How to Protect Your Business and Its Employees
Being an entrepreneur can be exciting, fun, challenging, and overwhelming all in the same day. The rewards outweigh the frustrations but with careful planning and organization you can remove some stressful situations. The type of situations that keep entrepreneurs up at night are endless. Run your business endeavors the smart way from day one. Below are some tips to help with these potential problems.
Payroll & Taxes
One of the most time consuming aspects of running a business is payroll and taxes. But have no fear, the days of doing most of it manually are long gone. With companies like Gusto that not only provide payroll services at a low price but they also provide human resource services. If you haven’t tried their payroll platform yet, it is the easiest to use. You can run payroll within minutes with just a few clicks of the moose.
It’s important to ensure you are taking out the proper amount for taxes as the owner. You don’t want to be stuck with a huge tax bill at the end of the year. This has happened to many business owners over the years and can cause undo stress.
Business Liability Insurance
No business or entrepreneur are perfect. People make mistakes and some might not be within your control. One of the most important pieces of insurance coverage you can have is business liability insurance. With this type of insurance you are protected as well as your employees and business assets. A liability policy will help shield your personal and business assets in the event of a claim.
Small business owner Daniel Castillo explains, “Having business liability insurance saved me from having to payout a large claim against my company. Without it my business would have gone belly-up and many of us would have been out of a job.”
Online Data Protection
You hear it on the news every day, another data breach. The average data breach costs 3.6 million dollars to the company. Now granted your business might not be that large. When they break the costs down on a per customer bases it comes to $141 per customer. If you have a small business that has 1,000 customers that comes to $141,000. Not many businesses can survive after an incident like this.
There are many ways to help prevent this including updating systems, training employees, safeguards, and online security. It’s best to hire a professional that can oversea these things for you.
We mentioned employee benefits above but wanted to highlight some of the more important ones here in its own section. You need to ensure you have a good workman’s comp insurance plan. If any of your employees get hurt, while on the job, you want to be prepared. You don’t want these costs coming out of your own pocket.
Employees should also have health, dental, and death coverage as well. This can get real expensive for an employer but is a must nowadays. Employees want to work for companies that provide top of the line benefits. There are some ways to save money here but not much. Instead of a full blown life insurance plan you can offer the alternative funeral insurance plans.
As an entrepreneur you want to think about and grow your business. You shouldn’t have to worry and stress about the nuances of running the day to day aspects of the business. Take these tips and put a game plan in place today.