Archives: 2018

In today’s 24/7 world, companies depend on remote workers, diverse markets, and global interactions.

Many of us find ourselves frequently teaming with different people, coordinating and collaborating across geographic, disciplinary, linguistic, sectoral, and societal boundaries.

Consider that a typical hospitalized patient is seen by some 60 different providers over the course of a stay. These professionals may come from different specialties, different backgrounds, and different areas of expertise. They may not even know one another, but they work as a team to provide appropriate, timely patient care.

Members of such fluid teams may not have fixed roles or even fixed deliverables. They often come together to deal with urgent, complex, unpredictable issues.

They may be individuals from different professions, different organizations, even different nations, who find themselves working together in the face of a natural disaster, a health emergency, a complicated rescue, a refugee crisis, or some other situation. Despite language barriers, cultural differences, professional egos, and myriad physical challenges, these pseudo teams often produce remarkable results.

So, what does successful teaming require? What’s the secret sauce? Researchers point to “true grit” characteristics such as dedication, perseverance, and goal orientation.

Of course, leadership is important, too, but here there is a caveat. Experts note that teaming leaders must exhibit extraordinary situational humility and a willingness to defer to others. They must develop a mind-set of inclusivity rather than competition. Solutions and ideas can come from anywhere, so leaders must be curious, humble, willing to listen, willing to take risks, and open to trying different approaches.

Before launching a small business, it is important to develop a sound business plan laying out how you will structure, operate, and grow your business. You’ll need it to convince people to invest in and work for your company, as well as to keep the firm on track as you grow. Here are some winning tips to develop this plan:

A simple, one-page business plan should include a vision statement, a mission statement, objectives and goals, basic operational strategies, a proposed budget, a preliminary marketing plan, and a simple action plan.

Be realistic about how much capital you’ll need to fund your business and determine where/how you will acquire it. Draft a preliminary budget and open a business bank account.

Decide on a business structure. The legal structure you choose for your business will impact your business registration requirements, your tax liability, and your personal liability. Register your business, obtain federal and state tax IDs, and apply for necessary licenses and permits to make your business legally compliant.

Do some market research on trends and competitors in your sector. Both brick-and-mortar and online businesses need a website, an SEO strategy, and a marketing plan.

If yours is a service-based business, get involved with the local chamber of commerce or small-business chapter and take advantage of opportunities to present your business to the community. Make presentations, speak at local events, or provide distributable marketing materials. Network with potential customers and capitalize on every opportunity to turn your idea into a successful business.

To ensure your coverage adequately matches your current risks, remain in close communication with your insurance provider. Your agent can make recommendations for appropriate changes to your policies. Consult with your agent if you experience any of the following situations that often warrant an adjustment in insurance coverage:

Staff changes: Are you hiring additional staff? Have you transitioned from part-time staff to full-time employees? Are your workers taking on new duties? As you bring on new employees or expand work tasks, it’s important to update your insurance policies to reflect these changes. Appropriate coverage is necessary to protect you and your business if workplace injuries should occur.

New address: Have you outgrown your location? Relocating to a new setting to accommodate your expanding business involves a lot of work. In the midst of moving, don’t forget to update your insurance. The new building may have a different risk profile that alters the coverage you need.

New features such as security systems may also affect your premiums. Before you choose a new location, discuss the insurance ramifications with your agent so you can budget appropriately.

Equipment upgrades: The equipment your business uses directly affects your insurance premium. If you purchase new equipment to meet growing needs or update old equipment to modernize your business, you must also update your insurance policy.

Expanded services: Are you offering new services or new items? This can affect your liability. Review your current list of goods and services with your insurance agent to verify that you still have appropriate coverage. Add further liability coverage if needed to protect your business from new or additional risk.

Increased revenue: If your business is growing, you are likely experiencing an increase in revenue. While this is good news, it can affect your insurance needs. Keep an eye on policy limits to make sure they remain in alignment with your revenue streams. As you grow, you will probably need to increase coverage limits. Consult with your agent to determine when this bump in coverage should occur.

Specialized growth: Consider any unique needs of your business based on your industry and the types of products and services you offer. As you expand these specialties, you may need to alter your insurance coverage with more specific policies.

For example, if you have grown from a mom-and-pop paper-invoicing shop to a fully digital enterprise, you may want to consider adding cyber insurance.

