PHONE : 1-888-242-4675 | E-MAIL : Info@insureyourcompany.com
Business Type :
Login
Best In-Class Business Insurance for Technology Firms & IT Consultants
Hiring employees is a welcomed relief for a weakening staff or a stressful undertaking full of risk and expense. Choosing the right person without spending too much valuable time in the screening process is a balancing act of chance and skill for many business owners.
Making the wrong choice can mean wasted time and money training and paying an individual that ends up quitting or doesn’t make it through their probationary period.
Consider the following five issues when selecting a new member to your team.
You’re the boss and no one knows your business or your existing team as well as you do. Someone who doesn’t mesh with his or her co-workers can throw off the balance and flow and result in more than one employee leaving, an interruption in service, or decrease in production.
We’re often encouraged to give people a chance, to reserve judgment and avoid negativity. That is true in interpersonal relationships, but this is your business and you have to make judgment calls about the people you present to the public as your agents.
Hopefully in this economy, you have a stack of applications. Go through them initially, scanning quickly. Any details that give you a bad feeling, set that candidate to the side. Now really examine those that remain.
What does that mean? Let’s say you have a perfect candidate, but their salary is a bit out of your budget. You have five more satisfactory candidates that will take what you’re offering. Choosing the more expensive employee might actually save you money in the long run.
Will they require less training? Will they work harder and inspire the rest of the team to do the same? Might you end up giving them a raise sooner than the other candidates, which makes the money a moot issue? Most importantly, this person is a good fit. Unless you are as sure about the others, letting the one go is an expensive roll of the dice.
Think about the pride and determination it takes to blindly insist on what you are worth and stick to it. That person will use that same character to represent your product/service and fight for your company.
Alleviate the stress of taking on a new employee by being brutally honest in their interview. Explain how important their paid time is, about being on task and being motivated to fill empty time.
This accomplishes two things. First, you will feel better about establishing expectations and getting on the same page. Secondly, if anything you describe or just your serious demeanor is intimidating, a lesser applicant will do you both a favor and decline the position.
Let them know what a worst-case-scenario day would be like. You’re not trying to scare them, but you do want to know that they won’t scare easily.
So often when we have a lot of reservations about something, our subconscious is sending a clear warning. Are you hesitant about a new hire because you really can’t afford it? Are there other ways you could reorganize your current staff or the business itself that would decrease costs or increase profits without a new employee?
Perhaps your anxiety is truly about the hiring process itself. Consider using a staffing agency. They exist solely to hire individuals and find the perfect fit for your needs. You are still the boss, but the time-consuming tasks of human resources are off of your plate.
Many small businesses are so busy acquiring new customers, they often forget to focus on the ones they already have. But if you don’t know how to retain your most profitable customers, it can actually hurt your company’s revenue in the future.
Not sure where to start? Below are several strategies you can use to identify and strengthen your relationship with your company’s most profitable customers now and in the future.
Examine your company’s sales data and customer relationship management (CRM) tools to look for patterns. Do Baby Boomers make the largest orders? Are your Millennial or Generation Y customers more likely to refer others or share your social media posts? Who already loyally returns to your business time and time again?
After you have identified which customers bring in the most money or value, try to learn as much as you can about their demographics and pain points. What do they value most? What are their spending habits? What products or services are they most likely to buy? The more you learn about them, the easier it will be for you to give them exceptional service.
Your churn rate refers to the number of customers who decided to stop buying from you after one or more purchases. Improving your customer retention strategy can reduce churn and lower expenses, since it costs more money to gain new customers.
Here are some techniques you can implement to improve customer loyalty and retention.
Unfortunately, some companies become complacent after they have worked with a customer for a long time. It is very important that you don’t take your most profitable customers for granted. Look for ways to delight them and make them smile. For example, you can send them a free gift or surprise them with a discount on their next purchase.
Your customers will appreciate it if you continually find ways to demonstrate how much your company values them. Just one amazing customer service experience where you go above and beyond can make a customer become a loyal fan and spread the word to others.
