Insurance Insights

Becoming a business owner takes quite a few steps, but there are some goals you should have when attempting to create a company that will grow and be successful in the future. Even in the early steps of development, it is crucial for those starting a company to invest in some sort of commercial insurance to keep their investments protected along the way.

QR codes, small boxes of data that require a mobile phone scanner to decode them, hit the marketplace with a ton of hype. The possibilities they represented for small and not-so-small businesses looking to build their brands and appeal to a savvy younger generation of shoppers had retailers around the world salivating while making plans. Unfortunately, it didn’t take long to discover a few very real security risks associated with using QR codes for business. There are risks to your small business as well as to the customers who keep you in business when using QR codes. These are the cream of the proverbial crop.

While small business owners likely have hopes of expanding their company and obtaining additional clients during the process, a new report says employees of small companies often see salary gains considerably quicker than medium-sized businesses. However, large companies still provide the best wages, but there are many other benefits to being a small business owner and being employed by one.

The business insurance premium has two basic components that help to determine what you as the small business owner will pay for insurance coverage for your business:

In conjunction with National Cyber Awareness Month in October 2012, The National Cyber Security Alliance released the findings of the 2012 Symantec National Small Business Study. The results show that small businesses have a long way to go when it comes to protecting themselves from the threat poor cyber security poses. Of the nearly 1,000 small business owners surveyed, a staggering 85 percent of them believed that small businesses were less of a target for cybercrimes than larger companies and corporations.

A recent ADP Research Institute Survey revealed that most U.S. employers are not being diligent in their efforts to curb absenteeism in the workplace. The U.S. Bureau of Labor Statistics credits unplanned absences in the workplace for 2.8 million lost work days each year. This lost productivity costs employers more than $74 billion dollars each year. According to the CDC (Center for Disease Control), losses in productivity related to personal health problems as well as the health of family members costs employers in the U.S. $1,685 per employee each year. Knowing how much absenteeism has the potential to cost businesses, it’s important to take active steps, such as these, to combat it.

Owning and operating an Internet-based business can be a rewarding career, and one that is highly profitable with the right business plan and marketing methods. However, while your business may be very successful, it also poses a variety of risks. Pursuant to the heightened security risks of having an Internet business, internet business insurance becomes an important part of your business plan to ensure the safety of your company data as well, as the private information of your customers and clients.

During a major storm or in extreme weather conditions, your business property is at risk from damage. The main source of damage to your building following extreme weather is trees that can come crashing down on your property, breaking through windows, and otherwise causing undue damage to the property and contents inside. The storm itself can’t be prevented, but when you know about the many risks of tree damage, you can take steps to protecting your business.

When the power goes out at your business, it can cause a panic due to sudden halt you will need to take on normal business operations. However, if you have a generator, you can supply your office with enough electricity to keep the lights on, phones running, and computers connected to the Internet. While this is beneficial during a blackout, you should also be aware of the dangers. Many of them can be protected by educating yourself on safety precautions.

Companies today are facing a new economic reality. Gone are the days when offering regular pay raises was enough to do the trick and keep employees engaged and attentive. Many small businesses simply can’t afford to do that. One thing that many businesses are discovering is that there are other ways to incentivize employees, beyond salary increases; they can use to recognize and reward the efforts of their employees.