Vehicle additions: Whether you add a company car for your own use or expand your fleet of delivery vehicles, it’s essential to update your commercial vehicle insurance coverage.

The policy details will depend on the type of vehicles you purchase, how they are used, and who will be driving them. Work with your insurance agent to create policies that are suited to your growing needs.

Determine your deductible: If you can safely manage a higher deductible, you can lower your premium. Work with your insurance provider to determine what deductible amount makes sense for your needs. Set this figure as high as possible to keep your premium low.

Decrease tenant coverage: Are you insuring your tenant’s possessions? You don’t have to. To reduce your premium, exclude tenants from your policy and require them to obtain their own coverage for their belongings.

Ditch the land: Find out if your policy covers your building only or both the land and the structure. Since you typically won’t need to insure the land, you may be able to cut costs by altering your policy so it covers only the building.

Dig for discounts: Have you looked into all the discounts that might be available to you? Continuous coverage and multiple policies with your carrier often come with discounts. Additionally, if your property has protective features, such as a sprinkler system, a security system, or updated utilities, you may be eligible for discounts.

Consult with your insurance agent to determine whether there are other ways you can reduce your costs. An annual review of your policy is good practice to ensure your coverage meets your current needs.

Wireless networks are notoriously insecure, and many small businesses inadvertently leave their Wi-Fi systems vulnerable to cyberattack. Often, these entrepreneurs don’t realize just how easily hackers can access data that is transmitted wirelessly.

Fortunately, business owners can take some simple precautions to strengthen the security of their wireless networks. These extra efforts are well worth the added security they provide.

Defaults: Always change the default credentials on devices such as Wi-Fi routers, switches, ports, and access points. These default credentials enable users to log in initially and configure their network, but it’s important to customize these once you set up your network.

Ports: A hacker or internal intruder can easily access sensitive business data by plugging in to an Ethernet port. To prevent this, make sure that all network peripherals are safely stored in a locked cabinet or closet.

Firewalls: Ensure that firewalls are running on all your computers and other network devices.

Guests: If you have enabled a guest Wi-Fi, make sure it is isolated from the rest of your network. If your servers are linked to your Wi-Fi, an intruder logged on to your Wi-Fi can easily hack your data.

Monitoring: Regularly monitor network peripherals such as routers and other network components for suspicious activity.

Updates: Keep all hardware and network firmware updated.

Tiers: High-level encryption standards and an extended authorization protocol can add further layers of security.

Securing your Wi-Fi network is essential business hygiene. Whether you’re a solopreneur or a small-business owner, these simple steps can keep your confidential information from being exploited.

One second, you’re working. The next, you’re fighting panic over the deluge that just hit your keyboard. A single tumbled cup can bring disaster to your day. How can you recover? If liquid gets into your laptop, take the following steps.

Immediately turn the device off by holding the power button down for five seconds. Then disconnect the power cord and remove the battery to prevent it from shorting out.

Now that you’re safe from shock, unplug the mouse, cables, flash drives, et cetera. Open and remove anything that can be easily disengaged, such as the RAM and the hard drive or SSD.

Next, blot the spilled liquid with a soft, lint-free cloth. Apply light pressure. Do not rub, scrub, or wipe, as that will just distribute the liquid.

Then open the laptop as wide as possible, turn it upside down, and gently tilt it from side to side and from front to back, allowing the liquid to escape from all sides. Do not shake the laptop.

Once the excess liquid is gone, use a can of compressed air or a hair dryer at the coolest setting to remove any remaining moisture. Be sure to keep the blow dryer or compressed air moving.

Leave the device upside down for a few hours, and use this time to blot up any liquid that may have seeped into the keyboard or other accessories. If the liquid was something sticky, such as soda, send the laptop to a professional for a thorough cleaning. If the spill was water, once the laptop has dried thoroughly, you should be able to reattach the peripherals and start it up.

Your choice of response can take the situation in entirely different directions. Simple slips and falls can result in clear-cut claims or costly lawsuits. With the proper plan in place, you can achieve the former and avoid the latter.

If one of your employees suffers an injury, take the following initial steps to move the situation in the right direction.

1. Prepare: This step should already be completed before any injury occurs. It’s essential to have a plan in place for workplace injuries.

