Additional Factors to Consider When Expanding Your Business

Additional Factors to Consider When Expanding Your BusinessIn our last post, we discussed the necessary Facts to Know About Expanding Your Business. While the tax and foreign qualification implications are critical, there are other practical factors to consider. In addition to Orlando Commercial Insurance, deliberate these aspects before choosing to expand your company.

What Type of Expansion is Right for Me? Depending on your industry, research what type of expansion will work best for your business. Bear in mind the time, money and desire to achieve success it will take in order to successfully expand. Evaluate what resources you have and consult with local businesses to determine the trends. Further, take a look at the expansion plans of competitors in your industry and determine where they succeeded and failed.

Will I Benefit from Expansion? While there is ample risk associated with business expansion, weigh the potential benefits, as well. Is expanding cost effective? Will it promote a larger customer base? Are you prepared and capable of managing the added stress.

Can I Afford to Expand? Obtaining a business loan might require collateral on your home, which can be risky. In the event your venture is not successful, your business and home could become property of the bank. If you are considering purchasing a competitor’s business, weigh the financing options and how they might affect your financial situation.

Getting Started? The first step is to create a plan on how you plan to execute your expansion plan. Entrepreneur states that if it is only for internal growth, put together a plan for how you will allocate resources and what you will do to improve your current business. If acquiring a new business, screen the business and consult with business brokers who can assist in negotiations and closing deals.

At Newman Crane, we specialize in customizing business insurance solutions to protect your hard earned investments. Whether you’re looking to add a location or acquire an existing business, we have comprehensive coverage to protect your operations. For more information, contact us today at (407) 859-3691.

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What to Know About Expanding Your Business

What to Know About Expanding Your BusinessAs a small business owner, there are various legal and tax aspects that need to be personally managed. While expanding your business to another state can be lucrative, there are considerations to be made to ensure proper legal compliance. In addition to incorporating Orlando General Liability Insurance in your new business plan, the following attentions can help to reduce loss and financial liability for your business.
In order to conduct business in another state, you must register with a foreign qualification, which is defined by Biz Filings as the process of filing the appropriate paperwork to register a foreign LLC or corporation to conduct business in another state.

Since the popularization of mobile and virtual business ventures, it can be difficult to decipher what’s considered doing business in another state. Small Business Trends recommends consulting with an attorney or accountant to determine the following: Does your LLC have a physical presence in another state? Are you conducting meetings with clients in that state? Does significant revenue come from another state? Do you pay state payroll taxes for out of state employees? And finally, Did you apply for a business license in the state?

If so, a foreign qualification registration is required in order to ensure compliance with the law. Proper registration is critical as it is a legal obligation for you as the business owner. If one is not filed, penalties and legal action could ensue including fines and interest accrual, back tax liability for the length of time your business earned income with being foreign qualified, and the inability to sue in the nonregistered state.

Although business expansion is ideal for any owner, bear in mind the consequences of foreign qualification. Annual fees, knowledge of state laws, and additional paperwork are a few extra responsibilities of registering your business in another state. Consider the profit margins compared to the costs of operating in other states prior to expanding your business.

At Newman Crane, we specialize in customizing solutions to protect small businesses like yours. We offer a variety of commercial insurance packages to safeguard your business against the scope of risks it might endure. To learn more about which coverages are best suited for you, contact our specialists today at (407) 859-3691.

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Kohl’s Sued for False Advertisement

Kohl’s Sued for False AdvertisementA recent lawsuit against Kohl’s claimed the stores mislead consumers by promoting phony sale prices. Although the retail giant denies any wrongdoing, this marks the latest in many similar lawsuits over the last five years. The recent allegations bring awareness for implementing Florida Commercial Liability Insurance to protect your retail business.

Wendy Chowning and Lourdes Casas of Chula Vista filed the suit on July 21 in a California federal court which accused the chain of falsely advertising discounts that didn’t exist. They claimed Kohl’s promoted phony prices on their proprietary brand’s products. For example, JCK Magazine referenced a November ad that featured a robe that was priced at 40 percent off its original $46 dollar price tag at $29.99. Further, a Jennifer Lopez dress and an Apt. 9 shirt were advertised at 70 and 60 percent off, respectively. The issue lied in the fact that the “original” prices were never actually charged.

Consequently, the suit states “The plaintiffs were misled as to the value of the items they purchased.” In addition, the suit cites false advertising and unfair competition among other violations. As this is not the first time Kohl’s has been charged with these violations, the current lawsuit wishes to create a class-action.

Unfortunately, this marks yet another suit against Kohl’s for the same reasons. In June, Steven Russell filed another lawsuit claiming the company falsely advertised original and sale prices, misleading consumers yet again. Russell documented 15 separate instances where he was overcharged for product in Palm Desert, California over the course of 4 years. The pending suit seeks $5 million in damages in extra compensation to cover court costs.

At Newman Crane, we understand the importance of protecting your retail business with proper insurance coverage. We offer comprehensive policies at competitive prices in order to combat any risk exposures your business might face. For more information, we invite you to contact us today at (407) 859-3691.

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Florida Employers, How can You Reduce Workers Comp Claims?

Florida Employers, How can You Reduce Workers Comp ClaimsWorkers compensation claims are inevitable in any business. However, with proper training, prevention strategies, and risk management, these claims and associated costs can be minimized. As ignoring these hazards can damage your business and reputation, obtaining proper Workers Compensation Insurance in Florida is critical to your success.

