Most small businesses begin with enormous effort and investment, and when you see growth begin to accelerate, it can be an exciting reward for that hard work. But if your small business is growing too fast, you may have to cope with challenges you hadn’t expected, or didn’t expect so soon.
The Dangers of Rapid Growth
Some of the common challenges small business owners face with rapid growth include:
- distinguishing between income and profit
- understanding your market
- hiring strategically
- planning for the long-term
Keeping Up Versus Getting Ahead
Starting a business means long hours, hard work, and attention to detail. In the beginning, many business owners know everything there is to know about every aspect of their business. But as your business continues to grow, that attention to detail may become counterproductive. It’s important to ask yourself whether your focus on immediate needs and urgent issues is hampering your ability to step back and see the big picture. Have you taken the time to revise and refine your long-term plan? This is particularly critical if your growth has been rapid.
Planning for the Future
No matter how quickly your business is expanding, it’s always wise to invest the time it takes to create a good plan, and hire the best people to carry it out. If you feel as if your small business is growing too fast, it may just be a matter of reframing your priorities and use of time to get back on track and enjoy your success.
There is nothing quite like a place at the beach. Long walks in the sand, the sound of crashing waves, the sight of the sun rising or setting over the water, all of these are common reasons why so many Americans dream of owning coastal property.
But don’t get caught up in the romance of the setting and overlook some basic insurance realities. Owning your dream house near the water comes with a unique set of coverage needs. Consider these three guidelines when choosing coastal insurance services:
Hurricanes happen. From Harvey and Maria to Florence and Michael, thousands of homes have been damaged or destroyed during the past two calendar years. If your house is located within three miles of the coast, your homeowner’s insurance likely will not cover claims from a hurricane without the addition of supplemental hurricane or windstorm coverage.
Flood insurance is a stand-alone policy. Even if your coastal insurance services include coverage for hurricane or wind storms, damage from a flood is not included. In addition, if you live in a designated flood zone, your mortgage provider will demand that you carry flood protection.
Rental Properties Require Specific Coverage. Many owners try to offset costs by renting their houses some portion of the year. Basic homeowner’s policies will not protect against losses and damages by renters. Be sure to notify your insurance provider of any rental activity.
Since cyber-attacks and breaches can come from so many different angles, it’s especially important to choose cyber insurance that offers the right type of coverage and poses limitations that work for your company.
What You Need to Consider Before Choosing Sublimits
Each insurance policy’s coverage amounts are dictated by the policy’s written limits and sublimits. This means that a sublimit insurance will put a cap on the maximum amount of money that can cover an individual risk. To choose the right limits and sublimits for your cyber insurance policy there are a few things to consider.
How much cyber exposure does your business have?
Which exposures need the most or least amount of coverage?
How much would it cost to cover each exposure if it would result in a loss?
In many cases, cyber attackers will choose as many different angles as possible to exploit the data they can retrieve. Keep this in mind when you are setting limits for your insurance.
Figuring in Exclusions for Cyber Insurance Policies
It can be a crucial part of cyber security to record all instances of updates and actions taken towards data protection for your insurance to cover losses. Types of exclusions that apply to cyber sublimit insurance include the following.
- Ongoing breaches (prior to the date specified on the insurance policy)
- Outdated Software (computers, software or servers not kept up to date)
- Unencrypted Data (all data that has not been encrypted or password sealed)
Employers in monopolistic states face unique challenges with regard to worker safety. Stop gap insurance coverage exists to help employers in these state cover claims that would, in other states, be covered by workers’ compensation policies.
What Are Monopolistic States?
North Dakota, Ohio, Washington, Wyoming are all monopolistic states for purposes of workers compensation. This means that an employee injured on the job as a result of some error, neglect, or omission by the employer may sue that employer for damages. This action will not be covered in those states by workers’ compensation insurance, even though it would be covered in other, non-monopolistic states.
What Are the Risks?
Under the conditions described above, an employer might face exposure if an employee can prove that equipment was poorly maintained, working conditions were unsafe, or an environment was unsafe. Given the enormous range of possibilities this can open up, an employer without coverage that includes such lawsuits could face significant losses.
Types of Claims
The two types of claims employers face, bodily injury or disease as a result of errors, omissions or neglect, can both be covered by the appropriate stop gap policy. The needs of each industry and individual business will vary, so it’s important to consult an insurance professional about the specific concerns you have for your company. Stop gap insurance coverage protects employers and their businesses when workers’ compensation programs will not.
Different clients often have very different insurance needs. A well-rounded company like Mavon Insurance can help you to protect every facet of your business.
What Does a Quality Insurance Company Look Like?
Today’s insurance market does not favor those with hard to cover risks. A good insurance provider will work to develop a relationship with you and have several options available to meet your needs. Several things to look for include:
- Multiple coverage options available, including cost and types of coverage
- Agents who are available to meet with you and get to know your business intimately
- A proven track record of meeting client needs with the experience to back it up
- Easy filing of, and timely turnaround on claims
How Does a Good Insurance Provider Help You?
Protecting your business, and its equipment and assets, allows you to focus on running and growing your company. Cost savings from having well-priced coverage can be reinvested allowing you to stay current and be progressive in your field. With many years of experience, a high-quality insurance company is able to be flexible and change as the industry does. This means that your coverage will be adjusted as your needs change and grow with your business.