Your plan should be a written document that is posted for all employees to follow. Provide training to ensure everyone knows what protocols to follow in the case of an accident.

2. Examine: Assess the injury immediately. What type of injury is it? How serious is it? If you have any staff members trained in first aid, involve them in this initial examination.

For severe injuries, enlist the help of emergency medical professionals. For non-emergencies, speak with your employee about what medical care he or she may need in the immediate future, and decide on next steps.

3. Document: The incident should be well-documented. Remember that workplace injury plan you developed? You should have the proper forms readily available, and complete them right away.

Submit these to the appropriate parties, such as your insurance provider. Ensure proper forms are also provided for the employee’s doctor. The physician may need return-to-work authorization forms or temporary work restriction forms. This makes the process go more smoothly and keeps you, the employee, the insurance carrier, and the doctor on the same page.

4. Treat: Make sure your employee gets the medical attention he or she needs. An immediate visit to a clinic or an occupational health doctor will help establish the nature and extent of the injuries.

A delay can result in unnecessary complications, both physically and financially. Because of this, it can be helpful to establish an ongoing relationship with a specific medical facility or physician to handle any and all workplace injuries at your business.

The medical provider can have all your standard forms on file and remain familiar with your incident protocols. This relationship can help streamline the process for both you and the injured employee.

5. Follow up: Let the employee know you care about his or her welfare. Follow up to find out how the doctor visit went. Ask how your employee is feeling. Remove your boss hat for a moment and simply offer person-to-person concern.

Then, replace that employer cap and work with your employee to develop a return-to-work plan. Find out what else, if anything, the person needs from you to facilitate a full recovery.

Workplace injuries are never welcome, but following these crucial steps can make them less disastrous and keep the experience as positive as possible for all parties involved.

Your insurance agent can provide additional assistance with this process. With in-depth knowledge of workers’ compensation claims, your agent is an invaluable resource you should not hesitate to tap in these situations.

Most people think of fender benders, major accidents, and natural disasters. There’s another category that many vehicle owners overlook: wildlife.

Did you know animals can cause serious damage to your car? This goes beyond a deer jumping in front of your vehicle on a country road. Other, smaller creatures can wreak havoc on your car, even while it’s parked. Squirrels, rats, mice, and even woodchucks have been known to nest in cars and chew wires or cause other damage.

To prevent these pests from wrecking your ride, use the following tips.

Hide it: One of the most effective ways to protect your car from wildlife is to park it in a garage. Keep in mind that rodents can squeeze through the tiniest openings, so it’s important to make sure the garage is well-sealed.

Clean it: If you make a drive-through run, don’t keep that burger wrapper in your car afterward. Keep your interior free of all food and garbage to avoid any enticing aromas or leftover crumbs that could attract pests.

Treat it: Products are available to treat your wires, making them less desirable to wildlife. Bad-tasting sprays and treated tapes are possible deterrents. These may prove helpful if you are unable to park your car indoors.

Drive it: Wildlife are most likely to infest cars that remain immobile for long periods of time. To keep critters at bay, drive your vehicle regularly.

Fewer people may be sending handwritten notes these days, but thank-you cards still haven’t gone out of style. At least they shouldn’t, according to etiquette experts.

While it can be confusing trying to figure out the “proper” way to communicate in various situations, there are some agreed-upon guidelines for how to send your thanks. For example, gifts received at parties generally warrant a handwritten thank-you note. Think birthday parties (for both children and adults), bridal or baby showers, and anniversaries. Another rule of thumb: if you received a gift in the mail or a gift that wasn’t opened in front of the giver, your best bet is to send a written note. The same goes if you’ve received something that has been made specifically for you. Lastly, if you’ve been treated to a kindness or gift during a difficult time, like an illness, death, or hospitalization, then you should absolutely express your gratitude with a handwritten note.

For gifts given during the holidays or “just because,” a verbal thank-you is perfectly fine, especially as you most likely opened the presents in front of the giver.

But is it ever okay to send just an email? Of course! Thank-you emails are perfectly acceptable in work situations and when you don’t have a person’s physical address. They’re also more than enough if you want to thank someone for a small kindness, like a neighbor picking up your newspaper.

At the end of the day, though, what matters most is that we all remain generous with our gratitude. Being thankful will never go out of style.

