Small insurance companies facing scrutiny receive IRS deal offer

InsuranceBee and Hiscox launch insurance agent partner program

The goal of the deal is to ensure tax payment plus interest in exchange for dropping the case. The I.R.S. has offered small insurance companies under tax avoidance scrutiny a way to avoid penalties through a new offer. This offer would give the insurers the opportunity to pay all outstanding back taxes – in addition to interest – in order to close their cases and face no further penalties. The Internal Revenue Service is working to help to correct the tax avoidance and prevent it in the future. The small…

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What type of insurance coverage should small businesses consider?

Basics of commercial insurance coverage plans Proper insurance coverage is important for companies of all sizes, but when it comes to shopping for policies, small business owners often struggle to know what they should be buying. This is because there are several different types that should be considered and that may need to be covered. It can be vital to the financial security of a small business that it covers itself against the main risks involved in the ownership of that business. The right policy will make the difference between…

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GEICO announces cheaper commercial auto insurance rates for businesses in Texas

Business owners in Texas may now have a commercial auto insurance policy available to them at a lower rate, as GEICO announced that they have made this new coverage available in the state. According to the director of commercial lines at GEICO, Kushwant Singh, his company is happy to be able to provide this new coverage to Texas businesses. He added that his company is recognized for providing cheap auto insurance coverage, but that “more and more business owners in Texas are discovering how much they can save with us…

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Paychex Inc. announces new services for business insurance payments

Leading human resource, payroll, and employee benefit solutions provider, Paychex Inc., has unveiled its new Business Insurance Payment Service, which is now being introduced for Paychex Insurance Agency commercial auto, business owner (BOP), and umbrella products that are sold through Guard Insurance Group, The Hartford, and Travelers Insurance companies. This new service will allow policyholders to choose to have their premiums paid for by Paychex using a monthly pay-as-you-go method that will help to decrease the premium deposit that is generally made up-front. The policyholders will also be able to…

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The importance of understanding what business interruption insurance can provide

According to partner Robert Glasser from the Dempsey Partners L.L.C. New York Office, it is very important for a company to assess its needs for business interruption coverage and to do so carefully. That said, while CFOs and risk managers are typically confident in determining many of the insurance needs of their organizations, they often balk in the face of business interruption because they don’t have a structured approach to provide them with the information they require to make their decision regarding this coverage and its limits. Unfortunately, this discomfort…

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