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Business owners often wonder whether the cost of insurance is tax-deductible. The good news is that many types of business insurance qualify as deductible expenses under IRS guidelines. According to the IRS, premiums for insurance that are “ordinary and necessary” business expenses can typically be deducted.  Deductible Insurance Premiums  The following types of business insurance…

Small businesses face many risks, and securing insurance is essential for protecting against these exposures. However, insurance premiums vary widely depending on several factors. Understanding what influences these costs can help business owners make informed decisions when purchasing coverage.  1. Type of Business and Industry  High-risk industries like construction and manufacturing typically pay higher premiums…

The construction industry is moving towards digitization, with technologies like artificial intelligence (AI), the Internet of Things (IoT), and Building Information Modeling (BIM) streamlining operations. However, these advances also open new doors for cybercriminals. As construction companies rely more on digital tools and store valuable data, they become increasingly attractive targets for cyberattacks.  Why Construction…

An economic downturn can be especially tough for small businesses, which often face increased pressure from supply chain disruptions and reduced cash flow. However, making the right adjustments can help your business weather the storm. Here are the main risks you should be aware of:  Supply Chain Vulnerabilities  The financial health of your business depends…

Discontinuing part of your business, whether it’s shutting down operations or discontinuing a product line, can leave you exposed to several risks. Even after you’ve shut your doors, liabilities persist. Here’s what you need to consider:  Product Liability Doesn’t End with Your Business  If you’ve ever produced a product that’s still in circulation, you remain…

Understanding the true cost of risk is crucial for small businesses in industries like construction, retail, auto services, and real estate. When we talk about the total cost of risk, we’re not just talking about the cost of insurance premiums. The price of risk management covers both tangible and speculative risks that can disrupt your…

Seasonal employees can help businesses manage surges in activity without committing to long-term hires. However, employing these temporary workers comes with unique legal and operational challenges.  Key Considerations for Hiring Seasonal Employees  Best Practices for Managing Seasonal Employees  Employing seasonal workers can be beneficial if done correctly. For more guidance on managing seasonal employment, contact…

Near-misses are often ignored, but they are key indicators of potential hazards in the workplace. A near-miss is any unplanned event that didn’t result in injury or damage but had the potential to do so. Understanding how to report and respond to these incidents can help businesses proactively avoid future accidents.  Why Reporting Near Misses…

Toxic gas exposure is an unseen but very real threat in construction, especially for those working in excavation, maintenance, or operating gas-powered equipment. Despite the invisible nature of many gases, their effects can be disastrous if not properly monitored.  Prevention Measures  To protect yourself and your crew from toxic gas exposure:  Ensuring the safety of…

Small businesses face numerous risks, and insurance is a vital tool in protecting them from financial losses. However, gaps in coverage—areas where your insurance policies don’t cover specific risks—can leave your business vulnerable. Understanding how to identify and close these gaps can save you from costly out-of-pocket expenses.  Common Causes of Insurance Gaps  Steps to…