Cut Healthcare Costs without Cutting Benefits
According to PwC’s Health Research Institute, medical costs in the U.S. will increase 6.5 percent in 2016. Benefit plan changes, such as narrower provider rangers and higher deductibles, will reduce the increase to 4.5 percent, though many consumers and the companies that employ them will continue to struggle to afford healthcare services. What can you do to continue to provide the health insurance coverage your workers need without devastating your budget? The answer is to do what you can to control healthcare costs. Consider the following strategies to help you do so without drastically...
Read MoreSmall Business Lawsuit Trends
In 2008, U.S. small businesses paid $105.4 billion in tort liability costs according to the U.S. Chamber Institute for Legal Reform. It’s a number we can assume has continued to grow, with more than 100 million lawsuits filed in our nation’s courts every year. From loss of customers and blemished reputations to devastating financial hardship and bankruptcy, they can cause lasting damage. Fortunately, understanding recent lawsuit trends may help you protect your small business. Lawsuits by Employees Employees may file lawsuits when they feel their employer—or a potential employer—has...
Read MoreKeeping Your Marketing Emails Out of the SPAM Folder
Do you use email to advertise your business? If so, those messages are subject to rules established under the CAN-SPAM Act. Signed into law by President George W. Bush in 2003, it applies to all commercial email messages that advertise or otherwise promote a commercial product or service. Should the Federal Trade Commission (FTC) find you in violation of the CAN-SPAM law, your business could face a penalty of up to $16,000 per email sent. However, the FTC isn’t the only one looking at the emails you send. Many email and internet service providers (ISP) use SPAM filters to keep unwanted...
Read MorePros and Cons of Employee Feedback Surveys
Every business owner knows it’s important to give his or her employees feedback regularly. In fact, doing so can reduce turnover rates, increase engagement, improve productivity and motivate workers to do a better job. However, not all employers recognize the importance of soliciting feedback from their employees, even though the benefits of doing so are much the same. Employee feedback surveys are probably the simplest way to get the lowdown on what your workers see as the good, bad and ugly aspects of their jobs and your workplace. But before you sit down and put one together, consider...
Read MoreDo You Need Employment Practices Liability Insurance?
Also known as EPLI, employment practices liability insurance is designed to protect small businesses in the event an employee files a lawsuit claiming harassment, discrimination or another such wrongdoing. It’s a worthwhile investment; employment practice lawsuit settlements can cost businesses millions of dollars. Even cases that are unsuccessful result in expensive legal defense fees—and, more often than not, damage to your company’s reputation. As such, an EPLI policy should be part of every small business risk-management strategy. Employment Practice Liability Insurance Basics An EPLI...
Read MoreEmail Marketing Basics: Cleaning Up Your Mailing List For Success
Despite the rise of social media, email is still the marketing mainstay of many businesses—and the numbers show us why. According to the Radicati Group, a technology market research firm, worldwide email accounts will increase 27 percent between 2014 and 2018, from 4.1 billion to more than 5.2 billion. Additionally, the number of worldwide email users—both business and consumer—will increase 12 percent during the same period. Whatever your industry, chances are excellent that most of your customers are on email and willing to subscribe to communications from your company. Of course, any...
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