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Business Insurance - Complete Controller

No matter the size of your business, there are certain coverages every business needs. One of the most critical business needs is business insurance, though it is often overlooked. What is business insurance? It is insurance specifically designed to cover issues businesses face, such as natural disasters, accidents, equipment breakdown, and lawsuits, all of which could spell the destruction of your business without insurance. Here are the types of business insurance and what they cover to make the best decision on the coverage that works for you and your business. Check out America's Best Bookkeepers

General Liability Insurance

General liability insurance protects you against financial loss if there are bodily injury and medical expenses, property damage, libel, slander, lawsuits, liens, settlement bonds, or judgments. Every business should carry general liability insurance. While you can run your business as professionally as possible, there are unforeseen disasters or human reactions you have to protect your business against. Without insurance, your business could be wiped out with just one disaster, accident, or lawsuit.

Product Liability Insurance

Product liability insurance protects against financial loss due to a defective product that causes injury or bodily harm. If your business creates any product or products, this is a must in addition to general liability insurance. There is no prediction about how some products will be used or how the people using them may be vulnerable to some aspect of them. Your business is protected from financial loss with product liability insurance, no matter what happens with your product(s). Check out America's Best Bookkeepers

Professional Liability Insurance

Professional liability insurance protects against financial loss as a result of malpractice, errors, and negligence. This insurance is specifically designed for businesses that offer a service instead of a product. Several things can happen when performing a service for a customer. With professional liability insurance, you and your business will be protected from financial devastation. Some businesses that offer services also have products. In that case, you would need to carry both product liability and professional liability insurance.

Commercial Property Insurance

Commercial property insurance is coverage that protects your business against loss and damage of company property due to a wide variety of events such as fire, smoke, wind and hail storms, civil disobedience, and vandalism. It also covers injuries a person may have suffered while on your property. This coverage is specifically designed for businesses with property or physical assets. There are so many events that can occur, causing damage to your property, this coverage ensures that if the unthinkable happens, your business will come out intact.

Home-based Business Insurance

Home-based business insurance is added to the homeowner’s insurance and protects your business and home from liabilities. These liabilities include the same thing general liability covers, but your business AND home are protected since your business is run out of your home. Check out America's Best Bookkeepers

The Business Owner’s Policy

The business owner’s policy is coverage that protects your business by combining all the coverage needs you have in one bundle. This bundling simplifies all the coverage you need and makes it more affordable. There is often more than one coverage a business requires. For example, a home-based business offers service and has a product that would need product liability, professional liability, and home-based insurance and general liability insurance. Bundling all four under one business owner policy will save money and confusion.

Before You Buy

Before you buy any business insurance, you need to take the following steps.

  • Assess your risks. As the business owner, you need to consider types of accidents, natural disasters, or lawsuits you could be facing with your business. If you need help, the National Federation of Independent Businesses (NFIB) helps assess your risks and choose the right insurance for your company.
  • Find a licensed agent. Commercial insurance agents specialize in policies that match your specific business needs.
  • Research and compare. Prices and benefits can vary significantly from company to company, like any insurance. Research your needs and shop to compare rates, terms, and benefits for your specific insurance needs.
  • Re-assess every year. As your business grows, so do your liabilities, so what worked this year may not work next year. Get with your insurance agent to adjust as needed.
Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
data protection tips - Complete Controller

In the existing hypersensitive environment, one of the top priorities of businesses is to keep their passwords, financial and personal information safe and secure from intruders roving outside. On the other hand, it has become increasingly important and critical for the common man to keep their private and sensitive information. However, it is much more challenging for businesses to protect their data. Different people may have access to crucial and lucrative business information. As businesses face complex challenges related to customer satisfaction and competition, companies are eager to outsource fundamental financial tasks such as bookkeeping. However, the concern of data privacy exists as the material is abundant in financial figures, existing, and potential customers that businesses share with partners. Before planning to outsource bookkeeping, many organizations face a single question: Check out America's Best Bookkeepers

 Should I trust the outsourcing partner on matters like safety and security of data? Is it ok if I hand over my business’s financial information to someone I don’t know personally? 

 A list of 101 trouble-free and straightforward best practices of data protection is mentioned below to help anyone secure personal and business devices. 

Data encryption is the new big thing. Although leak prevention remains one of the essential elements of an IT security strategy, this measure also does not solve the problem completely. According to the Data Protection Confidence Index, despite the growing number of data leaks and more than 3.9 billion stolen records worldwide in the last three years, two-thirds of IT executives foresee the possibility of unauthorized users accessing their networks. At the same time, management does not allocate unique means for data encryption. Check out America's Best Bookkeepers

Based on the research, the Gemalto Breach Level Index summarizes the following recommendations: “The modern security strategy implies a paradigm shift in thinking and includes the implementation of solutions that allow to control access and authentication of users, provide encryption of all critical data, as well as protected management and storage of all encryption keys. “

Organizations need to protect data, not just the perimeter. All this must be done simultaneously with measures to ensure leak safety, which implies both protection of the data itself and the security of users working with this data. Also, organizations should provide secure storage and management of all encryption keys and manage access and user authentication.

The usefulness and confidentiality of data are often mutually exclusive and suppose all users have free access to it. In that case, the interested parties will use this data as fully and effectively as possible. But this can hardly be called the right decision. Fortunately, you can achieve a reasonable balance between providing the necessary access to data and limiting unauthorized access. Check out America's Best Bookkeepers

Providing security and encryption of large amounts of data is a challenging task. Today, more and more organizations cannot prevent data leaks and protect their information assets, regardless of the size of these assets.

“Data Security and Privacy Guide” claims that “traditional security mechanisms designed to protect small amounts of static data behind firewalls in semi-insulated networks are no longer sufficient to protect against modern threats.” 

Install a reliable anti-malware. As with any other aspect of information security, comprehensive data security should imply a multi-level approach for maximum efficiency. Security is a complex of different levels, including efforts to prevent leaks and measures from mitigating the consequences of the leak. It is one of the most basic types of protection that lays down the foundation of security for business devices. Malware is malicious software specially designed for infecting a computer without asking for permission. It can be present anywhere on the internet, such as emails, downloadable files, links, videos, photos, shareware, or website. Because it is hard to identify malware, installing a reliable anti-malware is the safest and easiest option.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers