In just a few days, Bunker will be attending and sponsoring the Risk Management Society annual conference hosted in Boston. As leading experts in the contingent workforce management and the future of work space, we understand how the changing nature of work from a traditional workforce to a contingent workforce adds many challenges and amplifies risk in an organization.
Spreadsheets, pages of insurance jargon, emails galore and better things to do - many of the (good) reasons enterprises have a hard time keeping up with insurance compliance management for their talent supply chain. As companies start to expand their talent supply outside of the traditional channels (i.e. W-2), there are many risks associated with falling behind the compliance eight ball.
If you’re an independent professional, you’ve likely gotten a contract that required business insurance. While the flexibility and autonomy of working independently are a large part of what draws so many people away from the traditional W-2 lifestyle, they also means you have to navigate the complicated world of business insurance on your own.
Did you know that, on average, 4 out of 10 contractors do not meet the insurance requirements for their contracts? That’s 40% of contractors transferring risk and liability to their clients. That’s no bueno.
The main reason for this is the fact that there hasn’t been a good way to keep constant track of whether a contractor is in compliance or not. Trying to get all your contractors to update their compliance information can feel like a long slog of menial tasks, taking away time and energy from other important responsibilities and projects.
As we’re in full swing for 2019 — we want to take one final moment to say how much we appreciate all of the help and support from everyone in 2018; our Customers/Members, insurance carrier partners, investors, and of course others in the broader insurtech and insurance industry selflessly cheering us on along the way. Here’s a look back at how far we’ve come this year, and where our sights are set for the future!
You likely fell in love with photography and began collecting cameras, drones, and software long before it became a profitable business. But now that you’re a professional photographer working for yourself, many of these things can now be deducted from your income taxes. When your job is your passion, it can be a fine line between what’s purchased purely for business. However, if you take a closer look at these 5 expense categories, you’ll be surprised how much you can save come tax time!
From weddings to corporate galas, event planners have plenty of ways to keep busy throughout the year. Planning parties might seem easy — a couple of binders and some great ideas and you're good to go — but the reality is that much more goes into arranging a truly successful event. Promoters work hand in hand with their clients to ensure a successful event, which means lots of travel time, phone calls, software purchases, business dinners and much more. Luckily, many of these expenses can be deducted from your income taxes if you’re working as an independent professional.
Working as an IT Consultant has many benefits over being a full-time employee. Your schedule is your own, your work stays new and interesting, and your profit margin can be much higher. One of the reasons your bank account benefits from Independent Contractor status is the many tax deductions available to those who work for themselves. While there are added expenses like insurance and equipment, knowing which ones are tax deductible can save you a remarkable amount of money over the course of a year.
Whether you go by the title of marketing consultant or public relations consultant, you understand the importance of controlling costs, which is why you should understand the available deductions for independent contractors in your niche. Granted, not every item sitting on your desk is going to be deductible, but most of the services, equipment and even meals that are necessary for you to do your job are at least partially claimable.
Tax season is rapidly approaching, and it’s time to start thinking about the tax deductions you can take as a barber or hair stylist. While being an independent contractor often means business expenses will fall on you rather than an employer, it also means you can deduct those expenses from your taxable income. It may seem silly to tally up every comb or alligator clip you buy, but even the smallest expenses can add up over the year.
There are many reasons to bring Freelancers into an organization. They can be invaluable when you need a specific type of expertise, an important project completed quickly, or simply a fresh pair of eyes on your company. However, without the right tools and processes, outsourcing can be more trouble than it’s worth. Here are some tips to streamline your onboarding and collaboration process, so neither your company - or your freelancers - are wasting valuable time.
Compliance means a couple of things for independent contractors. First off, it means ensuring that they do, in fact, fit in that category. It means making sure they’ve protected both themselves and the company from harm. And because their contract doesn’t take them under the company wing, it also means actively checking that they remain compliant after the contract has been signed. While contracts and state regulations will vary, this comprehensive guide will help you ensure that your independent contractors are compliant throughout your engagement.
You may wonder if your current business liability policy handles cyberattacks. Unfortunately, just like a standard home insurance policy doesn’t cover flood damage, a standard commercial liability policy doesn’t encompass cyber liability, mainly because the speed at which digital communications procedures and policies shift makes it hard for insurers to keep up.
Getting a startup off the ground involves coordinating a vast array of behind-the-scenes logistics. One essential element is sourcing the right insurance that will enable you to conduct your business operations. When Carlos, co-founder of Austin startup Seekr, needed startup insurance, he turned to Bunker. Here, Carlos shares his experience as he continues to work with Bunker in growing his company.
Any freelancer will tell you, the freedom to work when you want, how you want, and on what you want, outweighs the risks of working for yourself - but that doesn't mean the risks aren't real. If you work for yourself, or are considering it, here are some of the risks you should be prepared for, as well as tips on how to lower the chance that they'll happen to you, and protect yourself in case they do.
As a freelancer, it falls on you to identify and purchase the insurance you need to protect yourself and your business. It's a lot to manage, but we're here to help. Each week we’ve taken a deep dive into freelance insurance to help you figure out what you need, why, how much it will cost, and how to save. In our final installment, we tackle auto insurance, and how to manage all the moving parts in your freelance business.
Time for another Bunker update — We had a busy Q3 (wait…is it already November?!) — we are excited to share a bit more on where we’ve been and where we’re going!