Why You May Be Required to Have Business Insurance

You are likely aware that laws in just about every state require you to have automobile insurance. If you have a mortgage on your home, your bank or mortgage company may require you to carry home insurance. But what about business insurance? While, generally, laws do not require a business to carry business insurance, there are situations where it may be mandated.

You Have Employees

Worker’s Compensation is required for businesses with an employee. This is a form of insurance provides medical coverage as well as replacement income if they cannot work due to being injured on the job.

The income of employees who may be injured on the job while offering financial protection to the business owner. Businesses with employees are required to carry Workers’ Comp.

You Have a Business Loan

Like with an outstanding mortgage, a financial institution that lends you money for your business may require you to carry business insurance to protect their interest. This can depend on the purpose and size of the loan and your lender.

You Rent Space

Even if your business doesn’t own real estate, a landlord may require you to carry business insurance to lease commercial property.

You Are a Business Professional

Some states and business organizations can require certain professionals, like those in the medical, legal, or financial fields, carry business insurance, especially Errors and Omissions Insurance. This is a form of malpractice insurance that protects against professional errors.

Your Business Owns Vehicles

Whether your business owns a single vehicle or an entire fleet, it is required to carry the minimal coverages allowable in the state. Even if you use a personal vehicle for business, you may be better served by having business vehicle insurance to make sure you are properly covered.

Manufacturers in certain business categories may also be required to carry product liability insurance, like pharmaceuticals. Your specific business association can provide guidance on if and when such insurance is required for your company.

Even when business insurance is not mandated, it is still a sensible idea. It can protect inventory, insure income, minimize financial damage from liability claims, and protect against losses from theft, fires, and storm damage. For a no-obligation quote, contact one of our business insurance professionals today. They can assist in guiding you through what may be required and what is in your best interest. Contact us today.

Think You Can’t Afford Business Insurance?

Did you know that business insurance could protect you from theft, vandalism, and even embezzlement? Are you aware it could provide coverage in a fire or storm? Business insurance can protect a business from financial losses due to liability claims and even protect a business’s income after a covered loss. Yet many businesses may believe they still can’t afford it.

Instead, they may spend a large amount of money on a security camera system to monitor their store. They may even purchase outside motion detectors and cameras to help secure the exterior. They may spend money on upgrading doors and windows to improve security. Some may even invest in extensive employee background checks to help ensure the staff they have is trustworthy. They may take all of these steps and more, all in an attempt to protect their businesses from losses.

The problem is none of these steps will assure your business will not face a liability lawsuit due to a slip and fall or other injury to a customer on your premises or due to the actions of an employee. The answer is business insurance.

Sure, added steps to protect your company are prudent and may even result in lower business insurance rates. But nothing can protect your business like a well-crafted business insurance plan designed for your enterprise.

If your company owns real estate or vehicles, your business insurance plan can provide protection. But even if you rent space or work from home, you still need a business insurance plan to keep your business going. The liability feature of a business insurance plan can potentially even cover your legal costs in a claim.

While you may want to take steps to secure the safety and security of your business, your first step should be to contact one of our independent business insurance agents to discuss your company. They can construct a plan to suit your business and your budget. You may be pleasantly surprised at how affordable coverage can be. Reach out to us for your no-cost, no-obligation review, consultation, and price quote.

Make an investment in your peace of mind. Connect with us for a business insurance plan you can have confidence in.

Clubbing for Businesses

Most of us have our first experience of joining a club as a child. It is often with scouting or perhaps the safety patrol. In high school, we may join the chess club or yearbook committee. Even in college, there are sororities and fraternities. Clubs, however, can still be valuable as adults and business owners.

While joining a club as a business owner can be beneficial for the company, it shouldn’t be apparent that that is why you have become part of a club. In fact, that could have the opposite effect.

Here are some of the more common clubs and organizations you may find beneficial to join.

Chamber of Commerce

A chamber of commerce is designed to promote the interests of businesses and is mostly made up of local businesses. While they often work closely with local governments, they are not a government agency.

Rotary

Rotary is an international service group generally made up of business owners and upper management. The group’s main purpose is to promote peace and goodwill worldwide, but clubs also often take on local projects. There are over 46,000 Rotary clubs across the globe.

