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Best In-Class Business Insurance for Technology Firms & IT Consultants
There are certain types of benefits that you have little choice but to offer your employees, such as worker’s compensation. Other benefits, however, are voluntary. Vision insurance, dental insurance, life insurance, and disability insurance are all chosen by the employer.
You can decide if you want to offer any or all of these coverages to your employees—and many businesses, especially small businesses, don’t.
On the other hand, offering voluntary employee benefits has several key advantages that are worth considering as your business and staff continue to grow.
If you want to attract and retain the best talent in your field, you have to offer them the benefits that go along with it. Employees aren’t just looking for a high salary. They want to know that they—and their families—are taken care of.
Offering a great benefits package can be the difference between a new employee who is eager to sign on with your company and one who will take another offer instead. Even new graduates have learned that a high salary isn’t everything. They want to know about the voluntary benefits offered by the company before they decide if they’re going to choose to work for you.
Employees are conscious of which benefits are offered because you are required to offer them and which ones are offered because you recognize that they are quality, valued members of your team.
When you offer a great benefits package, employees are more likely to give their all to your company, digging in and giving you their best efforts in exchange for the acknowledgment that they are important and looked after.
Imagine trying to work through a toothache or squinting at a monitor with the knowledge that your vision has deteriorated, but you can’t afford to go to the eye doctor yet.
Providing these key benefits makes it easier for your employees to make the appointments they need to stay healthy and functional, which makes them more effective workers throughout the course of their employment.
Healthy teeth and gums can help prevent a number of other health problems that could keep your employees out of the office long-term, including heart disease, diabetes, and a higher risk of preterm birth when women are pregnant.
Offering dental insurance helps encourage even the most reluctant patient to take their yearly trip to the dentist’s chair, which means that their dentist will help address these problems before they get started.
Sure, offering a high enough salary means that your employees often have the funds to cover insurance needs on their own. Some plans, however, are only available as group options through employers. Others may be difficult for employees to get on their own: an employee with a family history of a specific disease that occurs in their fifties, for example, might have a hard time getting a good life insurance policy with reasonable rates. Grouping them with the rest of the people in the office, however, will ensure that they can get the coverage they need.
Voluntary benefits might add some expense to your insurance payments, but they’re well worth that expense when they help make it possible for you to attract and retain the top talent in your industry, encourage your employees to feel like they’re a valued part of the team, and make it possible for employees to get the coverage they need no matter what life throws their way.
If you’re ready to put together a voluntary employee benefits package that will make you one of the most desired employers in your field, contact us today to learn more about what we can offer.
Did you know that 85% of business professionals state that they build stronger, more meaningful relationships during in-person meetings and conferences? Face-to-face networking opportunities offer incredible advantages for small business owners who desire real, long-term growth in their company.
You see, from building new, profitable partnerships to bolstering personal development, meeting influencers in your industry, and exposing your brand to different people, networking opens doors that only in-person events can create.
Getting involved in more networking is a solid business strategy that will accelerate your goals and position you for a successful future!
Here are three networking tips you can leverage to experience better growth for your small business.
Meeting new people every month keeps you in front of fresh potential customers that could turn into loyal fans of your business. They have the advantage of experiencing your amazing brand live and in living color, giving you the chance to create a lasting impression. This monthly commitment will do wonders for your interpersonal skills, giving you that slight edge above your competitors.
Therefore, search sites that keep you informed about networking events near you. Influencers and enthusiasts in your niche tend to promote related events, so be sure to follow them on their social networks. Finally, Eventbrite is another source that can keep you plugged in to meetings and conferences in the area.
Attempting to “work the room” by giving every attendee your business card does not work, nor does it separate you from everyone else who is doing the same. Your business card will land in the drawer where all the other stacks are, never to be looked at again. It’s key that your focus should be on relationship-building, not marketing your business.
When you do networking right, the opportunity will arise for you to talk about your business and what you do. And they will listen with open ears.
