| Choosing Just the Right Coverage for Your Business |
| Insurance coverage is rarely an exact science for many people. They have an idea about how much is too much and how little is too little, but few know what is just right. Depending on the size of your business, you might need varying levels of coverage.
Home-Based Businesses
Small Business A small business, that is, one that has less than $5 million in revenue and employs fewer than 100 people, probably qualifies for a BOP, a business owner’s policy that combines several policies. These policies include liability protection, property insurance and business interruption insurance. These can be customized depending on your business’s needs. Medium to Large Businesses Medium and large businesses have different needs than home-based businesses and small businesses. You may be able to combine property and liability coverage, but you may also need additional coverage for equipment or multiple locations. We can review the specifics of your business to customize a policy that is just right for your company’s needs. Large businesses often have risk management staff to assess risks and develop plans to minimize them. We can help with this task, too. Whatever size business you have, we can help customize your coverage to ensure your company has the right protection. |
| Longevity Secrets from Hundred-Year-Old Businesses |
| Coming up in March is the anniversary of the invention of Coca-Cola in 1886. Over 100 years later, the thriving multinational has not only generated billions of dollars of revenue but also shaped pop culture in the process thanks to its constant innovation. It and other companies like it have a lot to teach us about longevity in business.
Let’s begin with the oldest American company on our list. Founded in 1837, P&G offers a diverse range of consumer goods. They’ve weathered many a storm thanks to investing in the research and development of market-disrupting innovations designed to make consumers’ lives easier. On June 16, 2021, IBM will turn the grand old age of 104, and that’s likely due to its flair for reinvention. When it faced an $8 billion loss due to slow adaptation in the fast-growing personal computer market, management shifted its focus to helping businesses maximize their technology use. It generated an annual turnover of $77 billion in 2019. In contrast, the 111-year-old American manufacturing company Crayola is an example of a company that’s stayed in the same business but figured out how to keep evolving. Over the years, it’s branched out into other kids’ products but has always focused on improving its core product. Crayola crayons now boast a range of colors and are even washable. Across the Atlantic, the British know a thing or two about keeping businesses thriving over the centuries. Established in 1797, cheesemonger Paxton & Whitfield was once a favorite haunt of Winston Churchill. Now it’s staying close to customers and suppliers and responding to both their needs, and it was even one of the first cheese companies to have a website. |
