Making Sense of Money Matters


restaurants and manufacturing companies may need broader coverage.

Small employers can also reap the benefits of larger health group plans, says David Williams, a small business health insurance agent for WMC Insurance Services in Santa Ana, California. “In today’s market, major carriers are competitive and are coming out with several options to choose from, such as shifting costs to employees.”

When shopping for health insurance policies, assess your medical needs and take into account your budget, says Williams. Determine what percentage your employees will contribute to the plan and on what basis, as well as if you would consider a plan with a higher deductible, which would significantly lower your premium costs. To find a health insurance agent, check with the local Health Insurance Agents Association and get referrals.

As a self-employed business owner, staying on top of your finances is critical to your success. By accurately projecting your operating costs, maintaining precise records, preparing for taxes and thoroughly investigating employment and insurance options, you’ll be fiscally fit to reap the rewards of your success.

Financial Resources For The Self Employed
SBA Answer Desk,
800-827-5722 or

Service Corps of Retired Executives (SCORE),
202-205-6762 or

Small Business Development Centers (SBDCs),

National Association of Accountants,

American Institute of Certified Public Accountants,

National Association of Black Accountants,
301-474-6222 or

National Insurance
Consumer Helpline,

J.K. Lasser’s Tax Deductions for your Small Business by Barbara Weltman
(Macmillan, $15.95)

n Black Enterprise Guide to Starting Your Own Business by Wendy Beech
(John Wiley & Sons, $19.95)

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