Kiwanis

Kiwanis is a children-focused children’s group that takes on about 150,000 projects per year. It was founded in Detroit in 1915. The organization did not accept women until 1987.

Lions Club

The Lions Club has an impressive 1.4 million members. This is an international service group with a mission of promoting good citizenship and good government. The Lions Club places significant focus on hearing, sight, and speech conservation.

You could also consider joining a local civic or non-profit organization or getting involved in a local project. Getting staff involved can also help the image of your business.

While you are building your professional network and your brand, you also want to ensure your business is protected. Business insurance can help you do just that. Get the protection you deserve by contacting one of our independent agents and get a no-obligation price quote. We look forward to assisting you.

One of Your Biggest Obligations as a Business Owner

When you think about your obligations to your customers, what comes to mind? Perhaps offering good products or services at a fair price. Maybe it is to be accessible with customer-friendly hours of operation. Maybe it is standing behind your products and services.

For those who operate brick and mortar locations, one of the biggest obligations you have to customers and potential customers is keeping them safe. That is more far-ranging than you may first think.

It includes making sure your store, office, waiting area, and even parking lot can be maneuvered through without a slip or fall. It means making sure your facility is well-lit and that spills are promptly cleaned. It can even mean protecting visitors from attacks from employees or other customers.

Now, that doesn’t mean you will be held liable in every case where an injury occurs on your premises. It does mean you have an obligation to perform due diligence when it comes to keeping them safe. This can require everything from marking level changes with yellow paint or tape to securing “wet floor” signage.

Not paying enough attention to customer safety can put you or your company at risk for an injury lawsuit.

This is why the liability provisions of your business insurance are so critical. An injury claim can arise any day at any time from a variety of circumstances. If it occurs, liability coverage can help prevent devastating financial ramifications.

Liability insurance for your business not only can potentially help cover any settlements or judgments in a liability lawsuit but can potentially also help cover the associated legal fees.

You may not be able to prevent every accident or injury in and around your place of business, but you can minimize the financial risks they can pose. We can help.

Let’s discuss your business, your risks, and how they can be minimized. We can get you a business insurance quote that includes critical liability coverage. Keep your customers safe while you protect your assets and your business. We are here to help. Reach out and contact us today for the peace of mind you deserve.

Attorney Advertising and Your Business

Prior to 1977, state legislatures and bar associations could dictate whether attorneys and legal firms could advertise. While bar associations still have an impact on how and what their members can say on the radio, TV, print, billboards, and digital media, those in the legal profession can largely advertise their services like other professionals. It is the marketing messages some are sending to consumers that should make business owners take notice.

Many of these messages are targeted to two areas.

Slip and Falls

Some lawyers are encouraging those who have been injured in a slip and fall to seek compensation from businesses, especially if there is a loss of income and medical expenses. Many times, it is suggested that larger settlements or judgments can be sought when significant pain and suffering is an issue. Consumers are encouraged to contact the legal firm for a no-cost consultation to see if their case merits moving forward. If the firm decides the case warrants legal action, they will take on the case at “no cost” to the injured party unless the legal action results in a financial victory. The legal firm, of course, retains a significant part of any settlement or judgment as their payment.

Safety and Security

The second aspect of the current trend in legal advertising is pointing out to consumers that businesses are responsible for their safety and security while on the business’ property. If they get robbed, assaulted, or otherwise harmed by a stranger or employee while conducting business, the company may be held liable.

The challenge for businesses is that all of this is true. If someone is injured in a slip or fall due to neglect or ignoring a leaky roof, the business can be held responsible. If someone is attacked in a business parking lot that is too dark because of insufficient lighting, the business may get sued. These attorneys know this, and they are increasingly promoting it to recruit new prospective clients.

The solution? Business liability insurance.

It can cover the legal costs or any action taken against your business and cover the expense of any judgment or settlement. If you do not have business insurance, you are flying without a net, and these legal firms know it. Contact us for a no-obligation quote on business insurance today. These law firms are looking out for their business. You should too.

