General Liability Insurance, Tax Deductions for Small Business Owners, Hurricane Season Info, Texas Trivia Contest, Agency Happenings, Meet Jennifer Pfeffer, and More!


General Liability Insurance:

Don’t Leave Your Business Vulnerable

Contractors often face unique and dangerous risks while on the job. Because of these risks, it is imperative that contractors have General Liability Insurance in place. Business owners can rely on General Liability Insurance to safeguard their business against the mounting risks of potential lawsuits over accidents, injuries, and illness.

 

Contractors benefit from General Liability Insurance in three ways:

1. General Liability coverage protects your business assets. If a third party alleges bodily harm, injury, or property damage, and you don’t have General Liability coverage, your contracting or construction business assets could be seized to pay the judgment.

2. General Liability Insurance offers a survival plan. This coverage ensures your contracting or construction business can survive if a judgment is passed, covering court costs and settlements up to the specified policy limits.

3. General Liability provides your business and your employees security. With this coverage, you can carry out daily work knowing you and your employees are protected from uncertainty. General Liability coverage protects your business against claims brought against the company as a whole, as well as claims brought against individuals employed by the company. 

 

Additional Types of Business Liability Insurance

 – Professional liability insurance – Also known as errors and omissions insurance, “E and O” or malpractice, this coverage is available for business owners who need protection against a range of claims including errors and negligence.

 – Product liability insurance – This coverage is necessary for companies that make, distribute, or sell a product since they’re often liable for its safety. This type of insurance helps prevent a financial loss if the product is defective and causes injury or harm to the consumer. The amount of product liability coverage you need varies by the severity of your company’s risks.

We offer coverage for all aspects of your business, including:

  • Contractor Surety Bonds
  • Tools and Equipment Coverage (Inland Marine)
  • Builders Risk – C.O.C  (Course of Construction)
  • Workers Compensation
  • Commercial Auto Insurance

Texas Insurance & Financial Services, Inc. specializes in fulfilling the insurance and risk management needs of contractors in all industries. Your business is unique and needs more than a “one size fits all” insurance policy. TXINS agents are experts that will find you the right coverage and endorsements you need to fully protect yourself and your business.

To get the help you need to choose the best liability coverage for your business, contact us today and schedule your FREE insurance review. We look forward to helping you protect what matters most.

We Are Here for You 

Texas Insurance & Financial Services, Inc. is your trusted advocate. As an independent insurance agency, TXINS represents a wide network of A-rated insurance companies, which allows us to find the best insurance policy to fit your needs and budget. We don’t believe in cookie cutter policies and will customize a plan specifically for you. Your overall satisfaction is our top priority. That’s a promise.

TXINS offers complimentary insurance reviews to ensure you are getting the right coverage for yourself, your family, or your business. To schedule your review, contact us today at 800-541-9849 or via email. We look forward to hearing from you soon.

Meet the TXINS TeamJennifer Pfeffer

Jennifer Pfeffer is one of TXINS’ most outdoorsy employees. She has a passion for fishing and being near the water. Because she has so much personal knowledge of the outdoors she is our “go-to gal” for our hunting and fishing guides and programs within the agency. With a great attitude and the ability to make meaningful connections with our clients, Jennifer has been a valuable asset to the Commercial Lines team for the past 3 years.

To learn more about Jennifer, please click here.

The employees of TXINS are active members in our communities. Here’s a quick list of what we’ve been up to as well as what we have planned for the month.

  • Our offices will be closed on April 3 for Good Friday. We wish everyone in the TXINS and Traditions family a very Happy Easter! 
  •  The Needville Youth Fair will take place on April 11 -17. The Youth Fair Parade will be held in Downtown Needville that Saturday morning. The parade runs right in front of our Needville office so stop early and grab front row seat!
  • Join Hector Gutierrez on April 11 for the Hispanic Education Project Scholarship Banquet at El Campo Civic Center.
  • Congrats to Eileen Stoesser for being one of our winners in the February Texas Trivia Contest! Check out the trivia question below or visit us on Facebook for your chance to win a Texas flag!

Paula, Yvette, Cassidy, Lindsey, and Celeste represented TXINS at the 2015 TGWA Justin Hurst Memorial 5K Turtle Trot Color Run. Way to go ladies!

Dear TXINS:

Tax season is here and I want to make sure I’m maximizing my deductions. As a small business owner, what can I and can’t I deduct?  – Steven K., Austin, TX

Dear Steven:

Many people today are enjoying the benefits of being their own boss and running their own company. Owners of large corporations have accountants and tax experts working for them, but many small-business owners and freelancers cannot afford that added expense. If you complete your own tax returns each year, here are a few of the most popular deductions that may help you save.

Home Office

Of all available business-related tax deductions, this one is the most complicated. You can deduct a portion of your heating, cooling, home insurance, and rent or mortgage costs from your taxable income, based on the percentage of your home that is used for business purposes only. Recent changes in the tax code have simplified the calculation of this deduction by allowing business owners to opt to deduct $5 per square foot of office space, up to 300 square feet.

