Certificate of Insurance – How to keep Track efficiently and effectively

Aside from permits and licenses, the Certificate of Insurance another essential document that is used to validates the insurance coverage of an entire organization. The certificate varies depending on the nature of the business.

Take for example the business of managing or running property rentals.  In this case, the Certificate of Insurance is needed to confirm that the tenant has sufficient liability insurance coverage in case an accident happens within the premises or in the event the tenant or any of his guests suffers an injury caused by the structure. The Certificate of Insurance protects the landlord from any secondary claims that a tenant’s visitors may try to file based on the unfortunate incident.

Another line of business where Certificate of Insurance is much needed is in the construction business.  Project sites may encompass a whole state.  The logistics of keeping everything updated is a daunting task. The same goes for the trucking industry, drivers are transient most of the time and they do not bring documents with them all the time.

One of the difficulties that these businesses face is in making sure that each contractor, tenant or employee has an updated Certificate of Insurance all the time.    The complication lies in the fact that these certificates do not expire at the same date and if a company does not have a stringent and diligent staff to oversee the task, dates are easily overlooked.

Certificate of Insurance tracking can be handled smoothly if the task is automated. This includes a complete database and an on-time notification system. This is a solution that Ct-lite offers.  Your staff won’t have to manually look into certificates, because the system generates a list of contractors or employees whose COI expirations are coming up.

The Ct-Lite system can also be programmed to include each employee’s required documents and permits in their profession. And these may be electronically monitored as well.

Certificate of Insurance Tracking is a task that can be easily overlooked but the consequences for not keeping it updated generates overwhelming costs for the company owner. Services like Ct-Lite protect the company from unnecessary financial losses due to insurance disputes and claims.

Merchant Cash Advance- How to Make It Work for You

 

Merchant Cash Advance is an alternative business funding source for small business owners.  Majority of the clients who avail of the financing service are small business owners who have difficulty getting a bank loan most due to insufficient collateral or unsatisfactory banking or credit history.

Providers of merchant cash advance will tell you that this funding facility is not considered a loan.  They consider it more like investing their money in your sales in the next few months and that it is like purchasing your future sales in exchange for a fixed percentage of your daily sales. Sounds simple enough but as a business owner, you should do your homework too. 

First off, consider how much funds you need and consider where it is going, do you need to increase your inventory? Or do you need to purchase new equipment, like a new oven or a new freezer? Or do you need it to renovate the whole place to attract new clientele?  You as the business owner should identify, itemize and prioritize your needs.  Remember that the merchant cash advance terms do not go longer than 18 months, which means, if you take out a larger loan, the sales percentage that they will take out of your daily sales will be much higher. 

Next is to ask the right questions. Make sure you know and understand all the fees involved, it is not enough that you see it in paper, you have to make sure that you have a clear understanding of what you are paying for.   You can even ask for a computation of the projected annual percentage of the business loan. This way, you can compare offers from other merchant cash advance providers. Or if you are hoping to buy new equipment – a lease to own option may better and you can just avail of the MCA for other purposes.

It is always a good idea to review your options before you make a decision.  The cash advance business is very competitive and if you shop around first, you can get the best deal available.  

A lot of small businesses compete with big companies that have access to better funding and that add to the pressure.  Big businesses can be intimidating but small businesses have their advantages too and that is the fact that they can give personalized service which most clients prefer. 

The merchant cash advance facility help small businesses improve on their strengths without having to worry about the funds.