iBank: small business loans, insurance, capital
Most economists prefer talking about the big picture of a nation’s financial health. I see the tens of thousands of sole traders and small operations that tick over in local neighborhoods, satisfying community needs and keeping local economies alive. The good news? A recent survey shows local entrepreneurs live longer and have better lives than the people who work for others. Yes, there can be more stress when times are hard, but most have a better work-life balance, finding comfort and support in the family. So what is it that these local business owners are doing? Conventional wisdom says business is all about profit. Let’s not get sentimental about providing employment to local people, or keeping businesses alive to serve local needs. Let’s just look at the costs of paying those you employ, the utilities that supply you, the rent or mortgage on the premises you occupy, and so on. All of these feed into the ever-important bottom line. Because your customers have less disposable income, sales for goods and services have been falling. This puts a squeeze on and the only way to stay in profit is to cut costs. If we head down into a recession, cuts are not just an option. Survival forces them. Except there are compensations. Running a business gives you access to discounts and potential tax savings on all major goods and services. So owners can often subsidise their lifestyles within the current trading and tax systems. Even if you cannot get access to discounts individually, joining trade associations and the local chamber of commerce often brings significant savings. Once businesses pool their buying power, suppliers usually offer better terms. Small operations have been most affected in the business insurance market. Premiums have been rising more rapidly than inflation, putting ever more pressure on the smaller operations. The reasons? Let’s just say there’s a vicious circle. As more find the premiums unaffordable and drop out, the cost of the risk must be divided among the remaining policy holders. That’s where the buying strength of an association or chamber of commerce comes in. The more businesses pool the risk with the same insurance carrier, the lower the premiums. So, when it comes to small business insurance, there’s strength in numbers and, if real savings are to be made, collective action is best — an irony we need not talk about too loudly in these days of capitalism. The other advantage is the avoidance of commission payments to agents. If owners stay independent and seek the best deals through an agent, they pay for the advice and the full premium. Collective negotiation directly with the carrier produces savings on premiums and cuts out the payment to the “middleman”.
Watch the video related to small business insurance
iBank: A one stop shop for the small business owner to get financing, insurance, and capital!
Help answer the question about small business insurance
Would you suggest getting small business insurance for a mobile business?My husband and I recently started a mobile buisiness. We have no "location." The business is run and the service is provided on location at the customer's request. We have set our business up as a sole proprietorship. Do you suggest insurance? If so, what kind?
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Posted by American Car Insurance on April 25th, 2009 filed in business insurance | 12 Comments »
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12 Responses to “iBank: small business loans, insurance, capital”
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Link Partner
April 25th, 2009 at 3:58 am
iBank is a great source for small businesses to get the capital and credit they need in smart, fast and efficient way!
April 25th, 2009 at 4:53 am
NEED CREDIT?
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April 25th, 2009 at 3:49 am
Well, they can't do it over the phone because there are way, way too many variables.
A safe range to use, is $500 to $150,000. Yep, 95% of small business insurance packages will fall in that range.
It depends on what they do, what they need covered, where they are located, and of course, the rating basis.
Sorry, I don't think this is much help.
April 25th, 2009 at 5:21 am
Use this site to find an independent agent in your area. An independent agent represents more than one company so they have a better chance of having a company that will be able to write the insurance he needs.
http://www.iiaba.net/agentlocator/findagent.aspx
April 25th, 2009 at 11:12 am
Yes, definitely. First, if you are using you personal vehicles to get to the customers location your auto insurance company can avoid paying a claim if on a business trip. Second, liability for any error or damage you cause while doing your work. As a sole proprietor you are liable for any damage or claim and your homeowners or auto will not pay. See your insurance agent and discuss coverage needed, it probably will not be that expensive. I have a small farm business and pay very little extra for business coverage.
April 25th, 2009 at 12:22 pm
Farmers WILL do it. Call….
Juan Betancourt
5531 W Cermak Rd # D
Cicero, IL 60804-2218
Phone: (708) 863-1750
Fax: (708) 863-1749
jbetancourt@farmersagent.com
Or
Alma Rodriguez Agency, Inc.
6932 Windsor Ave
Berwyn, IL 60402-3335
Phone: (708) 795-4444
Fax: (708) 795-4447
arodriguez3@farmersagent.com
Don’t worry its not me I looked this up on http://www.Farmers.com and yes I know 90% they do. Every senior and state is different try call. I have the link below and you can look up another agent.
April 26th, 2009 at 3:41 am
You need a general commercial liability policy (GCL) Check with local agents in your area.
They will want to see:
how long the business has been established/ yrs of experience.
Your annual payroll
3 most recent jobs
April 26th, 2009 at 7:06 am
listen DJ Gregory, he's the best
April 26th, 2009 at 8:18 pm
iBank is a great source for capital and credit for small businesses!
iBank enables corporations to sell more products and services to their customers by providing their customers with seamless connectivity to credit and capital. iBank’s success is based on their ability to empower companies to capture, grow and service their customers by enhancing their financial relationships.
April 26th, 2009 at 9:41 pm
Different companies will have different requirements and pre coverage conditions. Premiums will also vary sometimes by several hundred dollars. It is always a good idea to start with the company that carries your auto and home owners insurance so that you also may be able to be covered by an umbrella policy. Shop around for business insurance just as you would any other kind.
April 27th, 2009 at 8:24 am
General liability with one person cleaning, gross receipts under $75,000 is going to run around $1500 a year.
A "bond" is going to run around $250, but doesn't mean what you think it means, and basically you don't need it anyway. You'll have to guarantee the bond amount if it's a start up business, which means, post $5,000 or however much you want the bond to be for.
Bonds for janitorial services, people ask about them here about twice a week. No one really needs them, unless you're doing government work.
April 27th, 2009 at 11:13 am
OK, I've written business insurance on businesses owned by felons. It's not a deal breaker, but for a NEW business, you're likely going to be in the surplus lines market. You need to go to an independent agent, give them details on the type of business it is, and get quotes for the business insurance.
If you're only buying health insurance for one or two employees, it's going to be INDIVIDUAL coverage, not a group plan, in most states. It gets underwritten and priced based on the age, the health, and the coverages. If the agent doing the business insurance isn't licensed for health insurance, ask them for a referral.
**caveat – any illegal acts committed by an owner of the business are NOT COVERED anyway – just want to make sure you know that. If the partner runs off with the stock, it's your loss.**