According to the Bureau of Labor Statistics, workers’ compensation claims represented about 1.4 percent of total compensation costs in the U.S. as of March 2015. However, for construction and similar industries, this figure increases to 3 percent. For example, this translates to $1.82 per $100 in payroll. On top of legal fees and medical expenses, companies lose money due to lost time and productivity as a result of the employee’s injury. In order to combat these statistics, it is recommended your business takes the following steps.

Provide Training- Proper training can prevent injuries from happening. Providing ongoing training programs on safety and procedures will make your workers aware of the potential risks associated with their job duties. Safety & Health Magazine and the National Safety Council found that even just a dollar of injury prevention investment can provide up to 500 percent return.

Workplace Safety Evaluations- Experts recommend having a third party risk management company assess and inspect your workplace and equipment to ensure proper safety compliance and identify potential risks.

Recognize Workers’ Comp Fraud Signals- As an estimated 1 to 2 percent of all claims are fraudulent, it is critical to recognize red flags. Consider the timing of the claim, potential witnesses, history of claim activity, and cooperation from the injured worker.
Return-to-Work Program- Implementing a plan to get employees back to work efficiently can reduce absenteeism and increase productivity. What’s more, this tactic helps workers to recognize their recovery is important and that the company has not disregarded their injury. In turn, this increases company morale.

Seek Professional Help- Rather than attempting to manage all claims in house, experts recommend outsourcing this responsibility to professionals. Doing so can reduce mismanagement and ignoring of claims and neglecting other aspects of your business in the process.

At Newman Crane, we specialize in providing insurance solutions for businesses like yours. With over twenty years in the industry, we are experts in numerous coverages to defend your business against a variety of risk exposures. For more information, contact us today at (407) 859-3691.

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CEO Salaries Causing Wage Gap Outrage Among Employees

CEO and Employee Wage Gap Outrage The nationwide movement to increase restaurant and retail worker’s wages has been the source of debate recently. While boosting hourly rates to around $10 an hour would allow the workers to live more comfortably relative to cost of living, the CEOs of these top companies earn millions per year, causing wage gap outrage and raised awareness of Florida Employment Practices Liability.

USA Today examined the top 13 of the country’s prominent restaurant and retail companies and found that the CEOs earn an average of $5,859 an hour. Although these figures are based on an assumed 40 hour work week, CEOs typically work more hours than the in-house restaurant workers. However, the divide is still evident.

The steadily increasing salary of the lowest paid industry’s CEOs has been an issue for decades while other employment policies have failed to shift parallel to the economy. For example, according to the Economic Policy Institute, worker’s compensation grew 10.2 percent between 1978 and 2013 while the average CEO salary increased 937 percent.

Historically, the divide between CEOs and average workers has not always been this cavernous. In 1965, it was 20 to 1, and by 1978 it was 30 to 1. What’s more, in 1995 the gap increased 123 to 1. However, the essential job functions and responsibilities of CEOs can be daunting, and therefore awarded higher compensation. The highest earning CEOs of these chains are as follows:

1. Chipotle co-CEO Montgomery Moran: $13,489 an hour
2. Chipotle co-CEO Steven Ells: $13,471 an hour
3. Starbucks CEO Howard Schultz: $10,285 an hour
4. Dunkin’ Brands CEO Nigel Travis: $4,889 an hour
5. Yum! Brands CEO David Novak: $4,795 an hour

As the wage gap debate continues to unfold, Newman Crane is here to protect your business against any risk exposures you might endure. As this type of dispute is relative to any industry, we offer a variety of coverages to ensure every aspect of your business is secured. To learn more about our business lines, contact our specialists today at (407) 859-3691.

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Florida Lightning Safety Tips

Florida Lightning Safety Tips

While we enjoy the rest of the summer season, it is important to be aware of the eminent lightning risk. As threatening storm clouds loom, consider the following tips to secure your personal, home, and assets’ safety in the event of lightning damage to decrease Orlando Personal Insurance Risk.

Do:

Go inside when you hear thunder. If it is audible, that means lightning is within striking distance. It is recommended you find shelter immediately, preferably a solid structure such as a house or a building with a roof. If you are at home when lightning arrives, be sure to unplug electronics and use surge-protected outlets in order to prevent an electricity shortage. Bear in mind a standard surge protector will not protect your home from a direct strike. Further, experts recommend installing a lightning protection system (LPS) in your home to prevent potential fires. If someone has been struck, seek immediate medical attention. While these strikes can be very damaging, Live Science states that an estimated 240,000 people are struck each year and survive. Lastly, wait 30 minutes before going outside after the last audible thunder and/or visible lightning.

Don’t:

Avoid retreating to small shelters such as dugouts or sheds; they are typically not sturdy enough to provide proper protection against a powerful lightning strike. Evade using or touching any electronics during the storm, as well. Contrary to popular belief, it is not safe to huddle with a group of people when stuck outside. Instead, stand at least 15 feet apart. Do not lay on the ground as this increases your chances of being struck by a potentially deadly ground current. Lastly, avoid any bodies of water and or standing near any metal materials such as fences or machinery.

At Newman Crane, we understand the potentially dangerous effects lightning can have on your home and vehicles. We offer customized coverage for all of your personal insurance needs to safeguard against a variety of risk exposures. To learn more about our products and services, give us a call today at (407) 859-3691.

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