Here’s how to capture attention, build connections, and leave your event creating meaningful relationships that can last long after the meeting is over:
There’s one tactic that most entrepreneurs and small business owners fail to take advantage of when attending networking meetings and conferences. That’s building their content vault. Every live event offers the chance to create content for your blog, social media, and other digital marketing strategies to share fresh, valuable content with your audience.
Shooting videos and taking pictures, for example, is a great way to keep your followers connected with what you’re doing and where you’re going. Don’t miss out on capturing these priceless moments to grow your content.
The following are a few practical ways to leverage networking events for your online marketing:
Implementing these tips will bolster your networking chops and create new opportunities for business growth. Commit to incorporating all three in your networking strategy.
Employment practices liability insurance (EPLI) is a type of optional but highly recommended coverage that insures businesses against claims made by workers stating that their legal rights as employees have been violated.
It is important that small business owners are familiar with this type of insurance, given the fact that the number of lawsuits initiated by employees against their employers has been increasing over the past few years.
Although it is true that the majority of these lawsuits are filed against large corporations, small and medium-sized organizations are certainly not immune to this threat. A study from October 2015 of US-based small and medium-sized businesses found that those employers face about a 12% chance of having a lawsuit filed against them by an employee or former employee. What’s more, that figure can spike dramatically depending on the state in question.
As a response to the need to protect their customers, many insurers are now providing EPLI as an endorsement to their Business Owner Policy (BOP). Other insurers are taking the proactive step of offering EPLI as a standalone policy.
As a small business owner, it is incumbent on you to understand the various risks that accompany the hiring process. By taking a closer look at these different risks, it should become clear why protecting your company with an EPLI makes sound business sense as a method of employment practices risk management.
This type of conduct is defined by the Equal Employment Opportunity Commission as “unwelcome conduct that is based on race, color, religion, sex (including pregnancy), national origin, age (40 or older), disability or genetic information”. The line where this type of behavior violates the law is when either the employee feels that the conduct in question is required to be tolerated by them in order for them to keep their job, or the behavior is bad enough that an intimidating, hostile, or abusive work environment is created.
Obviously, a situation where harassment is involved and alleged is very subjective. Petty or minor annoyances and isolated incidents (depending on the severity, of course) do not rise to the level of illegality. However, if an employee decides to file a lawsuit against you—whatever the rationale may actually be—it’s up to you to defend yourself against the claims.
This is a second area that can be widely interpreted. If an employee feels that he or she has been treated unfairly because of their race, sex, age, disability, national origin or religion, you could very well find yourself on the receiving end of a discrimination lawsuit.
As is the case with harassment lawsuits, the onus will be on you, as the employer, to prove your innocence. As one could imagine, the cost to defend against one of these lawsuits is quite often prohibitive.
There will come a time as the owner or decision-maker in a small company where it will become necessary to let an employee go. In many instances, a fired employee could harbor ill will toward the action that was taken toward them, regardless of how deserving that action may have been.
In order to fit into the definition of a “wrongful termination”, the employee must have been terminated because of a violation of federal anti-discrimination laws (refer to the previous section) or a breach of contract. In addition, an employee who acted as a “whistleblower” is afforded legal protection in certain instances.
Employment practices liability insurance is exactly what the term sounds like: an insurance policy that protects your company against a lawsuit that is brought against you by a current or former employee. In addition to the three scenarios outlined above, EPLI also protects against retaliation, defamation, failure to promote, invasion of privacy, denial of a career advancement opportunity, and negligent performance evaluation.
EPLI policies are almost always written on a claims-made basis. An EPLI policy usually contains “shrinking limits” provisions; this means that any payments made by the insurance company toward defense costs—which are very often a significant part of a claim—reduce the policy’s limits.
The cost of an EPLI policy is dependent upon the size of your company. The more employees you have, the greater the risk and, consequently, the higher the premium. Small businesses with under 50 employees generally pay between $1,500-$3,000 per year for a policy. This amount of money pales in comparison to what your business could be liable for if a discrimination or harassment lawsuit goes to trial. In those occurrences, the median judgment is approximately $200,000 for employment lawsuits adjudicated by a court, while 25% of cases ended up with a judgment of $500,000 or more.
