To be successful as well as financially secure, companies need insurance protection. The policies needed, however, vary based on several factors, including by industry, business track record, and client requirements. While many company owners know about and purchase liability insurance, they may not know about other important types such as surety bonds. For many businesses, surety bond insurance coverage can help in several important ways.
Surety bonds can help businesses win contracts, especially if they are in the construction industry. Government entities at state and federal levels also usually require contractors to have surety bonds. This special type of coverage helps smaller companies competing for lucrative contracts show their value.
Earn Client Confidence
Surety bonds are legally binding contracts that ensure agreed-upon work will be completed. When businesses purchase this coverage, contractors are assured of that company’s trustworthiness.
Build a Work History
Just like young professionals starting out with the perennial question of how to get hired without experience, young businesses face the same dilemma. Surety bonds can help. Even new companies without a long history of jobs can more easily win prestigious contracts because clients are confident the contractual work will be done.
The right bonds help companies get contracts that propel them into the future. Surety bonds are valuable investments into companies’ long-term successes.
If your business relies on one or a few key people whose death or departure would greatly affect your ability to continue operations as usual, you probably need key staff coverage, even if you don’t know it. This form of life insurance is typically taken out for company founders, top tier decision-making executives, and other professionals whose day to day guidance steers the entire organization. While it’s easy to see how large companies could require these policies, they’re actually vital for small companies, especially those that are still founder-run.
Protect Your Business Finances From Disruption
The main goal of key staff insurance is to provide a financial buffer during the turbulence that comes in the wake of the loss of a vital member of your strategic team. When these professionals depart under normal circumstances, you have the chance to plan for it and to work with a transition team to bring in new talent that can fill the role. This isn’t so when someone unexpectedly passes away, and the sudden vacuum can devastate the daily processes that keep companies moving. Often, insurance is not only taken out for company leadership, but also for specialized positions where replacement staff could be difficult to find. For an evaluation of your company’s needs and likely key roles, talk to key staff insurance professionals today.
If you’ve been considering diversifying your heat and oil business to include propane delivery services, this can be a profitable move. However, there are also many things to keep in mind before jumping into this new endeavor.
Going into the propane industry will require a large financial investment. It could put a significant financial strain on the rest of your business. Many of the upfront costs that you will need to consider include bobtails, storage families and tanks for your consumers.
If your business is in a strong position financially, then this move can make a lot of sense. For businesses that are already struggling, it can make their situation worse.
Because propane is a hazardous chemical, your employees will have to go through additional training in safe housing and delivering propane. Some of the hazards include:
- Propane inhalation
- Direct skin contact
- Correct use of protective equipment
- Environmental disasters
These risks will necessitate the addition of propane dealers insurance to your commercial policy. If there is a mishap, you want to ensure your business is protected.
Propane can appear to be a lucrative business, and it can be if you have the resources to get a new business off the ground. Understand the risks and be cautious as you enter into the industry.
Cannabis is one of the most challenging sectors to the market. Cannabis companies have to come up with creative ways to let their potential customers know of their existence. One of those creative avenues that have shown good ROI is through sponsorships.
How Sponsorships Work
Promoting your business through cannabis sponsorships will increase your visibility. Many events work hard to find sponsors and are going to be eager to work with you. The event coordinator will ask you to choose a sponsorship level. Keep in mind, each level will offer your business more exposure.
Think about what type of exposure you would like to give your business. Consider having exposure in or on
- the backs of t-shirts
- banners around the event
- programs and media advertising
- announcements during the event
- goodie bags, including providing your own swag for event participants
Choosing a Market
Not all events are going to be a good fit for your business. You also don’t want to sponsor an event that is out of the market.
As a cannabis business, think about who your clients are, and where you see them spending their free time. It is at those types of events that you want to take your brand image to attract other people like them.
Being a part of an event can also be a rewarding experience as you get to meet new people who have a genuine interest in your business, and you get to give back to the community.
General liability is not legally required for non-commercial owners in the aviation business. However, the majority of accidents and crashes involve small aircraft and private owners. This often leaves passengers injured in a crash to pay for their own medical expenses afterward, a path that could lead to lawsuits. Why risk all of that when you can invest in general aviation insurance?
General Liability Insurance
General liability in the aviation industry can fall on the owners and pilots of aircrafts that get in a crash. General aviation liability insurance is designed to protect everyone involved, including the owners, pilots and passengers. It can cover property damage as well.