While research indicates that visits to art galleries cause pleasure, many people find the idea of stepping into a gallery or art museum intimidating. Art can seem elitist and is often perceived as an activity one must be specially trained in before enjoying it.

Many museum staff and art experts dispute this notion, though. The goal is to appreciate art, not just revere it. The key to doing that is to make art personal.

First, this means understanding your limits. You cannot analyze every work of art in a gallery or a museum in one visit. Give yourself permission to walk past some pieces without looking back.

Second, pay attention to your emotional reactions. When you stop and look at a work, notice how it makes you feel.

Do you like the piece? Do you feel an urge to completely destroy it? Does it remind you of someone or someplace?

Recognize your feelings and then inspect the art to find clues for why it causes the reaction it does. This approach to art appreciation levels the playing field. Not everyone has an art degree, but everyone has feelings.

Third, make your time with art social. Travel to museums and galleries with others. Ask your companions how they’re responding to the art. They’ll likely notice things you missed. Create photo challenges and games that will help you explore and learn without intimidating you.

Then prepare to come again. You never look at anything the same way twice.

If you’re not familiar with this process, it can feel overwhelming. Fortunately, your insurance agent will partner with you to walk you through the necessary steps. The following tips can also help clarify what to expect and what is considered “normal” for this process.

More than one check is normal. As you work through the claims process, you can typically expect to receive more than one check. Often, homeowners receive an initial sum that is an advance for repairs, but it does not represent the final settlement amount. You can still receive additional funds as expenses are documented and claimed. A separate check is also common for personal belongings, since insurance companies often cut checks for each category of damage. If you incur additional living expenses, such as hotel stays, you may receive yet another check for reimbursement of these claims.

Making direct payments is normal. In some cases, your insurance company may pay contractors directly for the work they complete on your property. However, use caution with this process, since it gives you less control of your claim. Make sure the work is done to your satisfaction before your insurer pays the contractor.

Mortgage company involvement is normal. Lenders often require borrowers to name them in their homeowner’s policy. If you have a mortgage on your property, the lender will likely be involved in the claims process. Checks for repairs may be made out to both you and your lender.

This lets lenders ensure the needed repairs are made on a property in which they have a vested interest. The same may be true if you are part of a homeowners’ association.

Many more questions are normal. Most homeowners have questions as they go through the claims process. Don’t hesitate to contact your agent with any inquiries. Your agent’s expertise is invaluable in helping your claim go as smoothly and as quickly as possible.

Green Endorsements: Business owners may be able to add a green endorsement to their commercial property insurance. Options include Green Materials and Equipment endorsements and Green Construction and Related Costs endorsements. The first covers the additional cost if you decide to rebuild with environmentally friendly equipment that is more expensive than your original property. The second covers the cost of green certification, design, and engineering.

Green Coverage: Other customizable options may be available to further your green efforts. For example, you may need longer business interruption coverage to allow time for green rebuilding. You may also need expanded policies to cover new environmental features that would extend beyond standard coverage.

Green Savings: Your green initiatives may result in savings on your insurance premiums. Does your business use hybrid vehicles? You may be eligible for a discount on your commercial vehicle policy. Have your green construction methods made your building more stable and disaster-resistant? You may be able to save on your property insurance. Contact your insurance agent for more details.

If you own or run a small business, you may be tempted to hire a friend or family member – either because you actually need the help or because the person needs a job.

While there are advantages to having a buddy on your staff, there are also challenges. For starters, friends and family may assume privileges or try to take advantage of their relationship with you. They may intentionally or inadvertently undermine your authority or blur the boundary between personal and professional realms.

Additionally, monetary discussions with friends and family members can be extremely awkward, and performance reviews are often difficult. And even if you try to avoid showing favoritism, other employees may perceive nepotism.

Of course, there are exceptions, and some family businesses thrive. But before hiring a friend or family member into your business, be sure you are hiring for the right reasons.

Additionally, be sure the person’s skill set, experience, and work ethic fit the position. Always set performance expectations in advance and be frank and up front about salary and bonuses. Lastly, go into the situation prepared to hold the person to professional standards.

Ultimately, you should always hire the person who is best for the job. If that is a friend or family member, be aware that the time may come when you have to make a decision that they won’t like, and this may result in a damaged relationship that lasts a lifetime.

