October 2024 Commercial Lines Newsletter

As we witness the aftermath of Hurricane Helene and prepare for the impending threat of Milton, our thoughts are with everyone impacted by these storms. Such events are a stark reminder of the unpredictable nature of weather and the devastating impact flooding can have on both personal and business assets.

We now into the 4th quarter of 2024. Now is a great time to do a progress checkup for your business.

Are you on pace to meet your 2024 goals?

This is also a great time to start laying the foundation for your 2025 business planning, which may include looking into flood insurance options for your home and business.

My first topic below, should be reviewed before it is too late.

Are you required to file the Corporate Transparency Act Beneficial Ownership Report with the federal government?

Corporate Transparency Act and Beneficial Ownership Filing Requirements

Effects of Minimum Payroll Increases for General Liability and Workers Comp Policies

Marketing Corner – Is Your Google Business Page Up To Date?

Huff Insurance Happenings!

Corporate Transparency Act and Beneficial Ownership Filing Requirements

Effective this year, the Corporate Transparency Act requires small businesses and entities to file ownership information with the Financial Crimes Enforcement Network (FinCEN), a division of the US Treasury Department. The law was passed to combat fraud through shell companies.

Anyone who owns a small business that has incorporated or is an LLC, including home-based businesses and single rental properties, must file. While the National Small Business Association successfully sued to have the requirement declared as unconstitutional, you must proceed as if the requirement were in effect. Penalty for failure to file is up to $500 per day and possible jail time.

You can file a beneficial ownership report at FinCEN’s website. Additional guidance on the CTA can be found in FinCEN’s Small Entity Compliance Guide. Filing is free.

Entities predating 2024 have until January 1, 2025 to file. Those created in 2024 have 90 days after their creation date, and those created after January 1, 2025 have 30 days to file.

Effects of Minimum Payroll Increases for General Liability and Workers Comp Policies

Maryland’s recent minimum wage increases have impacted business insurance, particularly in workers’ compensation and general liability.

As payroll levels rise, businesses face higher insurance premiums. Industries like hospitality, construction, and retail are especially affected.

Strategies to manage costs include classifying employees correctly, improving safety programs, and exploring pay-as-you-go workers’ comp policies. Our blog below offers guidance to help businesses adjust and reduce financial strain.

Click here to read the full article

Marketing Corner – Is Your Google Business Page Up To Date?

Keeping your Google Business Page up to date is essential for local SEO, building customer trust, and enhancing online engagement. Accurate information, regular updates, and responding to reviews boost your business’s visibility and credibility. Regularly post promotions, photos, and events to maintain an active profile that attracts potential customers. This simple maintenance can increase search rankings, engagement, and overall sales.

For a detailed guide on optimizing your Google Business page, read the full article here.

Huff Insurance Happenings:

Join us in wishing Dalton very happy October birthday. Dalton is finishing up his college career by getting his masters degree and playing one last season of baseball. He is having a great Fall, both in the classroom and on the baseball field.

If you have any topics that you would like me to cover in a future newsletter, please feel free to reply to this email to let me know.

Please let me know if there is any way I can help you or your business.

I want to personally thank you for your support over the past 64 plus years.

Gratefully,

Nancy Nicklow
President