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ST (Insurance Professionals, Retirement, Business Insurance) - Coggle…
ST
Insurance Professionals
Commercial
General Liability
Errors & Omissions
Property
More
Commercial/Personal
Personal
Life
Auto
Home
Property
Agents
Use
Specific Carrier
Brokers
Use
Multiple Carriers
Finding
Referral
Ask Peers
State Regulator
Websites
Retirement
SEP
Funding
Employer Contributions
Uniform Pay%
<25% Annual
Who
Any Business
Even self-employeed
Minimum Distributions
Limitations
Publication 560
Compensation
Net Earnings
Set Up
Written Agreement
Notify Employees
Establish IRAs
Eligibility
Age 21+
Worked 3/5 years
Non-Roth
Form 5305-SEP
Fill Out
Sign
Title
Date
Copy
Distribute
Check Qualifications
IRS Publication-560
Annual Statement
Tax Deductible
SIMPLE
Funding
Employer/Individual
Who
Small Business
<100 Employees
$5000> yearly
Retirement Plan
No contributions
Collective Bargain
Union Employees
Set up
Financial Institution
Form 5305-SIMPLE
Determine Eligibility
Elect Deferment
Contribution Formula
Sign
Date
Copy
Distribute
Notify Employees
Make Changes
New Agreement
Before 11/2
Notify Annually
Give Opportunity
Make/Change
Reduction Agreements
Summary
Written Notice
Transfer-ability
sIMPLE
Employee Choice
Form 5304-SIMPLE
Set Up
Written Agreement
Notify Employees
IRAs Ready
Employers Choice
Non-Elective
2% Compensation
Matching
$for$
Max 3%
1 more item...
Min 1%
2 more items...
Starting Mid-year
IRS Publication-560
Employees Can
Stop Reduction
Add Contributions
Election Period
11/2-12/31
Record
Reduction Agreements
Contribution Limits
Tax Credits
$500/yr
First 3yrs
Form 8881
May Rollover
SIMPLE-NONSIMPLE
Tax Free
2yr Particpation
100% Vested
Business Insurance
Types
General Liability
Bodily Injury
Property Damage
Another Persons
Personal Injury
Personal Injury
Libel
Slander
AD&D
Occurs When
Death/Injury
Prevents Working
Financial coverage
For Family
Umbrella
Additional Coverage
Fills gaps
Bills & Fees
Theft/Crime
Recoup Compensation
Stolen Goods
Robbery/Burglary
Commercial Property
Robbery/Burglary
Stolen Goods
Equipment
NOT AOG
Product Liability
Harmful Product
Business Income
Run Inability
Due to
Covered Property
Damaged
Pays For
Ongoing Expenses
Rent
Utilities
Payroll
AKA
Business Interuption
Professional Liability
Covers Lawsuits
Service Mistakes
AKA
E&O
Workers Compensation
Employees Benefits
Hurt/Sick
Pays For
Medical Bills
Lost Wages
Funeral
Ongoing Care
Physical Therapy
Usually Required
Penalties
Fines
Criminal Charges
Data Breach
Lost/Stolen
Identifiable Info
AKA
Cyber
Pays Cost
Notify Individuals
Offers Monitoring
PR Campaign
Commercial Auto
Covers/Protects
Employee Driver
Vehicle
Property Damage
Bodily Injury
Why?
Financial Protection
Employee Interest
Preparedness
ST Applicable
Bakers Insurance
BOP
General Liability
Bodily Injury
Property Damage
Another Persons
Commercial Property
Equipment/Inventory
Business Income
Replace Lost
Due To
Damaged
Covered Property
Umbrella