S corp

Business structure with a special tax status and certain tax advantages.

What is an S corp?

An S corp is a unique business structure that combines the simplicity of a sole proprietorship or partnership with the liability protection of a corporation. It allows businesses to use a “pass-through” tax structure, which means they bypass federal corporate income taxes.

Advantages of an S corp

Tax perks: The standout feature of an S corp is its tax advantage. Instead of paying corporate taxes, profits and losses pass through to the shareholders’ tax returns. This can lead to potential tax savings.
Limited liability: An S corp protects the owner’s personal assets similar to an LLC if the business runs into legal trouble.
Lower taxes. S corp status can help business owners save money on their personal income taxes. S corp owners often reduce their self-employment tax obligations by categorizing money received from the business as salary.

Disadvantages of an S corp

The downside of setting up and maintaining an S corp is that it takes time and money.

Paperwork: S corps have administrative requirements like regular meetings and record-keeping to maintain their status.
Ownership restrictions: There are some rules around who can own an S corp. Generally, individuals, estates, certain trusts and tax-exempt organizations can own shares.
Individual responsibility: Shareholders are responsible for reporting financial data to the IRS via their returns. Although individual tax rates may be lower than corporate rates, shareholders can be held accountable if the information is not reported correctly.

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Business insurance is divided into different policies. We offer seven types so it's easy to design the coverage that fits your business.

General Liability

Protect yourself from accidents that cause physical injury or damaged property.

Professional Liability or Error and Omissions Insurance

Professional Liability/E&O

Shield yourself from lawsuits that claim your work errors caused financial losses.

Workers’ Compensation

Cover medical bills and lost wages if your employees have an accident at work.

Commercial Auto

Stay on the road with coverage for dents, tows and damage to someone else’s vehicle.

Tools & Equipment

Upgrade your general liability coverage to protect any gear that’s stolen, damaged or lost.

Commercial Property

Keep your building, inventory and equipment protected from fire or water damage.

Business Owner’s Policy

Combine general liability and commercial property into one policy to protect your business.

* To the extent permitted by law, applicants are individually underwritten, not all applicants may qualify. Individual rates and savings vary and are subject to change. Discounts and savings are available where state laws and regulations allow, and may vary by state. Certain discounts apply to specific coverages only.