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Figuring Out the Best Way to Get Your Business Insured

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StrategyDriven Risk Management Article | Figuring Out the Best Way to Get Your Business Insured

40 percent of businesses don’t reopen after a disaster. That’s the bad news.

The worst news? We’re in the middle of a disaster. The COVID-19 pandemic is taking the economy to the cleaners and leaving many small businesses on their death bed.

The good news? As a business owner, there are steps you can take to protect your business from foreseen and unforeseen disasters. One such step is to purchase adequate commercial insurance.

This sounds easy and straightforward, but it’s not. You must find out the best way to get your business insured; otherwise, you could end up underinsuring or even over-insuring your company.

Continue reading to learn how to go about insuring your business.

Identify and Assess Your Risks

Every business faces a wide range of risks.

Some risks affect all kinds of businesses regardless of their industry or niche, and others only affect certain types of businesses. For example, owners of medical practices face malpractice risk. Restaurants don’t face this kind of risk.

However, both businesses do face a fire risk. An electric fault can result in a fire that razes down the buildings that house both businesses.

As such, the first step to insuring your business adequately is to identify all the risks it faces. You can do this on your own or you can hire a risk assessment professional to help you.

If you’re hiring a professional, ensure they’ve got enough industry-specific experience. If you own a logging business, for example, an industry risk specialist is in a better position to identify logging insurance risks than a risk pro who specializes in the retail industry.

After identifying all your risks, assess their threat-level. Which risks pose a more imminent threat? Which ones are less likely to affect your business?

Next, what amount of damage is every risk likely to cause?

With a proper risk assessment, you’ll know the amount of coverage you need to protect your business.

Determine the Kind of Insurance Policies You Need

Wouldn’t it be awesome if insurance policies offered a blanket policy that covers all the risks your business faces?

Well, some large insurance companies offer customized policies, but it would rarely be a blanket policy. Also, there’s the general liability insurance policy that covers most of the risks your business faces, but it’s barely adequate on its own.

Yet, a common mistake small business owners make is purchasing general liability insurance and stopping there. Don’t make this mistake.

There are several other types of business insurance policies you should buy, depending on the nature of your business. Here are some of those policies:

Property Insurance

If you run a brick and mortar store and you own the building, purchase property insurance.

Your building faces a number of risks that can result in extensive damage. Fires and natural disasters, such as floods and windstorms, can destroy the building, forcing you to abandon it until repairs are made.

A property insurance cover will compensate you for the damage and other losses.

If you run a home-based business, you might want to add on to your homeowners’ insurance policy, so that it covers your commercial activities as well.

Business Interruption Insurance

You don’t need to look beyond the coronavirus to see how a disaster can disrupt your business operations.

During such times, business interruption insurance is your ally. Depending on the terms of coverage, the insurer should compensate you for the losses you make during the interruption period.

Workers’ Compensation Insurance

Do you have more than 3 employees?

In most states, that’s the requirement for purchasing workers’ compensation insurance. When an employee gets injured on the job, you won’t worry about compensating them for their medical expenses and other losses. Your workers’ comp provider will do that.

Cybersecurity Insurance

If your business has digitized some or all of its operations, it’s imperative to buy cybersecurity insurance.

43 percent of online attacks now target small businesses like yours, which means your risk level is high. A cybersecurity insurance policy will protect your business from the effects of an attack, including business interruption and data loss.

Other types of insurance you might need include product liability insurance and commercial vehicle insurance.

Find the Best Insurance Provider

You’ve probably heard horror stories of insurance companies that refuse to settle claims. If you don’t do your homework when looking for an insurance provider, you might end up telling such stories.

You want to work with a legitimate, reputable insurance company.

Read up online reviews about a specific insurance carrier before giving them your money. What are past and current clients saying about their service quality? Do they take forever to settle valid claims?

Also, you want to work with an insurance company that provides most, if not all, of the insurance policies your business needs. This way, you’ll be in a better position to negotiate for discounts when renewing your policies.

Consider Self-Insurance

Large corporations don’t typically purchase insurance from other companies. They self-insure, simply because they can afford to cover their risks from their deep wallets.

Self-insurance isn’t just for big companies, though. Even small businesses can develop a self-insurance plan, as long as you know how to go about it.

One effective way is to set up a captive insurance company. This is just like any other insurance firm, only that it is wholly owned by your parent business. You have complete control over its operations.

Get Your Business Insured the Right Way

Getting your business insured adequately can be a costly task, especially if you’re a small business running on a tight budget. However, it’s the right thing to do. Even a minor disaster can bring your business to its knees when you don’t have insurance.

With this guide, you now have the information you need to insure your business the right way.