Customers are smart. They know when your company’s customer service agents are reading from a script or trying to rush them off the phone. Give your customer service team permission to get to know the customers when they call in or email. They will notice that your company is making a genuine effort to engage with them.
Nothing is more frustrating than not being to ask questions or resolve issues with a company when you need them. You can prevent this by making it easy for customers to contact you and your customer service team.
Place your phone number at the top of your website, in your email signature, and other highly visible places that customers can see. Even better, add a short contact form or live chat system to your website. Customers will feel more at ease if they know they can reach you if there are potential issues.
Lastly, never stop looking for ways to show them how your company provides value.
What are some issues your most profitable customers are currently facing? Is there anything you can do to make it easier for them? They will appreciate the consideration and the effort you put in to help them.
When they believe you have their best interests at heart, it will be easier to retain them as long-term customers.
Professional production is an important metric to gauge in any type of business. While it’s important to measure profit and growth, it is also important to measure how well employees perform—or not. After all, without employees, profit and growth are not only impossible, but irrelevant.
Business owners and managers are in charge of not only their own performance, but of their employees’ performance as well. In this day and age, during times in which technological innovations complete a lot of business operations, a shift in focus has occurred between technological performance and employee performance. At some companies, improving employee performance has fallen by the wayside all together; as long as technology completes required business operations, employee production is inconsequential.
But for those companies that know the importance and necessity of professional employee production, they know that an employee’s improvement and growth is essential for continued organizational success. It is the business owner and management team’s responsibility to ensure that improvement and growth take place.
So what are some tips to improve employee performance? The following ideas are ways in which leaders can help their employees grow and improve so the company continues to succeed.
If leaders do not communicate clear goals and expectations to their teams, employees will not know what to do. It is important that the goals and expectations business owners and managers have for their employees are not necessarily easy, but achievable. It is important for you to reveal what excellence looks like.
Business owners and managers should encourage open communication between everyone on their team. Leaders need to listen to their employees so as to address their questions and concerns effectively and without criticism.
Employees feel motivated to do well when they commend the leaders they work for, appreciate the products and services they offer, and respect the company for which they work.
Business owners and managers should encourage their employees to find their personal and professional place within the culture of the company they work for.
Employees watch their leaders to see if their “walk” matches their “talk.” It’s important that leaders do what they say they will do, as it will establish the trust they have with their employees. Employees also watch each other so as to determine if their actions reflect what they say; this establishes trust as well.
It is important that business owners and managers use the resources they have at their disposal to encourage engagement among team members. This could include team-building activities, group outings, or even friendly competition within the office. By fostering engagement, employees will feel valued and part of the big picture.
Engaged employees are more apt to share their innovative ideas than employees who feel isolated and/or unimportant.
The professional website Meliorate had this to say about a strong team environment: “Strong employee engagement is dependent on how well employees get along, interact with each other and participate in a team environment…Non-work activities that foster relationships increase employee engagement.”
Employees do not only need to hear feedback about what they need to improve on, but about what they do well, too. This will not only encourage them, but motivate them to continue to persevere, grow, change, and improve. This will boost employee morale.
Meliorate also had this to say about how managers can support their employees’ work and growth: “How many of you have responded to a subordinate’s idea as brilliant or even good? Success begets success. You can support employee growth by providing education and learning opportunities, cross training, coaching, and any other interactions that support employees’ personal development.”
By implementing these 10 tips to improve employee performance, small business owners and managers will inevitably watch their employees improve and grow, which will undoubtedly aid in their company’s ongoing success.
Health insurance is confusing for many people, especially if you are a small business owner trying to navigate the ever-changing waters of employee benefits. If you don’t take the time to understand the changes that will affect small business insurance in 2017, it can lead to misunderstandings later on.
One of the most notable changes is the change in filing deadlines. The Affordable Care Act (ACA) is giving employers a longer amount of time to distribute forms to employees and submit their paperwork to the Internal Revenue Service (IRS) for the 2016 tax year.
Here is a preview of the new health insurance laws for next year so you can stay compliant.
Business owners must file multiple forms to comply with state and federal regulations. You should be prepared to act quickly in 2017 so you do not miss any important deadlines.
