resources Referrals to specialized professionals, including: Attorneys Childcare or eldercare providers Financial advisors Psychologists or psychiatrists Therapists Nutritionists Other clinicians.
Health insurance Health insurance aims to assist employees with the costs of obtaining medical care. Optional dental and vision care are usually offered alongside health insurance for an added fee.) To confirm your company’s legal obligations for these types of insurance, check the laws in your particular state.
While the topic is a complicated one that may require the advice of a legal or HR consultant, here are the quick facts: One or two days away, from time to time, and requested in advance, may be a good use for unused flex time, sick leave or even banked vacations days (and handled in the same manner as common illnesses or injury).
Not all benefits need to be healthcare or life insurance which can be a high cost for small to medium-sized businesses. Go over all details with an HR advisory consultant. While other employees said they chose one job over another based on the benefits package and not just the role or the paycheque. Benefit laws are complicated.
A 2021 Gallup poll found that 1 in 6 Americans stay in jobs they don’t find fulfilling just to keep their health insurance. I’m here to tell you that if you are wanting to take the plunge into entrepreneurship, the health insurance options for those of us who are self-employed are not as bad as you might think.
Companies require a Wellness Consultant who is a major role player to follow and create a proper wellness plan. As a result, there is a greater need for corporate wellness consultants, and many people are trying to enter this fascinating and lucrative industry. Each of these advantages is connected to the bundle of employee benefits.
Consult an immigration attorney. Comply with insurance requirements. Insurance obligations are the responsibility of the employee, but companies may assist in the process or offer company insurance. Federal law requires all employees complete an I-9 form for legal identification. Customs and Immigration Services.
The top employee benefits brokers offer insurance wellness programs, as savvy benefit brokers know that robust wellness solutions improve employee wellbeing, productivity, and morale while reducing overall healthcare costs. Working directly with the broker allows for a consultative approach.
You may also need to consult your insurance company to find out if your policy covers dog-related issues such as bites or building damage. Where do you draw the line? If you’re renting office space, you probably need to ask the building owner whether they will allow dogs on the premises. Weigh the business reasons.
The Health Insurance Portability and Accountability Act (HIPAA) also protects the privacy of your health information. Victoria Yang , founder, Victoria Yang Consulting Additionally, many employers offer mental health programsoften detailed in your employee handbook or on your company’s websitethat may be a helpful first step.
These illnesses and injuries cost employers in absenteeism, lost productivity and, quite often, higher insurance premiums. A consultant with this sort of expertise can help your company find affordable ways to improve your workplace ergonomics and possibly even provide training or a lunch-and-learn on the topic. Making ergonomics fun.
He turned the experience into the inspiration for his next business, Potential Sales & Consulting Group, the suburban Florida firm he founded in 2011 to help companies develop top sales teams. “It He sold his stake in that business to start his consulting group.) Those principles convinced Arocho the consulting firm would fly.
A fair severance agreement should include at least two weeks salary, and may also include: Additional money based on years of service A reimbursement to help offset the cost of health insurance coverage continuation or COBRA stipend Outplacement counseling and/or training. Past, present and future.
For small- and medium-size businesses, worker’s compensation insurance costs can be exorbitant. By analyzing both the hard and soft HR metrics, the PEO can provide your company with a more accurate depiction of the potential acquisition, a service many outside consultants simply don’t have the technical knowledge to provide.
HR outsourcing companies and HR consultants typically stay up to date on all of the employment and labor laws and alert employers when there’s a legal change that they need to be aware of. HR outsourcing companies and consultants can recommend and implement process changes to help streamline your business’ HR processes.
“As a CEO, I hold the belief that climate protection is not merely an environmental concern, but it also has significant implications for our business,” notes Jon Morgan , co-founder and chief editor of Venture Smarter , a consulting firm that specializes in helping startups and small businesses scale and grow.
Next, you’ll need to consider your current company benefits such as health insurance and retirement plans. If that’s not an option, you’ll need to get on a health insurance plan for self-employed individuals. These include unavoidable costs such as housing, food, transportation and insurance. All investing involves risk.
Conduct exit interviews face-to-face According to Deborah McGee, president and CEO of PZI Group , a consultancy focused on human resources outsourcing, one of the biggest mistakes companies make is skipping exit interviews altogether. All companies are different, but there are ways to make exit interviews a little better for those involved.
They also intend to push for better health insurance coverage and pension benefits, as well as “more flexibility around overtime,” Bloomberg reports. “People don’t get stupider,” Cliff Collier, a seasoned aerospace manufacturing consultant, told Bloomberg. ”
Our nation’s first major tax reform in more than 30 years has spurred many business owners to spend hours with their CPAs and tax consultants over the past few months. A PEO can help you provide your employees with access to competitive benefits that include medical, dental and vision insurance, 401(k) retirement plans and much more.
One advantage of BetterHelp is that because the service does not bill insurance, there is no need for clinicians to provide a diagnosis and target therapy to fit the “medical necessity” requirements imposed by third-party payers. Like all three therapists I ultimately consulted, she held a master’s degree in social work.
If your health insurance plan doesn’t provide coverage until 60 or 90 days have passed, your staff does not need to receive all of the details at the beginning of their employment. and Jackie Bailey , president of Emerald City Consulting. Keep it relevant. Don’t overwhelm your employees.
You also need to track voluntary deductions like health insurance and 401(k) contributions, prepare and file quarterly reports, and process w-2s at the end of the year. Good payroll providers offer access to a dedicated payroll consultant, 401(k) plans and compliance assistance.
For example, it could be an update that more benefits have been added to the health insurance plan, or that sales teams are now required to conduct key performance indicators (KPI) reporting monthly instead of quarterly. Why is it important to send process emails?
But, as a single mom with two teenage children, a growing health insurance bill, and looming college tuition, the pressures of freelancing’s ebb-and-flow income patterns were stressful. James had been a successful freelance writer for more than two decades. James, on a whim, decided to apply for a full-time job. Rosen says.
This form of treatment sounded like a great fit for her, but there was a problem—the high cost and it’s not covered by health insurance. “When I saw the prices, they were just so expensive,” she says about the cost to see different coaches with whom she had consultations.
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