Business Advice: Why Small Businesses Need to Operate With Insurance

small business insurance and why business owners need it

Obviously, the goal for any small business owner is to save money. Unfortunately, many small business owners tend to cut corners when it comes to small business insurance. Operating your business without the proper small business insurance can cause more harm than good. Having business insurance saves you money, time, and stress. Here’s why:

 Your business is always at risk

It may not seem like it, but your small business is always at risk no matter what type of business you run. Here are three different examples:

  1. Example 1: If you run a small retail store and a customer walks in, there is potential for that customer to be injured on your property.
  2. Example 2: If you run a small screen printing business from home, your screen printing machine can abruptly break, causing you to have to shut down production.
  3. Example 3: If you operate out of an office owned by someone else, you may need insurance just to sign the lease.

Types of Small Business Insurance

There are various types of insurances that you can get for your business. Essentially, the type of insurance you get is going to depend on the type of business you run.

General Liability Insurance:

This insurance covers third-party lawsuits over property damage, bodily injuries, such as slip-and-fall accidents, and copyright infringement. Simply put, general liability insurance protects you from lawsuits and similar claims.

Workers Compensation:

Workers Compensation insurance simply helps pay for employees’ medical expenses when they are hurt on the job. Additionally, this protects you against lawsuits over workplace accidents, injuries, and illnesses.

Error and Omissions Insurance:

Error and Ommissions Insurance is a professional liability insurance that protects your company against claims made by clients stating that your work is inadequate or that you were negligent.

Small businesses need to ensure that they are making insurance a priority in their business. Operating without the proper insurance is risky and can lead to serious problems in the long-run. Essentially, having small business insurance will allow you to run your business confidently and effectively knowing that you are prepared for potential problems.

Grow Your Business: Tips for Creating a Strong Online Presence

Today’s society thrives on digital information. If you do not have a digital presence, you are non-existent to the general public. Having a strong online presence can increase your customer base and thus help you to grow your business. The first step toward creating an online presence is to plan.

Your plan should include a few key features to promote your business with a strong online presence. Elements that will boost the face of your business online include: content, design, usability, and value. Your online presence starts with your content and builds its way up from there. Think of each element as the fundamental building blocks that will propel your business toward positive growth and success.

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Grow Your Business: Old-Fashioned Marketing without Technology

old-fashioned marketing

As a child of the Internet age, you may be under the impression that marketing requires online know-how to create advertising websites, YouTube videos, and Instagram campaigns. You forget that small businesses were marketing long before computers appeared. The old-fashioned marketing strategies that worked in the past, work just as well today. Here are three of the easiest old-fashioned marketing strategies that take no technology and little to no money to help grow your business:

Specialty Clubs

The best way to meet plenty of potential customers as well as suppliers, employees, and business professionals is to attend meetings of like-minded individuals. You don’t have to confine your mingling to industry groups. Think of anybody who might use your products and services and the groups they might attend. For example, if you’re an accountant, present budgeting tips to a new mother’s club, set up statistics calculations for the high school baseball team, or volunteer to handle the taxes of a local charity. The goal is to show up often enough so when someone thinks accounting, your face is the first that comes to mind.

Give Away Useful Products

If your small business produces low-cost goods, then give away free samples at networking events. If your items are expensive, donate them as prizes at fundraisers and contests held by organizations. If your company is more about services, then customize small, useful items with your name and contact information. Examples include calendars, refrigerator magnets, pens, and key chains. Every time your recipient uses your gift, they will be reminded of you.

Sponsor a Sports Team

If your target customers are everyday consumers, then you can keep your name in their eye by sponsoring the teams that they or their children belong to. This may entail nothing more than paying a small fee to get an ad in their program to shelling out for uniforms and equipment. Ask if you can hang a banner that advertises your business at their games. Then, have a banner professionally created that displays your business name, phone number, Internet information, and main products.

Remember, running a business successfully does not need to be complicated.  Keep it simple!

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Physically Protect your Business Information

physically protect your business information

To maintain its competitive advantage, your business must keep all kinds of information confidential. This information includes customer credit card numbers, employee Social Security numbers, and vendor contracts. You can protect your data through complex security software. You can also use the following simple tips to physically protect your business information.

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5 Must-do Things to Grow Your Business

The question of how to grow a business has filled the mind of many a great entrepreneur. Luckily, many of them found the answer–though not without a few setbacks. Here we’ll share a few things that successful entrepreneurs we have worked with say they wished they had known sooner.

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Grow Your Business by Unleashing Your Creativity

unleashing your creativity

Creativity. The very word perks up the ears of experienced executives who know they need to think creatively and surround themselves with others that do the same. Today’s market often values innovation over experience and navigating the waters of running a successful business has always required a good foundation in creative thinking.

Unfortunately, many myths about unleashing your creativity are still commonly accepted as the truth. These myths cause people to limit themselves unnecessarily and their businesses ultimately suffer or fall short of their full potential because of it. What are these myths? Here are a few.

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How to Grow Your Business by Giving

It is not uncommon to find small businesses at the forefront of local charitable endeavors.  From breast cancer awareness, to feeding the hungry, to assisting returning vets, the opportunities to give back to the community are countless. Supporting charitable efforts in the community not only provide assistance to those in need, they also give right back to your business by getting your name out there.

A recent study revealed that nearly nine of ten small business owners donate time and money, either personally or through their businesses, to local charitable organizations. It can be difficult for an up and coming small business, which is short on time and money, to give back to the community. Here are six ideas that can help a small business have a positive effect on the community, without major cash outlays or time constraints:

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Grow Your Business: Stop Spending On What You Don’t Need!

There is little more disappointing than seeing a great business idea in the hands of an enthusiastic entrepreneur tank because of overspending. There are many things that would be great for your business if they were free, but spending money that does not translate into revenue can hurt your chances of success and instead drain your precious resources. Here are a few things that most small businesses that are gaining traction really don’t need and too many have:

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How to Grow Your Business by Looking to the Past

Small and medium-size businesses use a number of marketing tactics to increase business. Advertising, a presence on the web, and earned media are all tactics that you can use to establish your brand and grow your business.

While these tactics are part of an effective overall marketing campaign, one key source of new business is left out. Previous clients can be a rich source of new business, if they are approached in the right way.

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Five Things Business Owners Should Know About How to Grow Your Business

Many entrepreneurs begin their businesses without a mentor or a business degree. They break into business with passion and determination, but like all business owners, eventually they run into a growth stumbling block. Do you know how to grow your business even when others can’t? Here are five things that every entrepreneur should know about growing a business.

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Manny Skivoflax LinkedIn