Companies with 51 or more full or full-time-equivalent employees must offer health insurance to 95% of their workforce every month.
If you happen to fall below the Affordable Care Act’s threshold, you could be liable and face strict penalties for every month you did not comply with the law. The IRS could contact your company and ask to see information about your employees and health care benefits.
Many small businesses are feeling the pressure due to more stipulations and stricter deadlines for health care paperwork. However, there are several things you can do to make sure you are following the latest regulations and avoid expensive penalties.
If your company is large enough, hire a dedicated person to monitor your overall health care compliance. They can also create a system of checks and balances to record each employee’s health benefits and provide proof that you offered employees coverage.
Regardless if you choose to hire someone, outsource it to a company, or want to manage Affordable Care Act compliance yourself, your company should have an efficient process in place that will allow you to file the necessary documents on time. You should examine your health care benefits and payroll data every month to make sure you have 95 or 70% of your employees enrolled in a suitable health care plan in 2017.
You also should have documented proof that your company is contributing at least the minimum amount as required by law so you will meet the shared responsibility requirements before the end of the year.
Cash flow is critical for every business, especially if you run a small to mid-sized one. That’s why it is important to understand how to manage your small business’s cash flow. You have to keep a close eye on what others owe you (accounts receivables) and what you owe your suppliers or vendors (accounts payable).
Below are six tips you can use to take control of your small business cash flow in the coming year.
Imagine you have one large client on whom the majority of your profits rely. What would you do if they went bankrupt or couldn’t pay their bills? Are you counting on a business deal to go through to float the business?
Regardless of how profitable your company is, cash reserves can act as a buffer against potential shortfalls. Place your money in an interest-bearing account so you can reap the benefits of your savings in the future.
It takes financial discipline to manage cash flow. As a business owner, it is your job to know how much the company is earning and spending. Create a monthly budget with a detailed list of estimated expenses and try to follow it.
Keep a close eye on how much the company spends on salaries, utilities, equipment, and other materials. Look for ways to cut back on expenses whenever possible.
If you haven’t opened your business yet, sit down and calculate what your break-even point would be. This will help you understand how many products or services you will have to sell to make the business profitable. It can also act as a model for future cash flow projections.
TIP: Download our free small business plan worksheet to help organize this information.
Another way you can improve your company’s cash flow is to pay close attention to your accounts receivables. If you forget to collect payment from customers with outstanding balances, it can have a negative impact on your bottom line.
Assign an employee the task of contacting customers who are behind in payment if you have a large amount due. You can also offer customers extra incentives to pay their entire bill up front in the beginning. Or you can create a system that allows you to bill clients immediately when they receive your goods. Try to avoid giving them the option to pay in net-30 or 60 days if possible.
You can also renegotiate your accounts payable. Call your suppliers or vendors and try to work out a deal. If you currently have a net-30 payment term, ask if it can be changed to net-60. They may agree to extend your payment terms.
Whatever payment terms you agree to, try to avoid missing a payment so your company won’t have to pay unnecessary late fees.
Next, try to get better deals. You can save money by purchasing office equipment secondhand. Go to Craigslist and look for advertisements that offer free office furniture and supplies. You can also contact companies that have “going out of business” signs on their window and ask if they would be willing to give you a discount on their items.
Look for better deals on your company’s business insurance and other expenses. The more creative you are with looking for secondhand supplies and materials, the better.
TIP: Our business insurance experts can help assess your business insurance needs and provide an affordable, customized quote.
A qualified accountant can examine your cash flow and give helpful tax advice. They can also analyze your financial data and generate useful reports that can give you a closer look at the financial health of your company.
Contact us today for more information. We would be happy to speak with you during a consultation and learn more about your business needs. We can help you get the right insurance coverage for your company and save money along the way.
Every day, millions of people around the world plug into a virtual workspace and sit down at their personal hub of information: the computer. Yet how many people think of computer security on a daily basis? And how many actually do something about it?
Today, November 30th, is National Computer Security Day. In honor of this day, we hope the information below will inspire you to enact some safer computer practices and be informed of the ways that cyber liability insurance can help your business keep its peace of mind.
