Small Business Insurance Misconceptions
Do you believe everything you hear about insurance when talking to fellow business owners? If so, you’ve probably been privy to—and maybe even regard as true—a few small business insurance misconceptions. Consider the following common mistaken beliefs to avoid. Insurance companies never pay on claims. While a common belief—everyone’s friend of a friend allegedly knows someone whose insurance company failed to pay up—it’s patently untrue. Your small business insurance policy is a contract. If that contract specifies certain types of damages caused by certain types of situations are covered,...
Read MoreYour Business Insurance Policy Isn’t Flood Insurance
Many small business owners are under the mistaken impression that their business insurance policies will cover them for damages arising from floods. This is not correct. Just like residential flood insurance, commercial flood coverage must be purchased separately, in a dedicated policy. The consequences of getting hit by a flood without owning commercial flood insurance are frequently devastating: 40 percent of small businesses hit by a flood never reopen their doors. The results are financially catastrophic to owners and sometimes to employees as well, who find themselves unemployed just as...
Read MoreMaximize Your Employee Retention — Know Your Top Performers
As the economy improves and labor markets begin to pick up the pace of hiring, workers around the world are beginning to seek out new job opportunities. According to research conducted by HayGroup, a global management-consulting firm, worldwide employee turnover will reach 23.4 percent by 2018. The firm predicts more than 161 million employees are already preparing to leave their employers. As any business owner knows, replacing employees comes with significant costs. In fact, a meta-analysis of studies conducted by the Center for American Progress found the median cost of turnover is equal...
Read MoreData Breach Insurance — What You Need to Know
At one time or another you have likely received an email informing you that you will need to change your password for one of the websites you visit. The trigger for these advisories is often a data breach, a nightmare scenario in which a hacker gains access to consumer data, which could include personal information such as credit card numbers, social security numbers and addresses. Consumers are understandably upset when this occurs, and are often victimized once the hackers sell the information they have gathered to individuals who can run up their credit cards or otherwise wreak financial...
Read MoreIBM Survey Busts Millennial Workplace Myths
As a small business owner, you’ve probably spent hours reading about the changing face of America’s workforce as Baby Boomers retire and Generation Y—or the Millennials, born between 1980 and 1993—take their place. Most reports would lead you to believe that managing a multigenerational workplace is difficult, and that Millennials—with their penchant for technology and drive to advance their careers—are likely to start a perhaps unwanted revolution. But a recent survey conducted by IBM has something else to say. The multigenerational study surveyed 1,784 employees in 12 countries and six...
Read More