Top 5 Insurance Concerns for Business Owners

Data breach/cybersecurity: As major corporations battle hackers and news of data breaches makes national headlines, business owners are increasingly concerned that their online transactions and sensitive information will be exposed.

Complaint or dispute: No matter the size of the business, there are often a myriad of agreements one must enter into. Sometimes, divergent points of view lead to a payout for one party or another that the business must cover.

Injury: Injuries abound in our everyday lives. From small to large, they can cause havoc in our personal lives. These concerns are only magnified when you’re responsible for what could happen to customers, employees, and others.

Property damage: Whether property damage results from natural causes (such as a flood, hurricane, or tornado) or a burst pipe, few businesses have the cash on hand to completely repair and replace their lost inventory and supplies and get back to normal without an insurance policy.

Auto concerns: Oftentimes, personal auto insurance will not cover business activities, so any time an employee gets behind the wheel of their own personal vehicle or a business-owned vehicle, an insurance policy should be in place to cover each possible situation.

Let us help you review your policies and determine what specific coverage is best for you. Give us a call or email us today.

Your store’s layout can influence a shopper’s attitude, demeanor, and comfort level and even stimulate purchase behavior. A well-designed and inviting environment will positively impact the way people react to stimuli and how long they feel inclined to remain in the store.

It goes without saying that customers want to experience a pleasant shopping environment that is easy to navigate and in which merchandise is displayed in an appealing manner. This starts with a window display that draws eyeballs and invites shoppers inside.

Once they enter, customers should find it easy to move through the store. Most people automatically turn right upon entering a store and then move in a counterclockwise direction. Knowing this, put high-margin products, new arrivals, and promotional displays on the right.

Place higher-margin items in high-traffic areas and high-demand items in less trafficked parts of your store. Place complementary items near each other and items that need frequent restocking near storerooms or cash registers. Position high-impact items at eye level or just below.

The amount of merchandise you have on display depends on the customer experience you’re trying to create. Having abundant product on the floor may increase sales, but crowded shelves can impact brand perception, especially if you’re a high-end retailer.

Change displays frequently, both to give customers reasons to come back often and to highlight new products and seasonal specials. Plus, interesting displays and eye-catching visuals induce customers to linger longer and potentially increase the size and value of their baskets.

March Madness brings 16 games a day of nonstop action, heart-pounding emotion, and buzzer-beating excitement.

And when you think about it, basketball is a lot like life in that it requires skill, practice, persistence, and drive.

The determination and ability to triumph on the hardwood is not unlike the grit and passion needed to succeed in business.

Here are some lessons for small business owners embedded in this season of sports drama.

Don’t dwell on past mistakes. Athletes are trained be full-on in the moment. In business, too, you have to think about the here and now while planning for what lies ahead. You will inevitably make mistakes. Learn from them, then let go and move on.

Don’t sweat the small stuff. Passion and drive are important, but succumbing to fear, pressure, or anxiety can consume you, causing your performance to suffer and your business to crash. A losing attitude can take you out of the game permanently.

Success on the field, on the court, and in business comes from confidence and trust. Trust yourself, and trust your team. Trust your experts. If you have people at your company who specialize in marketing or in finance, consider their opinions and trust their expertise.

Winning teams rely on teamwork and good coaching. In business, as in sports, there are times to be open to advice, feedback, and even criticism.

Whether the job is on the court, in the office, or on the shop floor, each team member has a role and a responsibility for the unit’s ultimate success.

Employee Safety Training

One significant cause of accidents is inadequate employee adherence to rules, regulations, and standard business and safety practices. Employee training can serve to ensure that beverages are handled carefully, spills are cleaned up quickly, and complaints or issues are promptly addressed so any potential issue does not become a true liability.

Robust Data Protection Assets

From online transactions to data-driven payment platforms, there is very little done without the use of customer data. Data is the lifeblood of every modern business. Hacking and data breaches have plagued even the largest corporations with information technology departments dedicated to this issue full-time. Ensuring your business has the most up-to-date hardware and software will help stop potential data breaches.

Cybersecurity Training

Even the best hardware and software cannot prevent cybercrimes from impacting a business if an employee makes a crucial mistake. Consistent and up-to-date cybersecurity training will help head off any attempts cybercriminals make to infiltrate your network. Teaching employees which emails are legitimate, how to avoid scam websites, and not to respond to unsolicited phone calls claiming to be from “customer support” will help mitigate the risk of falling victim to cybercrime.

Improve Security and Emergency Response Plans and Equipment

No business wants to suffer theft or accident, but there is a marked difference in results when businesses prepare before these events occur. Preventing theft or a worse crime begins by ensuring you have proper safeguards on doors and windows in addition to a monitoring alarm system. Becoming a business member of a Crime Watch or chipping in with others close by to have private security patrol the surrounding area may help reduce the risk of crime. In the case of emergencies, such as fire, proper sprinkler installation in addition to employee training can help reduce the damage incurred by your business, both to property and humans.

Review Your Coverage and Covered Employees

Sometimes accidents are inevitable, but one of the most costly mistakes an employer can make is not realizing a particular employee or category of employees is outside of their insurance coverage.

Business owners should regularly review their insurance policies to ensure that all relevant staff are covered, especially in high-turnover industries, so if an employee must take an action such as throwing out bad stock or breaking glass to provide ventilation in an emergency, it is not fatal to the business.

We can provide additional input and help you choose the right policies to keep your company properly protected.