Computer Security Day began back in 1988 at the beginning of the rise of computers. This was back before computers became household items and were mostly used in business and the government.
In the late 80s, the Internet was in its infancy. Although you may think it was safe back then, there were still hackers. The more advanced the Internet and computers became, the more information was stored to servers, which gave rise to security breaches and the ability for hackers to obtain valuable information.
It’s more important than ever before to secure your business information and computer equipment. Here are some quick tips to help you make the most of Computer Security Day.
Some of these may seem like simple tasks, but they could end up saving you and your company a lot of money and a lot of hassle.
Cyber liability insurance is a policy a business can take to protect themselves from liability situations arising from the accumulation and distribution of data and other forms of electronic liability.
For example, if a data breach were to occur, a cyber liability policy can cover the expenses related to investigation, notifying the involved parties, legal costs, and fines. It can also cover intellectual property rights infringement and network security liability.
If your company collects data about clients in the process of conducting business with them, you are always at risk that your computer systems and data will be vulnerable to a cyber attack or hacker. The resulting damage from that information getting out (social security numbers, credit card information, and personal information) can be devastating to your clients and result in lawsuits brought against your company.
Cyber liability insurance can alleviate the financial burden of handling the fallout from an unfortunate cyber attack, data breach, or failure of your network security.
Computer Security Day is something we can all learn from. Take one tip from above and practice it over the following months. Maybe your goal is to have stronger passwords, or perhaps you want to remember to log off your shared work computer at night.
Whatever it may be, take the time out to be aware of the many dangers there are with using computers. Also, keep in mind that cyber liability insurance can protect you in times of need, so another way to celebrate is to speak with one of our knowledgeable agents today!
The due date for filing 2016 Forms 1095-B and 1095-C has been extended by 30 days according to Notice 2016-70, issued by the Department of the Treasury and Internal Revenue Service on November 18.
This extends the deadline for furnishing these forms from January 31, 2017 to March 2, 2017, but does not apply to the corresponding forms. Those due dates remain February 28, 2017 for forms not filed electronically and March 31, 2017 for forms filed electronically.
For employers who have shown they have made good faith efforts to report on or provide individuals with necessary information as required under sections 6055 and 6056, Notice 2016-70 also extends the “good faith effort” transition relief. The standard applies to the initial furnishing of statements to individuals, as well as filing for inaccurate or incomplete information reported on the return or statement with the IRS. This includes incorrect taxpayer identification numbers and dates of birth, among other information.
In order to determine good faith, the IRS will determine whether the employer or coverage provider has suitably made an effort to prepare the necessary information and provide it to individuals. Additionally, the IRS will determine if the employer or coverage provider is taking steps to ensure that it will be able to comply with 2017 reporting requirements, which are due in early 2018.
If you would like more information or have questions or concerns, please contact Gauri Gupta at gauri@insureyourcompany.com or (732) 832-7997 x2008.
Oftentimes, I receive emails from clients that they’ve had surgery, a procedure, or a diagnostic test, and then months later, a bill comes in the mail.
Naturally, the first thing they ask me is, “Why did I get this bill?”
Although you have insurance, it isn’t enough to ensure that you will not receive a bill in the mail. I recently underwent a total hip replacement surgery. The type of surgery was a common posterial procedure, which required a three-day hospital stay followed by 10 in-home physical therapy sessions over a two week period. After the in-home sessions, I had a post-operative visit with my doctor where he then gave me a prescription for outpatient physical therapy.
Prior to my surgery, I made calls to my carrier to know what my financial responsibility would be before I went to the hospital. I did not want to have any surprises when I returned home. While recovering, I wanted to focus on getting back on my feet without worrying about hospital bills that would make my pain more painful.
With insurance comes the responsibility to understand how it works and what your share of the cost might be. The ID card we all receive can be a big help.
First, it should always be presented at the time of surgery or any doctor or diagnostic visit to ensure the claims go to the correct carrier. There is a customer service number on the card so you can call customer service to ask any questions about your current plan, cost, and coverages.