To be eligible for this deduction, you must have a room that is used for work-purposes only. If your computer is set up in a guest bedroom, for example, you may not deduct the entire room as a home office.

Office Supplies

Whether or not you are deducting a home office from your taxes, you may deduct the cost of office supplies that you use in the course of your business. This includes everything from pens and pencils to toner cartridges for your printer. Be sure to save all your receipts. Many people find it very helpful to have a credit card that is used strictly for business purposes.

Internet and Phone

If you rely on email and internet use as a part of your daily business operations, you may deduct the cost of your internet service from your taxable business income. The same holds true for your land-line or cell phone service if your phone number is your business line. This includes cell phones that have a data plan.

Unlike a home office, it is not necessary that you use your internet or phone service for business purposes only.

Health Insurance Premiums

The newly established Affordable Healthcare Act requires business owners who have more than 50 full-time employees to provide them with affordable healthcare options. Policies may be purchased by business owner or individuals at lower group rates through the healthcare exchanges set up by each state.

Whether you are providing health insurance to your employees or you are simply purchasing a policy on your own, you may be able to deduct 100% of the incurred expenses from your business income. However, there are some caveats:

  • If your healthcare expenses exceed your business’s net profits, you may only deduct an amount equal to net profit.
  • If you are eligible for healthcare coverage through your spouse, you may not deduct the cost of purchasing your own coverage.

Mileage

If you plan to take this deduction, it is imperative that you keep extremely good records of your business-related driving. Record the date, your destination, the exact number of miles driven, and the purpose of your trip in a log or journal.

Business Travel Expenses

If you take a business trip, such as to attend a conference or to meet with an important client who lives out of town, you may deduct the associated costs from your business income. These costs include:

  • Mileage driven
  • Airfare, train or other transportation costs
  • Hotel charges
  • Meals
  • Entertainment costs, if entertaining a client

Be aware that travel and hotel costs are 100% tax-deductible, but meals and entertainment costs are only 50% deductible. Also, you are permitted to deduct the cost of a gift to a client or employee but only up to $25 per person.

Do you have a question for our agents? Email it to us! If we choose your question, we’ll send you a thank you gift! Be sure to include your mailing address and phone number in your email.

Did You Know?

– April 22 is Earth Day. Celebrate and learn about the importance of keeping our planet green by making these fun and easy craft projects with your kiddos.

– On April 6, 1917 the United States declared war on Germany in World War I.

– On April 4, 1818, a flag that contained 1 star for each state and 13 stripes was adopted by Congress.

– April 13 is National Peach Cobbler Day. Peach cobbler has been a staple in southern kitchens for more generations than we can count. Here’s a few wonderfully rich and decadent recipes for this sweet treat.

Hurricane Season is Flood Season

The Atlantic hurricane season runs from June 1 to November 30 with the peak period from early August through the end of October. While many immediately think of strong winds when they think of hurricanes, other accompanying effects — storm surge, heavy rains, inland flooding — are equally destructive and dangerous.

Don’t be caught off guard this hurricane season. The time to prepare is now. Gather supplies for your storm kit, make an evacuation plan, strengthen your home against storm damage, and review your insurance coverages. No flood insurance? Remember, it typically takes 30 days for a new flood insurance policy to go into effect, so get your policy now.  Contact us today to find the right coverage for you and your family.

We LOVE Referrals!

Congrats to Kim Clayton of Needville, TX, our March Referral Program drawing winner! Thanks for your referrals Kim! Good luck in our end of the year drawing happening in December!

If you love Texas Insurance & Financial Services, Inc., tell a relative, friend, or co-worker about us. When they call to receive a quote make sure they let us know that you referred them.

As a thank you, you’ll receive a surprise gift and will be entered into our monthly $50 gift card drawing and our annual Grand Prize drawing for a $1,500 gift card!!!

(Grand Prize drawing will be held on December 3, 2015.)

Texas Pride Trivia Contest

San Jacinto Day is a day of state pride for Texans. On April 21 we commemorate the Battle of San Jacinto, a battle between the Texan army and Mexican forces, which took place on April 21, 1836. The battle was a turning point for Texas’ independence from Mexico.

The Battle of San Jacinto lasted only 18 minutes. According to General Sam Houston’s official report, 630 Mexican soldiers were killed, 208 wounded, and 730 taken prisoner while only nine Texans were killed or mortally wounded, and thirty wounded less seriously. During the fight General Santa Anna slipped away in an attempt to escape. Can you name two of the men who caught Santa Anna and brought him back to camp for questioning? Email Kara Wood with your answer. If you’re one of the first 3 people to answer correctly, you’ll win a full-sized Texas flag.

Show Your Spirit, Texas!
What Our Clients Are Saying About Texas Insurance & Financial Services, Inc.:The TXINS staff provides great customer service and they always have great attitudes. – Darin Darby, San Antonio

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