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Can you get Liquor Liability insurance for a one-off event?
Liquor Liability insurance with NEXT is designed for continuous coverage at food service businesses. If you are looking for coverage for a one-off event, you should consider other options. Why is Liquor Liability insurance important If you serve alcohol, it's also important to consider your potential risks, including: Property damage: Customers who become overly intoxicated may cause damage to property where the event is held or the surrounding area, leading to costly repairs and legal action.Liability for third-party actions: If a customer who has consumed alcohol leaves the event and causes an accident or injury, your business can be held liable for those actions.Injuries: An intoxicated guest may knock someone over, leading to an injury and making your business vulnerable to a lawsuit or medical expenses. Liquor liability insurance can help shield your business from financial losses if you experience one of these risks. It's a type of liability insurance designed for businesses that serve, sell or manufacture alcohol. Dram shop laws in some states require businesses involved in alcohol sales or distribution to have liquor liability insurance. The law also extends to businesses that host events or parties. So, you can be held accountable for injuries or property damage.. It's important to consider purchasing liquor liability insurance even in the case of a one-off event. Also called host liquor liability insurance, this can help your business cover legal costs and associated expenses up to the coverage limit. Host liquor liability insurance can also cover social hosts who aren’t in the business of manufacture, sale, and distribution of alcohol. While NEXT currently doesn't have host liquor liability insurance, you can look at our related offerings such as liquor liability and entertainment insurance coverage. » Need a business insurance now? Get an instant quote online
Asked 2 months ago
Why is disability insurance not tax-deductible?
Disability insurance premiums are not usually tax-deductible. This is because disability insurance is meant to replace the income you don't receive because you sustained a serious injury or health issue. The money you receive from your disability insurance is typically tax-free. Depending on the terms of your disability insurance, specialized medical expenses can be covered and you can receive up to 60% of your after-tax income. There are generally two types of disability insurance: Short-term disability insurance can provide benefits for up to one year. This is if an injury or illness has put you out of work for a certain amount of time, but not indefinitely.Long-term disability insurance can pay out benefits for many years or until retirement age. This type of disability insurance can be more comprehensive and can take factors like inflation, passing survivor benefits to a partner and higher payouts into consideration. » Discover the difference between workers' compensation vs disability insurance So, how do disability insurance and tax work? The Internal Revenue Service (IRS) sees disability insurance as a type of income replacement because it pays a percentage of your salary if you can't work because of an injury or illness. This means that disability insurance benefits are seen as an alternative to regular income (instead of an "expense"), making disability insurance not tax-deductible. But remember that your premiums are typically paid with post-tax (after-tax) dollars. This means that tax has already been paid on the money you earned: You receive your paycheck, pay your taxes and then you pay your disability insurance premiums with the money left over after tax. So, you won't be taxed again if you do qualify for disability insurance in the future. Bottom Line Even though disability insurance premiums aren't generally tax deductible, as a policyholder, you can have protection for your greatest financial asset — your income. Having a disability insurance policy can provide peace of mind for you and your family so that you're prepared for any unforeseen events in life. » Explore NEXT's other insurance coverage options Are disability benefits taxable in the US? Generally, no. Premiums for disability insurance policies are paid using after-tax income so if a policyholder does qualify for payment benefits, it is usually tax-free. How are income disability benefits and premiums treated in terms of tax? Premiums for disability insurance are not tax deductible. However, tax does not have to be paid on disability benefits received from private insurance plans. Who needs disability insurance? People working in labor-intensive industries should consider disability insurance. If they sustain an injury and can no longer work in the same profession, they could be eligible for disability benefits to replace their income.
Asked 2 months ago
Why is SMB insurance so expensive?