Keep reading our blog for more business tips and advice.

Will You Take These Services up on Their Offers?

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In order to stay ahead of the competition your business must utilise the best options offered to it. In this day and age, there are a whole host of companies and services at your disposal to make use of in order to make sure you’re getting the best assistance and the best value for money. Maybe it’s time you took a look at some of the services below and how they can help your business succeed, better their area and field, and how they too can better your wallet.

Virtual receptionists are an example of just how much technology has killed, or begun to kill, the professions of old. VRs take it upon themselves to simply answer calls, but do so in a manner that could make the need for a receptionist a thing of the past. They mean a call is never missed; they retain the ‘unique-ness’ of your business by answering and responding in a way that you tell them to; they are open 24/7 which can mean you are perceived as being ‘open’ 24/4 by any ringing customers; and they are cheap — some offering their services for a mere quarter of what you’d pay a receptionist per month. Also, advances in cleaning and hygiene services have improved two-fold. Also, with janitorial services offering an effective clean and hygiene levels that blow a quick vac and polish out of the water, the need for an in-house janitor or cleaning team may be over. But are there cons to utilising such services?

StrategyDriven Managing Your Business Article | Entrepreneurship

A big one is that they could take a job off of someone who has done it for years and proved themself to be extremely loyal. It could be tough for you to get rid of a trusted employee in order to replace them with a service, but it’s your business, and you must do what’s best for it. if a service offers much more, for the same or even less of the price, then it’s a no brainer.

Something else that joins the whole host of things that have been killed by technology is the need for cold, hard cash. Merchant Services, a type of bank account that allows businesses to accept payments in a multiple of technology driven ways, means that trips to the bank for coins and notes may soon become a redundant exercise. With the pace of change in the U.S. payment market showing that over the past five years the credit card has proved itself to be the generally preferred method of payment, merchant services are ones that must be optimised if a business owner wishes to retain custom. This means you should have a card reader and atm machine on site at all times so that you are able to take a customer’s payment when they don’t have notes or spare shrapnel on their person.

So, there you have it. A few modern day services that are on offer to you, the business of owners of today. It’s now up to you whether you take them up on their offers.

Where to make your first steps into property investment

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StrategyDriven Entrepreneurship Article | Where to make your first steps into property investmentWhether it’s something you’re considering as a new career path or a way of making your savings grow further, property investment can be advantageous. With so many options, it can often be hard to decide where exactly to invest your money in first. Here’s a look at the different types of properties you could invest in, and the advantages and disadvantages of each.

General Real Estate

Most homes on the market are already lived in, and therefore ready to be sold on again as soon as possible. If you choose a house that is already decorated to a good standard, there’s very little you could do to increase its value. The obvious way to make money is to rent the property. To put it simply, the monthly price you’re renting the property, minus the cost of the mortgage repayments and any other expenses, is a nice profit in your pocket every month. This process isn’t without risk, though, and you’ll need to secure proper insurance if you go down this road.

Unless you are going to rent your property, it can be hard to make a profit on a general real estate property. You’d have to hold on to the property for several years and wait for an increase in the property’s value to even make the smallest of profits. Sometimes you can secure a good deal on a property if they want a quick sale, but you’ll have to work just as quickly to secure any extra money to close the deal. Hard money lenders such as Sachem Lending can offer you additional cash flow within days. They make their decisions based on the value of the property, so they won’t have to spend a long time reviewing your personal income and outgoings in detail. This means you could have the money in a matter of days, putting you in the strongest position to secure a deal.

Fix and Flip

This kind of property can offer a much higher return in a small amount of time, but it also involves the most amount of effort. The critical thing to realize when purchasing a property that needs a lot of work is just how much work it needs doing to it. Paying for someone to inspect the property might seem like an unnecessary extra expense. Still, it can be the most important investment you’ll make if they spot something which needs significant work and reduces the potential value of the property. If you’re buying a property that just needs a lick of paint and maybe a new kitchen or bathroom, you could have it back on the market in weeks with a much bigger price tag.

New Constructions

While starting a build from scratch might seem like the best way to be sure of investing in valuable property, several things could go wrong. Whether it’s how much property tax will be, how popular the area will be, the quality of the work completed, or even the taste of the potential market, there are a lot of uncertainties with this kind of property. The good news is this kind of property is often the most readily available so you could negotiate a good deal.

6 Reasons Why Your Organization Would Benefit From Using a Remote File Server

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StrategyDriven Managing Your Business Article | 6 Reasons Why Your Organization Would Benefit From Using a Remote File ServerKeeping your business organized can be a struggle, especially if you’re trying to take care of everything by yourself. Getting everything set up and ensuring that it all works properly is a hassle in and of itself.

