| By :
Kristin Gabriel
There is something called business-interruption insurance, however research shows that many people have never heard about it, let alone have they used it. As the New Year approaches, it is important for small businesses to consult with experts to plan ahead for their insurance needs. One way to spare the funds to get insurance if you do not already have it, is through invoice factoring, otherwise known as accounts receivable factoring. Factoring can help you with more than just your insurance bills in 2010, until the economy fully recovers. A New York Times article recently reminded business owners that even if they have insurance for floods, fires, or other disasters, if a small business is taken out, the owner may still owe rent or salaries. That is what business-interruption insurance takes care of. First you must always consult with an insurance expert before making any decisions, and there are many different kinds of insurance representatives. There are brokers, who are independent agents that represent several different insurance carriers. These representatives are typically paid via commissions by each insurance company that they refer one of their clients top. A captive agent represents only one insurance company, and they are on a salaried basis. There are other types of insurance you many need to research and carry for your small business in order to avoid any risks. There are small business owners operate without liability insurance, butthey would not think of not having workers' compensation insurance, which protects their employers from liability for an accident involving them, because this is required by law in all of the U.S. According to the Bureau of Labor Statistics, in 2007 there were more than 335,000 cases of employees injured on the job due to contact with objects and equipment. Thanks to the economic circumstances this last year, most business owners simply want to cut down on operating costs. There are some ways to raise funds and protect their business. For example, a factoring company could factor one single outstanding invoice that could pay for liability insurance for the entire year of 2010. This depends on how much your invoice is worth and how much the insurance you desire costs. Short term invoice factoring can happen in as little as 24 to 48 hours. It is that fast. And what's more, it can take a load of worries off of your mind. Read the basic guidelines from the National Federation of Independent Business and Small Business Administration, or The Insurance Information Institute.
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