With quality insurance coverage comes peace of mind, especially if your assets or business are in a typically hard to insure category. Mavon Insurance specializes in obtaining coverage for those who often struggle to obtain it.
Owning a business in Carmel can be complicated. No matter where you are, businesses include risks, so it’s important to start off right with the proper protection from liabilities. Doing so can save you future headaches and financial losses. However, there are numerous insurance types and policies that can make figuring out what’s best for you difficult. In order to find a program that is a safe bet for any Carmel company, getting a business owners policy in Carmel can do the job.
What’s Included in a Business Owners Policy?
Insurance policies often come with specific coverage for one type of liability, meaning that you’ll often need multiple types of insurance in order to be safe. In the case of business owners policies, they often come with a collection of insurance types that cover what the majority of companies are going to be faced with when it comes to risk. Some of these policies include:
- General Liability
- Equipment Breakdown
- Fire Legal Liability
- Premises Medical and Liability
- Crime Insurance
- Signage, Glass and Exterior Liability
- Business Interruption
Depending on where you go for a business owners policy in Carmel, some insurance companies may also be able to adjust the policy to more specifically fit your needs. This means you’ll get what’s most important for your safety covered while not also paying for unnecessary coverage.
When an employee is injured on the job, everyone involved, from employer to doctor, knows that worker wants nothing more than to get back to work as quickly as possible. Connecticut employees know that Connecticut workers comp policies are built to do just that.
That does not mean that there are not market challenges for insurance companies carrying workers compensation policies. Several states are reviewing their overall workers compensation system, just as insurers are rethinking how they underwrite this needed product in order to maintain its profitability. Regulators are also keeping a close eye on how product and policy changes affect the overall workforce.
Is Connecticut Next?
It may be only a matter of time before Connecticut workers comp reform becomes a reality. What that will mean for businesses, if it happens, is up in the air. There is a chance that reform, for any state chasing that idea, could save money for employers and reduce the chances of insurance fraud.
Whatever the result, the insurance industry should stay vigilant in its effort to provide the best coverage possible at affordable prices for both the employer client and the employee, including Connecticut workers comp. The industry will want to keep an eye on regulatory changes to assure that they are staying up-to-date and compliant.
Like other artisan contractors, electricians are exposed to a unique set of risks in the course of doing business. An all-encompassing plan of insurance is crucial to provide total protection from liability, damage and worker’s comp claims.
A careful perusal of available electrical contractors’ insurance services offers a wide range of choices. Here are a few insurance options your company should strongly consider:
- Worker’s compensation: Laws vary state-by-state, but in many states any company with at least one employee is expected to carry worker’s comp insurance to protect against illness or injury suffered while on the job.
- General Liability: A crucial coverage for electricians, general liability insurance protects the company against damages and injuries caused by defective work, as well as legal defense and settlement costs arising from lawsuits.
- Business Owners Policy: This policy extends coverage for damages to the company’s commercial real property as well as any machinery and equipment.
- Business Auto: Damages and liability claims for any vehicle used during business, including trucks and cargo vans, are covered by this policy.
The cost of various policies available through electrical contractors’ insurance services will vary depending on several factors. The scope of a business, number of employees and the value of real and personal commercial property are a few of the issues that help determine insurance premiums.
Maintaining insurance protection for personal and business needs has become more important in our litigious society. Finding a provider or agency who offers comprehensive coverage without breaking your budget can take work. If you are in the market for a Glen Rock Insurance Agency, keep these three tips in your mind as you do your research.
1. Look for Experience
Knowledge about the insurance industry and the exposures of your situation can make a huge difference in finding the right coverage. Look for a broker that has experience with your specific situation. Thirty years of experience is definitely a quality worth taking note of
2. Look for Affordability
Don’t get guilted into purchasing more coverage than you need. An agent who is working with you will also make every effort to work with your budget. There are many types of coverage policies, but your situation may not have the specific risks associated with secondary or add-on policies.
3. Look for Accessibility
Although it may seem that initial search for an agent is the most difficult part of acquiring insurance, claims processing may be the most frustrating. Look for a provider that offers exceptional communication and access to information and updates as you wait for resolution.
You can narrow down your search for a Glen Rock Insurance Agency by keeping these tips in mind.
In order to run a business, you need to have business insurance. To open your own business is to open yourself up to risks. Why wouldn’t you want protection? Accidents happen, so do lawsuits and you have to be ready for that. When shopping for Orlando business insurance coverage, here are three factors to consider.
Identify Your Risks
Know your risks before you shop around. The insurance companies will use your risks to quote you on your policy. Most of your payments are going to depend on the types of risks involved with running your business.
Insurance Policies Change
As your business changes, your policy can too. This is why you need to have your business assessed at least once a year to see if there needs to be any changes made to your Orlando business insurance coverage. Your broker or agent can help you figure out what changes may need to happen.
Find a Comprehensive Plan
Your business won’t have only one risk. There are several types of risk and liability insurance that you may have to consider. It’s important for you to take into account the kind of liabilities you might face so that you can find a comprehensive plan that covers all of it.
Shopping for insurance doesn’t have to be a pain, as long as you know what you’re looking for.