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Many states are issuing new licenses for companies to operate in the medical or adult cannabis industry. With a license comes not only opportunity but responsibility and potential responsibility for any new business. Therefore, whether they are operating as a dispensary, producer, processor, delivery service or other subsidiary business, every new licensee must promptly review and fulfill their insurance needs and obligations.
Do I Need Insurance For My Llc
While a licensee may wait until their business is up and running, or at least close to being operational, before addressing some coverage considerations, there are still many insurance issues that a new licensee must consider and resolve. Immediately after obtaining the license, including:
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412.261.1600 or msampson@. Mike Leach is an experimental partner at Tishman and leads the Insurance Coverage Group and co-leads the Cannabis Industry Group.
Leech Tishman Fuscaldo & Lampl is a full-service law firm dedicated to assisting individuals, businesses and organizations. Leech Tishman provides legal services in corporate restructuring and bankruptcy, corporate affairs, employment and labor, probate and trusts, intellectual property, litigation and alternative dispute resolution, and real estate. In addition, the firm offers a wide range of legal services to clients in the aviation and aerospace, cannabis, construction, energy and natural resources, healthcare and hospitality sectors. Headquartered in Pittsburgh, PA, Leech Tishman also has offices in Chicago, Los Angeles, New York, Philadelphia, Sarasota, Washington, DC. and Wilmington, DE.
In this guide, we’ll cover everything you need to know about small business insurance, including what coverage you need, how to get it, and how much you’re paying for peace of mind.
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Commercial insurance is a complex subject, which is why at The Christensen Group we believe there are no stupid questions. No, an LLC is not the same as having insurance. In case you are not familiar, an LLC (Limited Liability Company) is a business structure that can offer its owners some protection from personal liability for debt and business liabilities.
However, this protection is not automatic or absolute. To enjoy the full protection of an LLC, you must follow certain rules and regulations, including maintaining your LLC status and keeping your personal and business finances separate.
Furthermore, an LLC will not protect you from liability arising from your own negligent or illegal actions. For example, if you cause a car accident while driving on behalf of your LLC, your personal auto insurance policy will be your primary source of coverage to pay for your damages.
The answer is yes! Even if you have an LLC, you still need business insurance to protect your business from potential risks. This is because an LLC offers limited liability protection, which means your personal assets are protected in the event your business is sued. However, your trading assets are still at risk, so you will need trading insurance.
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These are just some of the common types of insurance to consider. There are many other coverages that may be recommended for your business, but of course your specific needs will depend on the nature of your business and the products or services you offer. To find out what’s best for you, contact a Christensen Group commercial insurance professional today.
The best way to obtain insurance for your business is to work with an experienced insurance broker who can help you assess your risks and find the right coverage for your business. A broker can also help you compare rates from different insurers to ensure you get the best possible price on your coverage.
The cost of insurance varies depending on many factors, including the types and amounts of coverage you purchase, the location and size of your business, and the industry in which you operate. However, you can expect to pay anywhere from a few hundred to several thousand dollars a year for insurance coverage.
Your policy premiums depend on three main variables: the insurer’s ability, your exposure, and your loss experience. If the insurance market is undercapitalized, all insurance will be priced higher. The more property you have to insure or the more damage you have, the higher your premiums. The greater your historical losses, the less likely insurers will want to take on your risk, thereby increasing your premiums.
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At The Christensen Group, our team is made up of specialist commercial insurance specialists dedicated to creating the right solutions for your risks. No matter where you are in your business, we deliver a high-touch experience through dedicated consultants who are here to provide clarity as you use creativity to tackle your most pressing challenges. Talk to one of our business insurance professionals today to get started. As a small business owner, you may be wondering if you can get small business health insurance through your LLC. Depending on how you set up your LLC and your tax structure, you may be eligible to purchase small business health insurance or individual health insurance for you.
You can usually deduct the cost of individual health insurance on your taxes as a member of a self-employed LLC, although this depends on several factors, including the tax classification of the LLC and who the insurance is for.
A limited liability company, commonly referred to as an LLC, is a business structure with separate transfer tax and legal liability of the owner.
Owners of an LLC are called members. A single-member LLC is taxed as a sole proprietorship, while a multi-member LLC is taxed as a partnership.
Business And Commercial Insurance
An LLC can also choose to be taxed as a corporation or S corporation, and its members will be taxed as shareholders of the corporation or owners of the S corporation.
Generally, you can’t get small business health insurance or a group plan through your LLC if you don’t have employees, although you can still get individual health insurance as an LLC owner or member.
If your LLC has no employees other than you, you are likely a sole proprietor and can only enroll in individual health insurance, not small business health insurance.
In other words, single member LLCs will likely qualify for individual health insurance rather than group health insurance.
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Earning the LLC health insurance deduction depends on whether the deduction applies to non-member employees or members of the LLC, as well as the legal and tax status of the LLC and whether the LLC is classified as a sole proprietorship, partnership, or corporation. According to LegalZoom:
Mary is the sole owner of an LLC with no employees. She buys ACA’s individual health insurance on the market. Her award costs $9,000 per year. Her business generates $75,000 a year. You may deduct your $9,000 in annual health insurance costs from your gross income for federal and state income tax purposes. Because your combined federal and state income tax rate is 22%, you save $1,980 in income tax. If your business earned less than $9,000, you could not deduct tax. The self-employed health insurance deduction is a personal deduction. It does not reduce your business income for self-employment tax purposes.
With eHealth, you can purchase health insurance that meets your LLC’s needs. Whether you’re a business owner with employees looking for small business health insurance or a sole proprietor looking for individual health insurance, eHealth makes it easy to find the right health plan for your costs and coverage preferences.
Visit eHealth.com or speak with one of our licensed health insurance agents today to find the best health solution for your small business.
Should You Create An Llc For Your Insurance Agency?
This article is for general information and may not be updated after publication. Consult your tax, accounting or legal advisor rather than relying on this article for tax, accounting or legal advice. If you have created a Limited Liability Company (LLC), you have chosen this type of entity because of the protection it offers your personal data assets, along with the tax benefits. Unfortunately, even an LLC cannot fully protect you from certain risks. While your personal assets are generally protected, in certain situations, you have almost no protection. For example, without business insurance, you could be liable as a result of a slip and fall accident on your business property and be required to pay damages related to your injuries.
The right type of insurance for your business could be general liability insurance, professional liability insurance, or in many cases both. Your personal assets are still at risk.
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