Small and midsize business (SMB) insurance can become expensive. These factors can influence the cost of your SMB insurance payments: The industry you're working inThe total number of employees you have Your location and where you typically conduct businessYour industry experience and the length of time you have been in businessYour claims history to date Nobody wants to overpay for their insurance needs, so it's important to understand what you're paying for and how your coverage can help you. Businesses inherently face a lot of risks, so your insurance should cover different factors and scenarios. » When should you buy SMB insurance? Consider these factors Better coverage Property damage, general liability, professional liability and workers' compensation are just some of the areas your business might need insurance protection. And the more extensive your coverage is, the more expensive your insurance payments can become. The limits on SMB insurance can also be higher, because the claims your business can make can become costly, especially for lawsuits or personal injury claims. Higher exposure to risk SMB insurance policies are influenced by the level of risk your business is exposed to. Take construction or manufacturing for example. Your business can experience more injuries in these industries because of the nature of the equipment your employees use and the type of work they do. Frequency of claims Apart from the type of claims you can make (e.g., personal injuries, lawsuits, etc.), the frequency of claims can also influence your SMB insurance payments. If you make claims often, then your insurance payments can increase. Likelihood of lawsuits While lawsuits are more common in some industries than others (e.g., healthcare), it’s still a risk for any business. Your coverage can cover not only the damages of the incident, but also the legal fees if there is a lawsuit. » Here's how to protect your small business from a lawsuit Consider your next steps for SMB insurance Because SMB insurance can cover many different scenarios and take multiple factors into consideration when calculating your insurance payments, we recommend that you get a personalized business insurance quote. Insurance quotes are based on your business needs and unique risk profile, so you won't pay for unnecessary coverage for your business. » Get an instant quote for business insurance from NEXT Why are business insurance premiums going up? Higher than normal business insurance costs can be attributable to rising inflation, increased claims, and the elevated costs associated with handling lawsuits. Do I need business insurance if I work for myself? Business insurance isn’t just for companies. If you are self-employed, an independent contractor, or a freelancer, you can protect yourself with SMB insurance. Is business insurance tax deductible? Business insurance is recognized as an expense. In most cases, it's tax deductible.
Asked 2 months ago
Do self-employed individuals need General Liability insurance?
While typically not required by law, general liability insurance can lower your stress, protect your business from bankruptcy and even help you win bigger clients. Here's why every self-employed individual should consider general liability insurance. Protection against the unexpected General liability insurance can help cover "damages" that your business accidentally causes to others, including: Repair or replacement costs if your business damages someone else's propertyMedical bills if a non-employee gets hurtLawsuits against your business arising from libel, slander, false advertising or copyright infringement related to advertising No fear of injury claims When you think of injury claims, your mind probably immediately goes to slippery floors and falling objects. But what you might find interesting is that some of the most expensive injury claims can come from "advertising injury", which includes libel, slander or copyright infringement in your advertising. In other words, simply using the wrong .JPEG in your ad could result in a hefty claim. That's why self-employed digital marketers and influencers can benefit from general liability insurance just as much as self-employed handymen and restaurateurs. Win bigger contracts Having general liability insurance can be a huge boon to your bottom line. That's because clients in many industries strongly prefer to work with contractors who have good insurance. Large clients often require it and can pick you over the competition if you have better coverage. General Liability insurance customized for the self-employed General Liability insurance is appealing to many small business owners because it can offer broad protection. Our quick and simple instant quote process takes your profession and state into consideration to craft a customized insurance package for your business and its needs. Simply answer a few questions online to get started. » Think you need more than just general liability insurance? Consider these essential types of self-employed business insurance
Asked 2 months ago
General and Professional Liability insurance: When do I need both?
The main difference between general and professional liability insurance is that they can protect you from different risks. General liability insurance can cover you for common risks like damaging a client's property, paying the medical expenses of someone that got hurt at your business or getting sued for using an improper picture on an advertising poster.Professional liability insurance can help to protect you from business errors like making a professional mistake that costs your client money or giving your client incorrect information. This coverage can also help to cover legal fees if a client sues you. Many small businesses choose to get both types of insurance because then they're covered for a wider range of risks. Let's look at some examples that can benefit from both types. » Explore further why businesses need more than one business insurance policy Architects and engineers While you're working on a project, you spend a lot of time on a property that isn't yours. General liability insurance can help to safeguard your business if you're blamed for damaging something on the property (e.g., a piece of machinery) or for someone getting hurt (e.g., tripping over tools left around and breaking an arm). Professional liability insurance can protect you if your client sues over poor work quality or claims you were negligent, especially if your client loses money because of this. » Learn more about NEXT's architect and engineer insurance Accountants and financial advisors Despite not working in a high-risk field for physical damage, third-party accidents can still happen on your premises. General liability insurance can help pay for medical bills if a client slips and falls in your office. It can also help cover the costs of repairing or replacing your client's laptop if gets damaged at your office and it's your fault. Professional liability insurance can protect you against expenses related to lawsuits filed by disgruntled clients who suffered financial losses because of your advice — even if you are not at fault. » Learn more about NEXT's financial services insurance Protect yourself and your business with NEXT As you can see from the examples, each insurance covers different scenarios and can give you more protection — and more peace of mind. Get a hassle-free, customized insurance quote based on your profession and your business needs in less than 10 minutes online. » Easily request an instant quote from NEXT
Asked 2 months ago