Many times, I find clients get their information from the doctor’s office. Although doctors are knowledgeable, they cannot give you an accurate account of charges and your financial responsibility.
I wanted to get my information directly from the insurance carrier. Hence, I called and I called and I called again to check and double check the information. The first question I asked was if the surgery would be covered and if there would be any out of pocket expenses.
These are some of the particulars I asked to see what my costs would be:
Even after many calls to my insurance company, a few days after returning home, I still received a letter from the hospital saying my insurance would only cover a three-day stay, so I would have to pay for the other two.
Don’t panic if you get a bill. Call the insurance company. I was there only three days. I called my insurance carrier, explained my situation, and they told me I had nothing to worry about. It was an error.
A part of having insurance is the responsibility to do your research and ask questions before a surgery/procedure or diagnostic testing. The other part is to look at your Explanation of Benefits as they arrive. Many people never look at the EOBs, but they will give you the billing breakdown and tell you if there is any patient responsibility.
It has been two months since my surgery and luckily, all is well and there were no financial surprises!
Your employees work hard every day and for long hours. Have you considered what this does to their health?
There are many success stories out there about employee wellness programs, but perhaps you’ve held off on starting your own out of concern for time and cost. Or maybe the biggest worry is that your employees will rebel against the plan and do the opposite of what you suggest, even if it’s for their own good.
For employee wellness programs to work successfully, you need to bring unique incentives for keeping your employees healthy. Workers may not want to cooperate without having a compelling goal to strive for—or without consequences if they don’t.
While you’ll find some companies that impose penalties for not participating in individual EWPs, how you structure yours matters in genuine participation. Sometimes it requires stronger incentives to get them involved. The goal, after all, is to keep the experience positive overall.
If you’re not sure where to start with your employee wellness program, it’s smart to go by the model of what other companies do. Places like Google, Facebook, and HubSpot have great wellness programs you can learn from to keep employees motivated toward staying healthy.
Most employee wellness program analysts say you should only do health risk assessments with workers rather than pay for full checkups. By asking employees to fill out a questionnaire about their habits, you can tell a lot about their potential health problems.
Be sure to ask how physically active they are and whether they’re often subjected to stress. Some of this is perhaps obvious in your workplace if you know your employees well. Still, you want a clear understanding of their biggest health risks.
You can still work up a good health plan based on these criteria. It’s a better way over putting in the expense of full medical examinations, which many employees may refuse to do.
Some still debate about whether long-term incentives really work well in getting employees motivated. Financial incentives sometimes work, though they can also lead to internal problems in the workplace. In many cases, workers want to gain more out of improving their health than money.
What’s more important is bringing a staff camaraderie that promotes a culture of health. When everyone can work together toward a goal, you get more group motivation in cultivating improved lifestyles.
If you’ve already managed to get everyone on board in your company toward working on a project goal, wellness programs work much the same way.
Above all, you reduce absenteeism in the workplace, something you should note in your wellness program. Many of your employees may already suffer the consequences of having to work for those who constantly call in sick. Keeping everyone as healthy as possible ultimately increases productivity and puts less pressure on fill-ins.
Some of the best-known companies in the world put together health programs to ensure each employee stays physically fit and eats well.
Google, for instance, has on-site fitness centers so employees can work out during off hours. They even offer cafes and micro-kitchens that serve healthy food all day.
Facebook has had a strong health program in place for a number of years as well. Their push is to get employees healthy and keep them that way beyond the context of their jobs.
When Boston Magazine wrote a profile on HubSpot a couple of years ago, the latter gave more details about their own health initiatives. They managed to not only bring exercise and nutritious eating to their workplaces, they even added nap rooms. This brought attention to how important sleep is to better health.
Here are a few fun ideas you may want to try that go beyond what the big guys are doing:
Of course, there are additional things that you can do as the employer to supplement these programs, including offering group health insurance. When employees have reliable health insurance, they’ll be more likely to keep up with their own health concerns, which can help avoid serious medical issues down the line that might put them out of commission. Plus, knowing that their employer is concerned for their overall well-being can provide a huge boost in morale and help retain (and recruit) valuable talent over time.
