Even when the economy is doing well, there are a wide range of activities undertaken by nonprofit or not-for-profit organizations. There are a number of reasons for this. Culturally, the idea of volunteering your time for a good cause has always been strong. People are always prepared to give their time in providing a range of services to those in need. When the economy weakens and a recession tips more people into poverty, the need for volunteerism becomes greater.
Many times, laws and the way organizations react are just a form of common sense. Everyone knows and understands what’s going on. They may dislike having to admit understanding and resent paying the additional money. But, the policy of paying to stay within the law makes the most sense over the long term. Take drug abuse as a classic example. Whether people are abusing medications or buying street drugs, they need money.
In a modern society, it is sad to have to protect yourself against litigation. You would always hope people would naturally become more forgiving of mistakes and accept modest compensation for the losses they have suffered. Sadly, the US is one of the most aggressively litigious societies in the world and, for a small business, even a small claim can be the difference between success and bankruptcy.
The short answer is, “No”. Once you open the doors on a business, the risks you face are potentially exactly the same as those faced by the largest corporations in the land. The only difference is the scale of the risks. You might have only one or two customers when you start out. The world’s largest companies have tens of millions. Think: Toyota. It is facing potential liability in billions of dollars for sudden acceleration syndrome – there are class actions for product liability in many countries around the world.
By virtue of being small, the operation of the business will be built around a small group of people. Apart from the owner, partners, and anyone who provides capital, there is likely to be at least one employee whose contribution to the business is critical to its survival. Indeed, without this person’s contribution, the business might never get off the ground let alone prosper. The nature of the contribution will change with the business. Expertise is usually very specific.
With the recession showing little sign of disappearing, the pressure remains strong to save money and cut expenses. This starts with the property you occupy for your business. If you rent, you lose nothing by seeing whether it is possible to renegotiate the terms. Look around your neighborhood and find out what the realtors are asking for the current vacant space. Once you have a reasonably amount of comparative data, you are ready to talk with your landlord or management company.
One sad fact becomes obvious to all start-ups. No matter what you want to help get your business up and running, it never seems to come cheap. In part, this is because you don’t know where to find the discounts. But, more often than not, it’s a problem caused by your past experience. Take auto insurance as an example. You may have owned a vehicle of some kind for several years and, with multiple quotes available online, you can see what the average rates are for the standard makes and models. Except, these are the rates for non-commercial use.
When trying to insure your bar, tavern or any other place that sells alcohol, the most important thing is to plan everything ahead. By selling alcohol to the public your business automatically engages in a higher degree of risk that has to be assessed right from the start.
So when you’re looking for a way to manage the risks that your bar or tavern will face during operation you have to ask some questions first:
In the world dictated by global economy demand things are getting quite close and inter-related no matter where your business is. And unpleasant things like political instability, riots, wars and revolutions within one country can strongly influence the business in another part of the world. That’s why businesses working at the international market need political risk insurance in order to cope with such risks.
What is political risk Insurance?
When running a small family-based business having the right insurance plan can be a source of great benefits in terms of health coverage. This is especially important for the “spouse employee” situation.
What is spouse-employee insurance?
From the insurance point of view, a spouse-employee is the worker of a business who is a spouse to the business owner but is not an owner themselves or a professional specialist. A spouse-employee cannot be classified as an “independent contractor” as well. Speaking simply, the spouse of the business owner should work as a simple employee with no formal power to influence the profits or the decision-making process within the business.