Money Management

Your small business should have insurance to protect you in case you can’t operate. Check out what you need to know. 

Anyone running a small business needs to make sure they have the right insurance coverage. This includes liability insurance in case the company is sued. It also includes property insurance in case there’s damage to the building or equipment the company owns or rents.

In addition to these types of protections, there’s one type of insurance coverage every small business needs.

Companies need business interruption insurance

Business interruption insurance, or business income insurance, is a vital type of insurance protection that small business owners should make sure they put into place.

This type of insurance provides coverage in situations where a business is temporarily unable to operate for some reason. For example, if the company headquarters burns down or if a tree falls on the building that customers visit to buy goods or services, the company may not be able to continue operations until the issues are resolved.

It can take weeks or even months to get back to normal operations when something goes wrong at a company. And, sadly, many businesses — especially newer companies — may simply not have the funds to go weeks without income coming in.

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Without business interruption insurance, a company might have to lay off all of its employees because it can’t afford to pay them indefinitely until things get back to normal. This could undermine the future effectiveness of the company. The business could also not be able to continue to pay rent or other costs, and could be forced to close its doors due to a period of no income.

Business interruption insurance is there to make sure that doesn’t happen and the company can weather the storm.

Here’s what business interruption coverage will pay for

Business interruption insurance pays for many important things in circumstances where a business is temporarily unable to operate due to a covered cause. Some examples of different things that this kind of insurance policy could pay for include:

Lost revenue that the company cannot generate due to its closure, which it would have likely made had it been able to remain open.Rent, lease payments, or a mortgage payment on the location where the company operates.Loan payments the business would ordinarily need to make during its normal operations.Taxes the company owes to the IRS on a quarterly or monthly basis.Payroll for workers.Costs of relocating a business either temporarily or permanently if opening back up in the current location becomes impossible.Training costs if staff members must learn how to use new machinery or equipment after the old equipment is destroyed by a covered cause.Any additional expenses that result from the interruption of normal operations, such as renting another space to operate in temporarily or advertising to customers that a business has relocated if it is not able to go back to its initial location.

You need to be able to get these costs covered if you can’t keep operations going — so be sure to sign up for business interruption insurance if you haven’t already. You never know when something will go wrong, and you don’t want your company’s success to be derailed because of bad luck that interrupts business.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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Before you pick a destination for your next vacation, it pays to research prices first. Find out how being flexible could save you hundreds of dollars. 

Many people already have a set destination in mind months before they jet off on vacation. What if I told you that you could save money if you were willing to be more adventurous when planning your next vacation? When planning a trip, I often choose my destination based on the best flight deals. This strategy has resulted in me saving hundreds of dollars on travel expenses. You may be able to benefit financially from taking a similar approach.

Being flexible can be a win for your wallet

Travelers with flexibility can often get the best prices. If you have a flexible schedule and can take a vacation during the off-season, you’ll likely get better rates when booking hotels, transit, and activities. You also get the added benefit of visiting a destination during a less busy time, so you won’t have to deal with crowds or long lines.

But that’s not the only way flexibility can save on travel costs. Instead of having a destination in mind the next time you start planning a getaway, consider picking a vacation spot based on the price. You could get a better deal if you’re open to visiting a new place you might not have considered before.

I love to travel internationally and am always looking to visit new places, so I often review prices for several new-to-me destinations before booking flights. Since I’m not set on a particular destination and have a flexible schedule, I have scored some great deals on airfare, which allows me to stretch my vacation budget further.

Use these search tools to find the best flight deals

If you’re feeling adventurous and want to save on travel costs, you can use online price comparison tools to find the best airfare deals. Letting a deal inspire your next vacation destination is exciting and could help you keep more money in your checking account.

The following airfare search tools allow you to review prices for airfare prices without having chosen an arrival destination:

Google FlightsKayakMomondo

Here’s how to discover the best deals:

Visit one of the above websites or mobile apps.Set your desired departure city.Instead of entering an arrival destination, choose “Anywhere.”Compare airfare options for various destinations to find a price that fits your budget.

Alternatively, you can use these tools to research flight prices for an entire country or continent.

