Listen to “#612 How to Classify Employees and Independent Contactors Right Every Time” on Spreaker.
On this episode of The Small Business Radio Show…
SEGMENT 1, starting at 0:00: Small Business Saturday is quickly approaching and it will probably look a bit different than last year. Here with advice on how to take advantage of the holiday season is Chip Hamann who is the Deputy President – Small Commercial, of The Hanover Insurance Group.
SEGMENT 2, starting at 18:45: A perennial issue for small business owners is determining how to classify employees and independent contractors. Here to help us classify each person correctly is Jaime Lizotte with efile4Biz.
SEGMENT 3, starting at 37:15: One of the biggest issues that small businesses face is that they don’t fully understand their financial statements. In fact, many never look at them monthly. Unfortunately, they are missing key data to managing their company, especially during tight cash flow times. Here to help is Christopher Calandra, the founder and principal of Elliott Wealth Management Services.
Sponsored by The Hanover Insurance Group and efile4Biz
More on each segment below.
Segment 1: Chip Hamann is the Deputy President – Small Commercial at The Hanover Insurance Group. Prior to joining The Hanover, Chip was President and, prior to that, Chief Underwriting Officer of OneBeacon’s Small Commercial unit.
1:00 – How small businesses can prepare for the holiday season this year.
3:30 – What is included in business income coverage?
4:30 – Are there risks with hiring for the holiday season?
6:30 – What cybersecurity risks do small businesses face, especially now?
8:30 – Why you should always conduct background checks on new employees or vendors.
11:00 – What advice do you have for those businesses that are open and having customers visiting their storefronts?
14:00 – What happens if a customer or employee says they got COVID at your location?
Segment 2: Jaime Lizotte is Brand Manager of efile4Biz.
18:45 – Who cares about how you classify employees and independent contractors?
22:15 – Do different states have different rules about how to classify employees and independent contractors?
23:15 – What are the risks of misclassifying an employee or independent contractor?
25:30 – What is the key to correctly classify employees and independent contractors?
31:00 – How does working from home affect how to classify employees and independent contractors?
33:30 – How to report your worker payments to the government.
Segment 3: Christopher Calandra is the founder and principal of Elliott Wealth Management Services, LLC with over twenty-six years of experience helping entrepreneurs, retirees, and families achieve their financial goals and objectives.
37:15 – Why don’t small business owners pay more attention to their financial statements?
39:45 – What’s the solution?
41:15 – In times of slow cash flow, what should small business owners be looking at to make the best financial decisions?
44:30 – What are the key things to do on the financial side of your business?
47:30 – How to build resiliency into your business.
49:00 – When is it appropriate to take on debt?
Sponsored by The Hanover Insurance Group and efile4Biz
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