On May 19, 2016, the Obama administration, along with the Department of Labor, finalized details regarding the new overtime pay reform bill. This reform has been in the making since 2014 when President Obama signed an executive order requiring the Department to overhaul current overtime pay laws.
This new rule will be active and enforceable as of December 1, 2016. Once this rule takes effect, a projected 4.2 million additional American workers will be eligible for overtime.
To understand how this may affect your small business, it’s worth exploring the history of our country’s labor and overtime laws, as well as what changes this reform with bring.
During the height of the Great Depression, employers treated their workers poorly, thus ushering in the passage of the Fair Labor and Standards Act (FLSA) of 1938 that:
Providing the impetus for the FLSA was the desire to prevent employees from being exploited. However, due to business flexibility necessities, the FLSA created exempt and non-exempt status for certain employees.
Salaried administrative, professional, and executive employees—along with many technology and outside sales employees—are exempt from overtime requirements, largely due to their already quite high salaries. Thus, whereas these exempt employees are not entitled to overtime pay, they must meet certain criteria regarding their responsibilities and wages.
Conversely, non-exempt employees are covered by FLSA and must be paid at least minimum wage and receive overtime pay at the rate of one-and-a-half times their regular pay for working over 40 hours in any given week.
Whereas FLSA overtime rules protected nearly 62 percent of full-time employees in 1975, this number dwindled to a measly eight percent over the years. The largest offenders were employers who reclassified some employees as “managers” and “supervisors” in lower paying retail and fast food jobs. These employees regularly worked over 40 hours per week without receiving additional pay.
First, the wage threshold will be officially set at $47,476. This means that any salaried, hourly, lower-wage, and non-managerial employee who earns less than this amount must receive one-and-a-half times his/her regular wage for any hours in excess of 40, worked in one week. Before this rule went into effect, the threshold amount was only $23,360 per year. This reform will affect nearly 4.2 million American workers who will qualify for overtime.
Every three years, this wage threshold will undergo adjustment to maintain the US’s effective coverage rate at 40 percent. Preliminary projections suggest the threshold will increase to $51,000 at its first adjustment on January 1, 2020. Reasons for this adjustment are to ensure ongoing attention regarding inflation and to prevent another significant gap between reforms.
Finally, employers’ use of commissions and non-discretionary bonuses may comprise only up to ten percent of an employee’s salary level.
As mentioned, this reform will increase the percentage of employees affected by overtime laws from eight percent to 40 percent, thus requiring all businesses to pay their employees based on their overtime hours. This additional cost is estimated at roughly $2,400 per year per employee.
A recent USA Today article lists compliance options for small businesses. Among them are:
Experts assert that ensuring quality employees are kept, that morale is high, and that the business can handle the extra costs are the three most important factors to consider.
Critics, such as Dan Bosch of the National Federation of Independent Business, argue that this new mandate is just one in a long line of many which disproportionately affect small businesses that include:
For more information, or to discuss how this new mandate may affect your business, please contact us.
Adipisicing elit, sed do eiusmod tempor ncidi quia conseq uuntur magni dolores eos qurti uptatem sequi nesciunt.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute iruLorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod
InsureYourCompany.com has been treating clients like family for over 15 years. You’ll never have to talk to an automated phone system—we have business insurance experts ready to provide personalized customer service, not only helping you with your insurance and employee benefits needs, but showing you how to be a smarter business owner.
If you are in the IT industry InsureYourCompany.com is the insurance agent you want to work with, we are technology insurance experts and have changed the way you do business. See below a list of professionals who we help today.
Lorem ipsum, or lipsum as it is sometimes known, is dummy text used in laying out print, graphic or web designs. The passage is attributed to an unknown typesetter in the 15th century who is thought to have scrambled parts of Cicero's De Finibus Bonorum et Malorum for use in a type specimen book. It usually begins with:
We believe in supporting our clients through every step of the insurance process. From choosing the right coverage to filing a claim, we are here to offer guidance and support. Request a free quote today and get coverage that meets your unique needs.