While these tools make it easy to review costs across multiple carriers, remember that booking your flight directly with the airline is recommended. This way, you’ll deal with the airline directly if there are any delays or cancellations or if you need customer service help.

Review other travel costs before booking

Allowing flight prices to determine your next vacation destination could save you hundreds of dollars. But make sure that you consider other travel costs before rushing to book a ticket. I like to review hotel costs and menu prices before making my travel plans official.

For some destinations, it could be cheap to fly there — but accommodations could be notoriously costly. One destination that comes to mind for me is Boston. I always see flight deals to get to Boston from my city, but finding a place to stay at an affordable price can be nearly impossible.

Found a deal that works for you? You may want to use a rewards credit card when booking your reservations. You can earn points, miles, or cash back on your travel purchases, and can later redeem your rewards for discounts and freebies. Talk about a win for your personal finances.

Check out our list of the best travel rewards credit cards to find a travel card that fits your needs.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet. The Motley Fool has a disclosure policy.

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Ulta’s Ultamate Rewards program is free to join. Shoppers who spend $1,200 yearly can reach Diamond status and get more perks. Find out if it’s worthwhile. 

If you shop with the same favorite retailers regularly, it’s likely worth becoming a member of their free loyalty programs. If available, these programs offer rewards and incentives to frequent shoppers to reward them for their continued brand loyalty. Program perks like freebies and discounts could help you keep more money in your checking account.

Ulta is a popular place to shop for makeup and skincare products. The popular beauty retailer has a free loyalty program, and it’s called Ultamate Rewards. The program has three tiers, and the highest tier is Ulta Diamond. But is it worthwhile to achieve Ulta Diamond status?

What you need to know about the Ultamate Rewards program

Don’t miss out on the Ultamate Rewards program. Ulta’s loyalty and rewards program has three tiers: Member, Platinum, and Diamond. It’s free to join the program, but your annual spend determines your membership status level.

As a member, perks and rewards opportunities will be available to you. The benefits you get vary depending on the status level you’ve achieved. But no matter your status level, you can redeem any points earned for discounts on future Ulta orders.

As an Ultamate Rewards member, you’ll earn Diamond status once you spend $1,200 on eligible purchases in a calendar year. Once you achieve Diamond status, you’ll remain a Diamond member until Dec. 31 of the following year.

Here are some of the most notable benefits you get as an Ulta Diamond status member:

Earn 1.5 points per $1 spent on purchasesFree shipping on orders of $25 or moreAnnual $25 beauty service reward Rewards points never expire Free birthday gift Extra birthday giftGet a $10 reward for your birthdayExclusive deals and giftsEarly access to new product launches

Since Diamond is the highest tier level of the Ultamate Rewards program, you can expect more perks than at other levels. But it’s worth noting that some benefits are available to both Diamond and Platinum level members — like the $10 rewards birthday coupon.

Other program perks, like the annual $25 beauty service reward, are only available to higher-tier Diamond members. But remember that you’ll need to spend $1,200 total in a calendar year to transition from a Platinum member to a Diamond member.

To transition from a Member to a Platinum level, you’ll only need to hit a yearly spending threshold of $500. Considering the benefits offered, the additional spending threshold required to earn Diamond status may not be worth it for many shoppers.

To help you compare each program tier, here’s a breakdown of the benefits offered with each status level below:

So, is Ulta Diamond worth it?

Do you shop for beauty and skincare products but are still unsure whether achieving Diamond status through the Ultamate Rewards program is worthwhile? Consider your shopping habits and budget and determine which program benefits are most valuable to you.

You might also review the benefits offered through Sephora’s Beauty Insider Program. The top-level tier, Sephora Rouge, requires a yearly spend of only $1,000. This loyalty program has different benefits, but the perks offered may be more attractive for some shoppers.

No matter what, don’t overspend beyond your means, or you could rack up credit card debt.

Want to get rewarded for shopping? Don’t ignore loyalty programs. If you’re brand loyal, these programs can be an excellent tool to add to your personal finance strategy.

Alert: highest cash back card we’ve seen now has 0% intro APR until nearly 2025

If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR for 15 months, an insane cash back rate of up to 5%, and all somehow for no annual fee.

In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

 Read More