Comparing Football to Running a Business

Have you ever thought about the similarities between running a business and running a football team? They may have more in common than you think. Here’s a quick look at operating your own business and running a football team.

Both are Teams

This may be a bit obvious, but as a business owner, part of your goal is to build the best team possible. Your staff (players) may be your best investment and biggest asset.

Training is Crucial

If players are not sufficiently trained, the team could be destined for failure. Training your staff how to not only handle their positions but unexpected situations that may arise is crucial.

Knowing Their Role

Every team member and staff member has a specific role to play. When they work together, it is a pathway to success. Sales, customer service, administration, customer service, and fulfillment are just some important roles in business.

Special Teams

Every successful team has key specialty players that need to be called in for specific situations. If an appropriate person doesn’t take care of a problematic situation, it could lead to a loss. On the other hand, a superior special team player can turn the game around.

A Good Game Plan is Critical

You can suffer competitive losses even with a great product and service. You need a great game plan that includes marketing and goals to help build the number of victories you experience.

Both Need a Great Quarterback

Both football teams and businesses can benefit from a talented, intuitive quarterback. This is the person that is responsible for directing the team downfield. It could be through a series of short gains or an occasional long pass.

Both Need to Play Offense and Defense

A business and a team need to score to win. That means a good offense. This includes a superior sales team and excellent marketing and advertising. At the same time, you need to be aware of your competitors’ strengths and address them in your business plan. A good defense also means protecting the gains you have already made. This includes exceptional customer service and a solid business insurance plan.

A football team can be in a game for a long time and still lose on a blown play. Business insurance can protect you from threatening calamities. It can protect against financial losses from theft, vandalism, or natural disasters. It can even defend you against liability claims like a slip and fall. Do you have a sufficient defense? Contact one of our independent business insurance agents for a business insurance review and price quote. Stay in the game with a solid business insurance program. We look forward to assisting you.

Thoughts About Naming a New Business

Do you have a small business? You probably remember exactly why you named it what you did. There are multiple approaches to naming a business, ranging from the practical to the personal. Here’s a look at some of those approaches and the positive and negative aspects of each.

A Family Focused Name

Family associated names can convey a personal approach. They tend to put your reputation on the line. Example names could include last names like “Smith’s Plumbing and Heating” or “Jones and Sons Landscaping.”

First Name Companies

It couldn’t get any more homespun or friendly than naming a business after the primary stakeholder. There’s something simple and attractive about names like “Lisa’s Pet Grooming,” “Mark’s Electric,” or “Steve’s Storage.”

Alphabetically Friendly

When the yellow pages were a critical source for finding products and services, some businesses chose an alphabetically-friendly name to keep their name at the top of their business category. It is why companies use “A-1,” “AAA,” “Acme,” or “Apex” in their business names. With digital searches, it is less critical today, but many still subscribe to the practice.

Community Focus

Since many search by product name and location today, community names are playing a role in business names. “Smithville Plumbing,” “Anytime Real Estate,” or “Smallville Remodeling” could pay dividends.

Names That Convey Size and Strength

Small businesses can often benefit from creating an impression of size and experience. “Gold Metal Roofing,” “Legacy Bookkeeping and Accounting,” and “Five-Star Landscaping” are a few examples.

A business name can help with branding and can even make a company easier to transfer or sell in the future. It is worth giving some serious thought and research to.

If you have a business, is it being protected through business insurance? We can help. Connect with us and let’s discuss your business and its risks. We will search our network of companies to craft a business insurance policy to fit your needs and your budget. Connect with us to get started today. You took the time to carefully name your business. Now it is time to carefully protect it.

Give It Away

There was a time when even small businesses protected secrets about how they conducted their businesses. At one time, there was more of a “bunker mentality” and an attitude of “If I told you I would have to kill you” attitude. Today, businesses have found a more valuable and viable approach to their knowledge and experience. They have discovered the value of “giving it away.”

Don’t panic. We are not talking about giving away your products or services. We are talking about being more free with sharing the knowledge you have about your chosen business.

Why?

