Small businesses, thankfully, encourage free competition of enterprise in the United States. However, these companies are not without regulations, and being out of compliance with the federal or state government can spell catastrophe for a business owner.
National government compliance is being sure to file federal taxes, including income taxes. If you employ over 50 persons, you must also follow the conditions of the Affordable Care Act by reporting your health care policy purchase to the IRS. Compliance under the direction of each state differs, meanwhile, so it is best to stay up to date with local business legislation.
Small Business Auto Insurance
Car and Driver magazine says US roads in 2021 are at the height of danger with people behind the wheel driving faster and more distracted. One of the advantages of staying state-compliant, particularly when it comes to company assets, is the requirement for automobile insurance in the event of an accident or serious bodily injury. In particular, owned auto liability coverage will cover a fleet of owned cars, trucks, or vans, in addition to the employee driving the vehicle on behalf of the owner.
With less observant drivers on the road, the government’s stipulation to cover business risk can provide peace of mind. If your small business has a company car, be sure to secure your mandatory insurance policy.