Fueled by technology, business is changing more rapidly than ever before. Entrepreneurs should be aware of key trends and predictions that will affect small businesses for the rest of this year and into 2019.

Cybersecurity: Small businesses have become prime targets for ransomware and attacks on mobile banking and card transactions. As cashless payments continue to grow, mobile wallets like Apple Pay, Samsung Pay, and Google Pay are seeing greater adoption, as are various app, browser, and person-to-person payment platforms.

Marketing: More and more, consumers are seeking customized content and offerings. Advances in technology, such as individualized email messaging, allow small business to provide the personalization their customers desire.

Social: Social media advertising has become more competitive and more expensive. SMEs can benefit by using apps to link single posts to multiple sites. This will streamline their postings to reduce time spent on social media marketing. Partnering with micro-influencers – those with under 100K followers – has also proven beneficial for SMEs.

Gen Z: This generation is beginning to make its presence known in the consumer and workforce spaces. Gen Zers are independent and tech-savvy. Personalization is key to attracting the attention of this cohort.

Finance: The economy is doing well, but uncertainty around tariffs and the threat of a trade war loom large. Also, look for interest rates to tick up.

The workplace: More and more employers are turning to mobile workforces and freelancers for noncore tasks. A large number of SMEs allow employees to work remotely. This strategy can reduce payroll costs and increase the employee pool to include nonlocal talent. For in-house employees, SMEs are offering wellness programs (both physical and mental) and bolstering anti-harassment policies.

Putting strategies in place that address these key business trends will help you stay on top of your game and ahead of your competitors, in 2018 and beyond.

What is cyber insurance?
This type of insurance is designed to cover a company’s liability if data breaches occur that release sensitive information such as customers’ Social Security numbers, health records, or credit card numbers.

Doesn’t liability insurance cover these situations?
Cyber coverage is often excluded in a general liability insurance policy. The general policy typically covers property damage and bodily injuries resulting from a company’s operations or services. This does not encompass the issues that arise with cybercrimes.

What does cyber insurance cover?
Policies vary and may be customizable to suit each company’s needs. Typical coverages include:

Legal fees: Even a small data breach can generate significant legal expenses. From lawsuits filed against the company to those the company needs to file, cyber insurance covers the many expenses involved.

Notifications: If a data breach occurs, the business must notify its customers. This could take the form of snail mailings, phone calls, emails, or other forms of communication. Cyber insurance covers the expenses incurred with these notifications.

Restoration: A cybercrime might result in one affected customer or thousands. The company affected might be responsible for restoring personal identities for each of these customers. The cyber insurance policy will ensure coverage for the cost of customer restoration.

Recovery: Data that has been compromised needs to be recovered. Whether the attack was via ransomware, stolen files, or viruses, the company under attack must expend resources to get the affected data back under its control.

Repairs: Cyberattacks often damage computer systems. Cyber insurance offers coverage for the cost to make these repairs.

Who needs cyber insurance?
Almost every modern business relies on cyberspace for some aspect of its operations. If you’re not sure whether you need cyber insurance, ask yourself the following questions about your company. Do your employees rely on computers to complete their work? Does your company manage or store personal customer data? Do you use cloud services? Could your company financially survive a cyberattack?

The answers to these questions will clarify whether or not your business is in need of cyber coverage.

How can I prevent cybercrime?
Of course, the optimal scenario for any business owner is to never fall victim to cybercrime. Business owners can take steps to prevent these offenses. First, put proper security measures in place. Protect computers with appropriate security software. Second, educate employees. Make them aware of common scams that result in data breaches. Train them on proper security protocols. Lastly, keep a close watch on your systems. Track security logs and analyze systems for suspicious activity. Watch account balances carefully. Take immediate action if something seems off track.

How much cyber insurance do I need?
This depends on your business size, operational costs, and risk level. Consult with your insurance carrier to determine the right coverage for your needs.

Pointless, endless meetings are the bane of the workweek. But meetings don’t have to be a boring waste of time. Use the following tips to make your meetings more productive.

Start with proper preparation. Before calling a meeting, have a clear purpose, a well-defined agenda, and specified outcomes that you want to achieve. Limit the scope of the meeting to two or three topics or objectives.