Most insurance companies provide plenty of options for aviation coverage depending on your needs and uses. Whether you have charter or corporate planes, helicopters or experimental aircraft, you can find a policy that covers yourself and your property. You can also get coverage for financial institutions. Specialized insurance is available that covers specific parts of the aircraft, family travel and medical expenses.
Most other insurances don’t cover anything aviation-related, so you will need to look into policies specifically for aircraft. Take out insurance before you fly to give you the peace of mind that you are covered in case an accident occurs.
If you’re like most business owners, you know that your company wouldn’t be what it is without your employees. However, telling your team that you appreciate them isn’t enough to foster good employee retention. The longer you can convince your employees to stay with the company, the better it is for your bottom line. The best way to do that is to offer a great benefits plan.
Why Benefits Plans Matter
When people look for jobs, they look for employers that will take care of them and help them thrive both in work and outside of the office. Offering benefits is a great way to show prospective employees that you value their efforts and want them to be invested in your company in the future. Those comprehensive employee benefit plans help your company stand out from others in the industry and may help you attract the top-tier talent you’re looking for.
What to Include in a Benefits Plan
Designing the perfect benefits plan for your employees largely depends on your budget and the size of your business. Ultimately, the more comprehensive you can make it, the more attractive it will be to your team. Whenever possible, try to include the following:
- Health coverage
- Dental coverage
- Vision coverage
- Retirement plan contributions
- Paid vacations
- Paid sick leave
The more you can offer employees, the more likely it is that they’ll stick around.
It’s a given that your business should carry general liability insurance. This will protect you and your business against claims of bodily injury or property damage that result from your business operations. In addition to general liability, here are some situations where other insurance may be needed.
You Engage in Operations With Another Business
When you hire a contractor to do work at your place of business, such as construction or repairs, when an accident occurs from the work they perform, your business could also be at risk. Carrying contingent liability insurance will protect you against any claims that result from injury or damage occurring as a result of another business associated with yours.
You Have Employees
If you have even one employee, your business should carry workers’ compensation insurance. No matter how safe or simple the work your employees perform, accidents can happen. The worker’s compensation will cover any medical treatment or payouts for disability.
You Manufacture Products for Consumer Purchase
You may think your product is safe, but you have no control over what consumers do with that product once it’s in their hands. Product liability insurance will protect you if your business finds itself named in a lawsuit due to damages incurred by a consumer.
Always talk to your insurance provider to make sure your business is covered in every conceivable way against liability.
Running a retail shop can be a great way all to provide goods to the community while earning profits. As an owner or manager of a retail store, the possibilities of how you design your store and what you sell can be virtually endless. Regardless of the type of retail store you run, it is important that the proper foundation is put in place to minimize anything that can threaten your profits and the way your store is perceived by existing and potential customers. Taking the time to first focus on important matters such as retail business liability coverage and other pressing issues can be a great starting point for those interested in setting up shop.
Trusting an expert in the industry such as Moody can make the startup process easier, quicker and more thorough. Because of the risks involved in running this type of business, it is wise to ensure that a plan is put in place to prevent these types of mishaps from happening. Some things to consider include the following:
- Workers compensation
- Liability for employee actions
- Accountability for products being sold
- Recovery from crime, natural disasters, cyber-attacks or equipment failure
- Miscellaneous business interruption
Providing exceptional customer service, selling the most sought-after products and growing profits can become attainable goals when you know that these types of incidents won’t easily undo your efforts thanks to the proper safeguards for your retail shop.
Every business has to provide their customers quality web-based information in order to meaningfully connect with them. This is especially true of insurance websites. Customers need to see at a glance the most important information and feel confident that it comes from a trustworthy, authoritative source. Providing clients and prospective clients with the online resources they want is simple though there are a few key points to keep in mind.
Focus on the Essentials
Customers visiting insurance websites are generally looking for three things:
- Information about policies offered
- Explanations of currently-held forms of coverage
- Contact information for their agent or a 24-hour response line
These three elements should be given priority on insurance websites.
Inviting Further Contact
An insurance agency should be easy to contact; many agencies are served by 24 hour contact services that help customers handle claims at any time of day or night. Some websites include live chat boxes to help customers access necessary services. Basic contact information should also be included; make sure that customers can easily locate the general phone number of the agency as well as the mailing or street address where physical letters can be sent. The email address and phone number of each agent should also be included.
Creating insurance websites that are informative and user friendly requires insight and expertise. Experienced marketing agencies can create a website with detailed information that is easy to understand and relevant to the concerns of your customers.