More businesses are discovering the value of positioning themselves as the thought leader or expert in their business segment. When a business is perceived as an expert on a subject, potential customers eventually seek them out. This attracts customers into a marketing funnel that a business can nurture into an expanding customer base.

Positioning yourself as the expert can be done through social media, newsletters, direct mail, email, and a variety of other ways. Offer free tips and tricks, take and share the results of an online survey, and post a list of FAQs. You can also write timely seasonal press releases for your local media or offer quotes on news stories that may be impacted by your product or service. In short, you want to become the go-to resource in your community for your product category. You will then begin to see a more steady stream of potential customers coming to you.

Building a business involves more than just building your customer list. It means protecting the company you have built so far. This is the purpose of business insurance. A well-designed business plan can better protect your business from financial losses related to theft, vandalism, storm damage, slip and falls, and other liability claims. It can protect your income, real estate, and vehicles. Contact us to discuss your business and how it can be better protected. We look forward to assisting you.

What Are the 7 Habits of Highly Effective People?

One of the most successful self-help/motivational books of the last half-century was Stephen Covey’s “7 Habits of Highly Effective People”. Covey’s 1989 publication had 381 pages of helpful knowledge for business owners, managers, and anyone who wanted to help ensure they had a successful career.

What were these seven habits that readers discovered, or in many cases, rediscovered? Here’s a look back.

Be Proactive

Covey urged readers to not just let things happen but to make things happen. It was a call to get in the game and look for ways to contribute and contribute.

Start with the End in Mind

Know your end goal from the very outset. Once you are clear about where you are going, it is easier to get there more directly and efficiently.

First Things First

Many parents have pleaded with their children to do this for years. Actions need to be prioritized and accomplished in a natural progression.

Think Win-Win

Covey talks about how you can get people pulling in the same direction if they can all get something out of it. Rather than only thinking about your own victory, consider how all stakeholders can win.

Seek to Understand First, Then to Be Understood

That is perhaps the reason we have two ears and one mouth. Listen sincerely and compassionately before making your point. What you hear can help you better make your case.

Synergize

Synergy is teamwork and working together. It is not just the principle that two heads are better than one, but that two heads working together are better than two heads working individually.

Sharpen the Saw

A sharp ax or saw can make cutting much easier. That’s why it is worth the means to take the time to be prepared for the task ahead.

Covey sold over 40 million copies of his book, which was published in 40 languages. He followed up his work with the publication of “The 8th Habit”. The books still make great reading and are superb books to gift.

Perhaps it is time you were proactive when it comes to your business insurance. It will not take care of itself. Contact us for a no-obligation insurance review and price quote. If you don’t currently have a business insurance plan, let’s discuss your company and your risks. Reach out to us today.

Promotional Products Through the Years

If you are a business owner, you are probably always in search of a way to increase market share and grow the business. Each new customer contributes to building your brand. Promotions and promotional items have always been a way companies have done this in America. Here is a look at how promotions, promotional items, and loyalty programs have evolved.

Tobacco Sports Cards

Many of us associate baseball cards with Topps Bubble Gum, but collectible cards actually reach further back when they were included with tobacco products.

Box Tops

The competitive cereal industry gave birth to the new concept of collecting box tops for rewards. The practice has evolved from collecting box tops for fun items for kids to collecting points to support school systems.

Cracker Jacks

One of the first products to include a physical item, generally a small toy, in its products was Cracker Jack. Cracker Jacks are a caramel popcorn and peanut confection that are a part of Americana.

Saving Stamps

For many years, S&H Green Stamps and Top Value Stamps were given out at stores based upon the amount of the purchase made. These stamps were moistened and collected in books that, when filled, could be redeemed for a variety of prizes. The more you purchased and saved, the better the prize you could receive.

Airline Miles

Today, more and more credit cards are offering reward points and airline miles to encourage their use. If you can pay off balances monthly, they are actually a great way to get a bit more for your dollar.

You don’t have to be a large business to use promotional items and incentives to build your business. You can reward customers for referrals and gift loyal customers with promotional items like pens, shirts, or visors.

When was the last time you had a business insurance review? We can help. Connect with us to discuss your business and your risks. We can provide a no-obligation quote that will help you protect your business. Reach out to us today.