But you can definitely make things easier for yourself with the use of a remote file server. So how do they work exactly and how can you benefit from one?

What is a Remote File Server?

A remote file server is a computer that someone can access from their own computer from anywhere else in the room or the building. That allows a person to have access to files that they may not have storage space for on their own computer.

With that said, here are the remote file server benefits you could experience when employing one in your business.

More Security and Backups

Instead of having to use your own computer to save your backups, you have a separate server where everything can be saved. You can also save and backup your files to another computer entirely, leaving you with more hard drive space.

That means less slow down and having to purchase another hard drive to transfer your files to. That’s more money in your pocket while still having access to all of your data. Having a separate server also means that your files are more secure, as only you (or anyone with the password) will be access the files.

Remote Access

Remote servers can be placed on their own VPN (Virtual Private Network) so that you can access it from just about anywhere, including your home or even on your phone while you’re away on vacation. You can grant access to your employees as well so that they can keep abreast of work and which projects need to be tended to.

File Centralization

No more having to search through hard drives to find what you’re looking for. With everything in one place, you can be more effective with work and get through projects much faster. Different permissions can be assigned to different employees as well so that only the right eyes are on the files you want.

Monitoring Employees

No one enjoys their boss peering over their shoulders to see if they’re working on what they should be. Through a remote file server, you can see exactly which employees are hitting which deadlines and what else needs to be worked on. No more having to rely on he said/she said arguments.

Data Recovery

Did you reformat your hard drive or have your computer hacked and lost everything? You won’t have to worry about losing all of your files with a remote server onhand. You can recover all of your data with a remote file server, as long as you’ve been backing up your files on a regular basis. You can avoid that horrible burden of having to start everything over from scratch.

User Control

User accounts and passwords are all controlled by your remote file server, which makes it very easy for new accounts to be created or to lock out/disable those who are no longer working for the company. This provides a safer working environment for all of your data.

Consider a remote file server for your business the next time you’re looking to upgrade. It’s definitely more beneficial than people give it credit for.

5 Reasons to Use a Mobile Office for Your Business

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StrategyDriven Entrepreneurship Article | 5 Reasons to Use a Mobile Office for Your Business

If you’re considering taking your workplace mobile, you’re not alone.

Experts predict that the global market for small, mobile offices will reach $49.7 billion by 2024, as increasing numbers of businesses adapt to more flexible workplace practices.

There are many benefits to switching to a mobile office, and a wide range of mobile office designs to suit every company.

If you are unsure of whether or not to use a mobile office for your business, here are five reasons to do so.

1. Meet Your Clients Anywhere

One of the more obvious benefits of using a remote office is that you can offer maximum flexibility to your clients.

No matter what industry you are in, knowing that you no longer need to worry about locations for job sites is a liberating feeling.

Rather than forcing your clients to travel inconvenient distances to sign a contract or hear a pitch, you can come directly to them. This kind of customer service will be something your competitors simply cannot offer.

2. Visit Every Part of Your Business Operations

The same logic extends to every part of your operations and supply chain. Let’s say you are one of the countless companies that are considering using a co-packing service to package all of your products for delivery.

Once you have figured out how to find a co packer, you might want to bring your operations closer to them, to shorten the supply chain, and save money.

With a mobile office, you can bring the nerve center of your business wherever it needs to be. The cost-saving benefits of this are difficult to overstate.

3. Design an Office to Suit Your Needs

You want an office that suits the needs of you and your company.

If like millions of other companies in America right now, you have lots of employees working remotely, then you don’t want to be shelling out significant sums on oversized office space.

A mobile office can slim down your operational costs to exactly what you need, eliminating waste. You can also design an office that features all of the amenities that you need, and nothing more.

4. Eliminate Distractions and Increase Productivity

Common office distractions are a major drain on productivity across all sectors.

There are the common areas where employees gather to chit-chat all day. There are unnecessary trinkets scattered across desks. There is even the time-wasting activity of actually navigating a large office building.

All of these problems are eliminated with a mobile office, ensuring total focus on the task at hand.

5. Use a Mobile Office To Save Money

It almost goes without saying that a typical mobile office cost is significantly lower than the costs of renting conventional office space.

Typical offices have high energy costs, rip-off leases, and unnecessary charges for facilities and perks.

With a mobile office, you can cut out all of those costs that are impacting your bottom line, ensuring that every single penny is put to good use. For businesses with razor-thin margins, this can make the world of difference.

Learn More 

Now that you know the main reasons to use a mobile office, it’s time to learn more. Make sure to consult our Operations guides for regularly updated, expert advice on fine-tuning every aspect of your business operations today.