How to Know if You’re Overpaying for Your Contractors Coverage
As a contractor, it’s important to carry adequate insurance coverage to protect your business from unexpected events and to fulfill your clients’ requirements. At the same time, you don’t want to pay too much. In fact, many contractors are unaware that they might be overpaying for the coverage they have and may not be getting […]
Steps for Acquiring Insurance for Your Contractors
As a contractor, you understand the importance of protecting your business and employees. Whether you’re a plumber, HVAC technician, electrician, roofer, or general contractor, you must purchase a wide range of insurance products to secure your business and employees. But, how do you obtain business insurance for a contracting firm? Use these tips to work […]
The 4 Most Common Auto Shop Injuries According to OSHA
Working in an auto shop is a physically demanding job that comes with inherent risks. While no one wants to consider it, there’s a chance that anyone in the shop could be hurt at any time. According to the Occupational Safety and Health Administration (OSHA), auto shop workers face numerous hazards that can result in […]
The Great Resignation: How to Improve Employee Retention in the Auto Industry
The automotive industry seems to be experiencing a phenomenon known as the “Great Resignation,” where many employees are quitting their jobs in search of better opportunities. This trend is not unique to the auto industry, but it‘s a holdback all the same. It’s important for auto industry employers to focus on employee retention strategies to […]
What Types of Insurance Do You Need to Run a Tire Shop
Managing a tire shop or dealership comes with its own risks and exposures. As a tire shop owner or manager, you must protect your business financial losses or even closure by carrying a bit of financial security—namely, insurance coverage. Not only is insurance the best way to ensure your tire shop is protected against risks […]
What Type of Retirement Plan Should My Business Implement? – Part 8
The Benefits of Saving in a Retirement Plan or IRA Why should someone save in an IRA or a retirement plan, instead of a regular savings account? Individual Retirement Accounts (IRAs) and retirement plans provide tax advantages that a regular savings account does not. There are two types of tax advantages: Pre-tax: Making a traditional IRA contribution or pre-tax 401(k) deferral, you do […]
What Type of Retirement Plan Should My Business Implement? – Part 7
Safe Harbor 401(k) Plan Basics safe harbor 401(k) plan is simply a 401(k) plan that includes a safe harbor feature. There are a few options when it comes to the safe harbor feature, but by electing this feature, the employer commits to making minimum contributions to their employees. This is a very popular feature when designing a 401(k) plan because it enhances the plan by: Allowing all employees, including owners, to maximize their 401(k) deferrals up to the $23,000 limit (or $30,500 limit […]
What Type of Retirement Plan Should My Business Implement? – Part 6
SIMPLE 401(k) Plan Basics A SIMPLE 401(k) plan is a combination of a regular 401(k) plan and a SIMPLE IRA. When would a business choose this plan over a SIMPLE IRA or regular 401(k) Plan? NOT OFTEN. The SIMPLE 401(k) doesn’t provide meaningful advantages when compared to the SIMPLE IRA or 401(k) plan. SIMPLE 401(k) vs SIMPLE IRA Contribution Limits Setup Administration Plan Eligibility Loans Allowed? SIMPLE […]
What Type of Retirement Plan Should My Business Implement? – Part 5
SIMPLE IRA Plan Basics A SIMPLE IRA plan allows employees to make contributions to a retirement plan from their pay just like a 401(k) plan, but the maximum deferral amount is lower ($16,000 vs $23,000.) Why would a business choose this plan over a 401(k) Plan? Usually because of the ease of getting this type of plan started and its typically low administrative fees. However, there are some trade-offs associated […]
What Type of Retirement Plan Should My Business Implement? – Part 4
401(k) Plan Basics A 401(k) plan allows employees to make contributions to a retirement plan from their pay. This is called a 401(k) deferral because instead of receiving all of their pay, the employee directs the employer to deposit a portion of their pay in the retirement plan. Saving in this way helps the employee accumulate funds they will need at retirement, and it is an […]