Your Business is Your Life
Insuranceguru February 11, 2013
Your business is your life. “Life is 10% of what happens to you and 90% of how you react to it.” Having your business properly insured gives you confidence, security and access to do business. Insurance can help you react to life and the risks of being in business. Help prepare your business for success and make a comprehensive insurance package a part of your business plan. Being prepared will build a business that is reputable and reliable.
The face of every business is its employees. We recruit them, train them and hope they will stay for the long run. Providing an employee benefits package will make your business more appealing to work for. When you take the time to invest in a health plan rich with benefits you can gain an edge over your competitors, attracting the best and brightest employees to work for you. Showing that you invest in your employees will impact who you hire and how the business world looks at you.
Retaining your best employees is easy when you have a benefits program in place. If an employee is invested in a retirement plan along with a comprehensive health insurance plan they are more likely to stay with their current employer even if it may not be their ideal job. When employees have a service like health insurance available to them, they are more likely to participate in the prevention and wellness programs most plans provide. This encourages healthy habbits and discourages unhealthy ones like smoking or bad diet. With a healthy and happy work force the quality of work will increase and the attitude in the office will be positive and motivating. You may also find the health of your group can decrease the premium of health insurance.
In today’s society we throw lawsuits around like a box of cracker jacks. We need consumers but they are a risk so be prepared with liability insurance. If someone in your store slips, trips or falls liability insurance can shield you from out of court settlements, attorney expenses, judgments or settlements, medical expenses, and bonds if necessary. Business must also safeguard against things you may not have thought of like advertising injury, In the event your marketing violates someone’s copyright. The liability also extends to an alcohol related injury for example at your companies holiday party. Securing your company form lawsuit will give you the confidence you need to perform at your best.
Employment Practices Liability
Not only must you protect yourself against consumer lawsuit you must also protect against your employees and employment practices. With today’s laws and regulation on fair hiring, discrimination and sexual harassment something can slip through the cracks. By having employment practices liability you will have done your due diligence to protect yourself from lawsuit
Property and Casualty Insurance
While your employees are the face of your company the body is your office, warehouse, products and property. They are important parts of a business that also needs protection. With property and casualty insurance you can ensure that your equipment, machinery and inventory are safeguarded. A good agent will steer you towards a quality insurance company that require inspection and routine maintenance of you equipment and machinery. They will have a network of repairmen and inspectors that you can call to maintain your equipment for maximum efficiency.
Whether it is a federal regulation, state law, license requirement or contract, there will inevitably be and insurance requirement. Get the permission to do business by already having business insurance in place. A government agency can impose fines or even take away licenses that can shut your business down if you don’t have the required insurance. An insurance agent can help you prepare for such occurrences. If you are bidding for a new contract and your competitor is missing one of the contracts insurance requirements