It should be abundantly clear to the prudent business owner: Taking out an EPLI policy is an absolute must in order to protect your organization against the possibility of prolonged, expensive lawsuits which could undermine and threaten the future and well-being of your enterprise.
There’s no rest for the weary, especially when you run a small business. Every day can be full with what feels like a million different tasks and responsibilities, even if you have a fully functioning staff. And of course, depending on how dependent everyone is on you, taking a break doesn’t always feel like a viable option.
But don’t spend your days downing anxiety meds and worrying about the next problem around the corner. Instead, put measures in place to avoid stressors and enjoy these tips on how to relieve stress.
The best way to get a good night’s sleep is to get business insurance.
Stay with us on this one.
If every decision you make is stymied by the worry that you could be on the hook for thousands of dollars if something goes wrong, you can’t properly lead your company toward growth. Risk, after all, often comes with reward when you’re not afraid to take it.
The types of insurance you’ll need will vary depending on your type of business, but knowing that you are covered during unfortunate events will loosen you up and keep you from being weighed down by stress.
Here are a few examples of the types of insurance you might need:
You don’t have to constantly worry if someone is going to rip off your idea or concept. There are patents to relieve that stressor! If your business holds something proprietary, apply for a patent and see how much stress you eliminate from your life.
Additionally, you can look into intellectual property insurance to make extra sure you’re protected.
Never underestimate how much physical activity can relieve stress! Whether you go out and break plates against a wall or run for miles, doing something that requires physical exertion is going to bring you relief.
Just keep in mind that if you make this health-related, like working out for an hour each day, you will also be making your health insurance provider happy and possibly keeping your rates as low as possible.
People “vent” for a reason—it relieves stress! Find someone you trust with your company’s most vulnerable information and use them as a sounding board for issues that are weighing on you.
It’s also important to find someone who has been through similar experiences. They can often add valuable feedback and give you the kudos you need to feel less stressed about the direction in which you are headed.
Small business owners and entrepreneurs are constantly hearing that one must take risks. This is often very stressful because the unknown is large and scary. So instead of just taking risks blindly, calculate them so you know what to expect.
Here are some questions to get you started on eliminating stress by examining the risk:
By taking fear and uncertainty out of the equation, you will find more peace with your decisions.
Stress often happens with things seem chaotic. Small business owners put in more hours than a traditional job. This can become stressful and overwhelming. Add in the urge to do it all, and stress is inevitable. Start finding relief by budgeting your time and activities.
Here are a few ideas to get you on the right course:
If you can stick with this time and activities budget, you will be able to stay on task throughout your day without losing time to distraction. Plus, the sense of control alone will relieve stress.
Failure comes with such a negative view, but in reality, it’s not the worst thing that can happen. It’s a learning experience that has consequences. What those consequences are is up to you. It can either be defeating or a learning experience. Write down your failures, what went wrong, and how you can avoid them in the future. Knowing what you can do differently the next time you try will eliminate stress and make you successful.
Working as an independent contractor has its benefits, but also comes with many challenges. One of those challenges relates to insurance. Many often wonder, “Do I really need to carry insurance? How much will it cost me? What is required of me, and what is recommended?”
These questions play a big role when considering how to negotiate your work contract. There are certain guidelines that must be followed as well as other recommendations that should not be overlooked.
Regardless of the business size, business owners always try to make decisions that will ultimately protect their business. However, it is common for smaller business owners and independent contractors to undermine the importance of having the proper insurance for their business. In addition to protecting the business, there are many jobs that a contractor may wish to bid on that require a certain amount of insurance.
Understanding the various types of insurance and requirements is the first step to ensure success. Here are various types of insurance that independent contractors should consider.
This provides protection in the event something goes wrong. This might include employee injuries or equipment issues. If the contractor happens to cause an injury to someone on the job site, this would cover the medical bills.
This protects both the contractor and the hiring company if something happens while driving as part of the job. If the contractor were to get into an accident on the way to a job or something that is related to the job, this insurance would cover accident-related costs and the client would not be held liable.
This is a wise choice for any independent contractor. If the contractor becomes ill or injured and unable to work, this insurance will provide a weekly benefit until they can return to work.
