Why Renewing Your Small Business Health Insurance Should Be Priority #1
The end of fall is the perfect time for every small business owner to begin to prioritize all aspects of their operation—especially when it comes to decisions related to your small business health care plan. The reason now is the time to tackle these priorities is because the end of the year is right around the corner and what better way to start the new year than to get all of your ducks in a row.
Among the most pressing of priorities facing your small business involves things that may not only affect the health of your employees, but also the overall health of your small business. Here are 4 things that every small business owner needs to be on top of as the year winds down:
- Select Your Small Business Health Insurance: Now is the time to consider your small business health insurance policy and whether its working for you and your employees. Policies issued under the ACA law have undergone some significant changes since the law’s inception; including a requirement that pre-existing conditions be covered. This could lead to some small business owners deciding it’s better for workers to purchase their own government-subsidized coverage on health insurance exchanges.Also, some policies under the ACA law may end up costing your small business a lot more in the coming year. Some experts estimate the impact could be between 5-percent and 20-percent more. So, shop carefully.
- Update Your Small Business Safety Policies: Every small business should make sure to update its safety policies on an annual basis. This practice is not only for the safety of your employees, but also for the overall health of your company.Updating your safety policies is especially important given that the Occupational Safety and Health Administration (OSHA) from time to time likes to update its rules and regulations. A good way to update your company’s safety policy is by conducting a safety audit.
- Protect Your Small Business’ Information: Numerous data breaches for large businesses like Home Depot and Target made headlines this past year—leading many consumers to be wary of using their credit and debit cards at both establishments. Don’t let your small business be vulnerable to these hackers.If your small business lacks the proper protection, now may be a good time to shop around for an Internet security provider. Or, if hiring an Internet security firm is out of your price range, consider installing software designed to protect your computers from viruses and malware programs. There’s also plenty of simple cyber security tips available as well.
- Prepare for Tax Season: It’s never a bad idea to get prepared for the upcoming tax season—especially since the tax code can change from year to year.Your tax bill for 2014 heavily depends upon whether Congress ends up raising the Section 179 deduction, which if you’re unfamiliar with, allows small companies to deduct up-front rather than depreciate the cost of equipment like computers, company cars, furniture and other essentials like manufacturing machinery. The deduction, which in 2013 was set at $500,000 to help businesses continue their recovery from the recession, fell to $25,000 for 2014. The House has voted to set the deduction permanently at $500,000, but leaders in the Senate have opposed that increase.A tax break called bonus depreciation, which allows businesses to immediately deduct up to 50% of the cost of property and equipment, may also be on the table. The House voted to revive the tax break, but it also faces opposition in the Senate.
At NARFA, our goal is to keep you up to date on the latest news and information that could impact your business, as well as the automotive, roads, and fuel industry—the most important of which is helping small businesses acquire the best small business health insurance.
We encourage you to continue to visit our blog for more on everything we do and share, and we also invite you to contact us with any questions or needs your business may have—including purchasing small business health insurance for 2015. We look forward to hearing from you!