Commercial General Liability Insurance: A Summary of What Business Owners Need to Know About CGL

Almost every business, regardless of size or industry, requires commercial property and general liability insurance. The cost of commercial general liability insurance obviously varies widely based on industry, with “higher risk” industries, such as construction, paying more. Luckily, there are some good sites that offer free quotes. For small businesses, CGL insurance can cost well below $100 a month, while larger businesses could pay hundreds or even thousands.

This makes sense, as larger companies tend to have more employees, customers they serve, and larger buildings they occupy. The more people and property involved, the higher the risk that someone can become injured. You might also be expected to pay for workers’ compensation, depending on where you live and what kind of industry you are involved in. Location plays a role as well. If your place of operation is in a neighborhood with a high crime rate, you will likely be expected to pay more for insurance than a similar business in a small town or country with a low crime rate.

You have a better chance of getting a low quote for commercial general liability insurance if you have experience, and if your business has been around for at least a couple of years. This is because the longer a business has been involved in the industry, the more financially stable they are likely to be. It’ll also look impressive if your company hasn’t had any claims filed against it.

Deductibles and Premiums in Commercial General Liability Insurance

Like literally every other type of insurance out there, deductibles and premiums are going to play a role. Lower deductibles usually mean lower premiums, and higher deductibles result in lower premiums. If you are willing to raise your deductibles, the cost of CGL insurance will be decreased every month.

Another factor that could play a role in the quotes you get are gross sales. Obviously, the more revenue you have, the higher your premium is going to be.

There are more options if you want protection for yourself. CGL insurance usually doesn’t cover injuries to the owner. Depending on your industry, you might have an inventory you want to protect. An inventory of goods is usually valued at the price the business owner has paid for it, even if you plan to sell it at a higher price. If you’re involved in the financial sector, you might want to consider coverage for errors and omissions.

Get commercial general liability insurance and any other type of coverage tailored specifically for your needs at Hiscox Insurance Company. You can get a fast, free quote in just a matter of minutes. Hiscox Insurance offers the best customer support.

Changes In The Medical Marijuana Industry That Business Owners Need To Know About At Tax Time

The state-legal marijuana industry has seen some important changes in 2015.

Even though the federal laws remain unchanged at tax time dispensary owners, growers, medible makers and everyone else in the places with a state-legal medical marijuana industry should be aware of these changes at tax time.

By law anyone who brings in $1 worth of business income must file a tax return with the IRS. That is when they get to subtract their business deductions. Marijuana business people are no exception. If your state has repealed medical prohibition, it is the politician’s job to get unfair federal laws changed for their residents and businesses.

A change in those federal laws would save American taxpayers more than $13 billion every year. Time has proven marijuana is not a gateway drug, nor does it cause madness as movie producers once said it did to thrill their viewers. And if smoking a medicine is the problem, medical users where dispensaries are available have realized they can also vaporize, eat medibles, drink juice or other beverages, use tinctures, pills or sprays. Public consumption is down where medical marijuana clubs are available.

Every other small or large business is allowed deductions when they do their IRS federal return. Within the states where marijuana is legal for medical purposes there are businesses that deserve to be treated fairly. There are 23 states and the District of Columbia that now allow medical marijuana; those states collect taxes (or plan on collecting taxes) and put control in place for the prescription holder.

Before America’s state-legal marijuana businessmen and women can compete fairly those federal laws must be repealed. A new federal ruling made in a San Francisco federal court blocks the DEA from prosecuting medical marijuana dispensaries if they are state-sanctioned. The Rohrabacher-Farr Amendment bars the Department of Justice (DOJ) from using federal funds to block state marijuana laws. This 1603-page federal spending report essentially brings an end to the use of the taxpayer’s money to block marijuana’s medical use.

Where medical marijuana is available legally, sustainable healthcare is up and overdoses on prescription pills is down. Marijuana has been claimed to be a super antibiotic, good for strokes and other brain problems, helpful to alleviate pain, nausea, Parkinson, inflammatory bowel disease, PTSD, epilepsy and other seizures, kill cancer and Forbes magazine even asked if your aging parent should try it.

Dr. Sanjay Gupta has said we should legalize medical marijuana now. This a plant that was once listed in the U.S. Pharmacopeia and readily available in drug stores. With its use people have walked out of hospices and hospitals to live fuller lives. The U.S federal government has even owned patent #6630507 since 2003 for its use as an antioxidant and neuroprotectant.

The DOJ issued a memo that allows Indian tribes to grow and sell marijuana on their land. Other countries and people are also rushing to end its medical prohibition; for example Israel uses marijuana in their hospitals and for research. Many senators and governors want it legalized for medical use once again.

The IRS Advisory Code Report says marijuana businesses are now legal in some states, but still illegal under federal law. Marijuana businesses are not allowed to deduct all of their expenses because the federal government says no deduction or credit shall be allowed for any amount paid or incurred if such trade or business (or the activities of the trade or business) consists of trafficking in a controlled substance. Marijuana according to federal laws is a controlled substance with no medical use; yet the federal government holds a patent for medical use.

Those who want to keep medical marijuana illegal are mostly getting rich off of it being an illegal substance, although many pay no taxes on the money they earn. This includes the corrupt, illegal growers, dealers, trimmers and medible makers, people receiving taxpayer assistance checks but working in this trade, and those who want to keep marijuana on the black market. They don’t care what the citizens want, how they voted, or whether or not it helps a person’s medical condition, as long as they make money.

Medical marijuana users and business owners in the states where the citizens have voted to make marijuana’s use legal once again need to have regular meetings with their state politicians to discuss the unfair taxation problems. The people have spoken, now it’s the politician’s turn to get those laws changed.