This guarantees satisfactory work or provides bond money to finish or repair the project. It protects the client from subpar work or an unfinished project.
Although similar to liability insurance in many ways, this is reserved for coverage of the business owner and employees. Rates fluctuate based on the hazard and risk associated with the particular job. States require any company with employees to provide this or face a penalty.
This provides coverage to professionals such as consultants, accountants, or attorneys. In the case of an unhappy customer that is suing for mistakes or poor performance, it provides adequate protection.
As an IT independent contractor, you will find that many companies require you to carry general liability insurance. There is too much risk and cost associated with IT work today, and neither side should risk the potential fallout of a mistake or problem. Independent contractors typically lack the resources needed to fight a lawsuit or cover a costly mistake.
Rates for insurance vary depending on the level of coverage, type of job, risk involved, waiting periods (if applicable), amount of benefit, etc. There are independent contractors who must carry worker’s compensation and general liability insurance, such as those who provide maintenance or construction services. This is due to the higher risk involved. If you are the hiring company and fail to confirm that the contractor does indeed have this coverage, you will be responsible for potential medical or legal consequences.
Remember, the state of NJ has very specific guidelines regarding who is required to carry various types of insurance. Failing to understand these requirements can result in serious fines.
For small businesses, onboarding new employees is a central part of building a core staff that is productive and successful.
In order to continue to grow your business, you must always be on the lookout for new talent. But it’s not as simple as hiring a few good people and hoping for the best. To truly get the most out of your employees—and to make sure they have the resources to feel like their new job is worthwhile—you must give them the opportunity to catch up to their colleagues in terms of familiarity with your company.
Ask any HR professional and they will tell you that employee onboarding is a rigorous process, but also a highly beneficial one. This post will look at the cost of employee onboarding and its key benefits.
Hiring a new employee comes with several different costs, many of which you might not even realize.
There are the pre-hiring recruitment costs, which include running job advertisements, time spent interviewing candidates, and providing testing should the position call for it. Once a candidate has been hired, there are additional costs including training, orientation, and providing the employee with the materials needed to do their job, including uniforms and equipment.
You must also account for the amount of money spent to print out training packets for new hires, as well as processing their paperwork. If your company performs drug screenings and background checks, these are also an additional expense. And don’t forget the amount of money it takes to pay your administrative or HR staff to handle the onboarding process.
When all of these factors are added up, the average cost to onboard a new employee is roughly $400 depending on the nature and industry of your business.
While $400 seems like a lot to spend on a new employee who has not yet proven their loyalty to your company, a successful onboarding program can produce a huge ROI in the long run.
Here are just some of the ways that investing time and some money in a new employee can benefit your bottom line in the long run.
By going through a successful onboarding process, new employees are able to understand how their role fits into the success of the organization. Your onboarding program should clearly define your company’s goals and values, as well as how each role works together for the common good of the business. By explaining all these factors, new hires will feel a greater sense of commitment to your organization and be ready to face the new tasks at hand.
One of the main goals you want to accomplish with employee onboarding is clarifying roles. When new hires understand the expectations of their position, they are able to perform more efficiently. When there are fewer ambiguities about their responsibilities, productivity will increase and the employee will feel more comfortable about expressing his/her own creativity and ideas within the parameters of their position.
When your company has an employee onboarding program in place, new hires have the opportunity to interact with their new colleagues from day one. This will help them feel more accepted in the social atmosphere, and more confident about their ability to perform the tasks assigned to their position.
When employees understand the goals of their company and how their job plays a role in accomplishing them, they are more likely to find success when completing tasks. When employees have these feelings of accomplishment, they have a higher rate of job satisfaction, which means a lower turnover rate for your company.
All of these factors play into your company maintaining a high retention rate. A successful employee onboarding program can increase job satisfaction, reduce stress, and play a key role in an employee’s understanding of the expectations of their position. When your employees are well-informed and happy, they are loyal to your organization.
While employee onboarding does incur several costs, its benefits are well worth it. This is a small, but important part—in addition to other perks such as a great benefits program—of helping your growing staff understand their value to you as their employer.
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