Make sure everyone has all the information they need prior to the meeting, and set an expectation that attendees will have read, reviewed, or prepared necessary materials in advance.

Schedule the meeting for no longer than it needs to be, and don’t feel compelled to use all the time allotted.

Bring the right people together. Make sure those who need to be in attendance are present. If certain details concern only a subset of the group, hold those discussions in another meeting.

Begin on time and be disciplined about maintaining focus. Take it upon yourself to set appropriate amounts of time for each topic and to keep the discussion on track. If necessary, use phrases such as “We need to move on,” or “We’ll address that at a later time,” to steer people back on topic.

Make sure everyone leaves the meeting with a clear sense of what was accomplished or decided and what needs follow-up.

Finally, consider holding stand-up meetings. These meetings tend to be shorter because people are less likely to pontificate when they can’t sit down.

Passwords may be annoying, but they are key to protecting personal information and private documents. In a business context, passwords guard financial data, intellectual property, trade secrets, customer lists, and more.

Passwords are cheaper and more convenient than other forms of authentication, but they can be cracked in a number of ways. User devices may be compromised with malware or a keylogger. Passwords can be ascertained using a word list or dictionary program that breaks the password by brute force. They can be deduced through sniffers, which look at raw data transmitted across the net and decipher its contents.

Knowing that passwords are vulnerable to cracking, it’s important to practice good password hygiene. Use these best practices for your own passwords, and instruct employees to do the same:

Don’t use common words, proper nouns, words with numbers tacked on, foreign words, or words that are written backwards. Password-cracking programs are adept at processing letter and number combinations until a match is found.

A password should not include anything related to your name, nickname, name of a family member, favorite team, or pet. It should not contain any recognizable numbers like phone numbers or addresses.

Increasing the number of characters in a password significantly enhances security. Each additional character multiplies the possible combinations, making the password far more difficult to break.

Choose passwords that are not easily guessable. Think in terms of passphrases rather than passwords. Choose a phrase that is easy to recollect, then convert some of the letters into other characters (e.g., substitute the number “3” for the letter “e”).

Avoid using the same password on multiple accounts, and never disclose a password to others unless they are authorized to have it.

The good news: you can stop fraudulent activity before it results in financial or reputational harm to your business. Use the following strategies to protect your company from fraud:

Trust…with accountability – Many small businesses involve personal relationships. Employees may be close friends whom the business owner trusts implicitly. While trust is good, trust accompanied by accountability is better. Put policies and controls in place that demonstrate trust but don’t allow room for temptation.

Spotlight on the bottom line – Keep a close eye on your accounts. Complete regular account reconciliations, examine documentation, and perform reviews of financial information. Watch your bottom line to detect skimming or other suspicious financial activity right away.

Consistent fraud controls – Too often, small businesses skip fraud-control measures due to the investment they require. Whether time or money, the effort is not considered worth the return. The truth is, companies with fraud safeguards in place report fewer losses and detect fraud more quickly than do those that fail to enact these policies. The most effective anti-fraud controls include business fraud training, employee support programs, employee codes of conduct, internal and external audits, countersignature controls, management review of financial statements, fraud hotlines, and formal fraud risk assessments.

Red flag alert – While hindsight is 20/20, most businesses can look back and realize several red flags were looming before fraudulent activities came to light. In most cases, clear warning signs are present. Business owners simply have to watch for them. Keep in mind that most business fraud turns out to be an inside job. In most of these cases, the employee is a first-time offender. This means you can’t rely solely on background checks and established reputation to prevent fraud. Watch for the following employee red flags that can lead to fraudulent activity:

Personal financial difficulties, living beyond their means, family issues, recent divorce, control issues, and an attitude of “wheeling and dealing.”

Of course, these situations don’t always lead to fraud. They simply create scenarios that make fraud more tempting. Struggling employees are more likely to rationalize their fraudulent behavior. They consider their theft a “loan” they will repay when they get back on their feet, or they tell themselves they are underpaid and deserve the “bonus.” If their actions go unnoticed, they become bolder, and their fraud becomes more frequent or greater in scope. This is why it is important to notice red flags early on and keep fraud controls consistently in place.

Insurance coverage – Even the best strategies cannot guarantee a business will never suffer from fraud. That’s why insurance coverage is important. To further protect your company from potential damages, speak with your agent about commercial crime insurance.