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2020 will be remembered as a pivotal year in world history. The worldwide COVID-19 pandemic caused a tsunami of business closures, bankruptcies, and lifestyle changes. Mandatory lockdowns and safety precautions kept many hard-working wage-earners away from their professions.
While many businesses closed, some entrepreneurs have been able to develop and grow amid it all.
Entrepreneurs such as Greg Kihlstrom of CareerGig describes his approach to business in 2020 far more aggressively than many others. He highlights the opportunity and all the many ways he can capitalize on these massive cultural shifts that are taking place.
Rather than hunker down and wait for the storm to pass, shrewd entrepreneurs are pivoting and positioning their enterprises to benefit as these wider societal, economic, and cultural shifts begin to take root and become permanent societal evolutions.
Sites like CareerGig and other gig-based work opportunities such as Uber, Postmates and TaskRabbitare all poised to benefit from a world that’s evolving.
As we all adopt a work-from-home, remote, or flexible gig-based work model, the infrastructure for those seeking work and those seeking workers will also change.
Entrepreneurs like Greg see the wave coming and are actively paddling their way out in front of it.
For many of us who have been working on a particular entrepreneurial path over the past many years or decades, this may be the ideal time for reflection.
It may even be time for a pivot.
Are you still providing the same value proposition that you were prior to the pandemic? Is the market more or less poised to leverage your product or service in the post-COVID world?
We are not simply contending that your business will, with proper insight and preparation, make it through the pandemic.
We are saying you can actually thrive in your niche during these times.
The easiest method of validation for this belief is that it has happened consistently in the past. Every economic downturn is inevitably followed by a recovery, and most times, a new all-time-high.
Remote work is a big one, of course, but that is not due solely to the Corona Virus. The general costs of commuting and inefficiencies of in-person work, paired with technological advances have also been driving the remote trend.
Freelance or gig work also is another market change that business owners, entrepreneurs, and employees alike should keep in mind. The freelance economy is projected to encompass over 50% of the entire economy by 2027.
As time progresses and these shifts continue to gather momentum, those who refuse change will end up behind.
While the market is looking for new variations of services and products, standard principles and good business practices that have not changed.
For one, continue to be mindful and focused on your UVP (Unique Value Proposition). Meaning, providing something that nobody else is able to, or operating in a way that nobody else in the market can.
Your UVP is what will garner a loyal following of regular customers who become brand advocates. Your UVP will enable customers to identify personally with the specific qualities that make your brand different from the rest.
When economic factors are constraining, such as during a wider economic downtown, you want to get as lean and mean as you can. This may mean taking a closer look at important business matters such as liability protection and insurance coverage.
Sometimes we are own weak point. Business leaders sometimes assume responsibility for too many aspects of their startup while ignoring, even if they lack expertise in certain areas.
Rather than fake it ’till you make it, the right answer is often to hire-in or partner with skilled and experienced individuals who complement your skills. Securing a competent business advisor with experience in your industry is another way to deploy assets to increase business productivity through human capital.
How you lead your enterprise through times of change determines how your business develops and grows. Bold, thoughtful, and purposeful action as a leader will benefit your organization, even it means trimming a little fat or performing a pivot.
We know that most business owners have a lot of insurance questions, especially in this current climate. Many companies want to know more about business interruption insurance. Our experts have the answers you have been searching for information that can help you make smart decisions.
Here is what you should know:
It takes hard work, sacrifice, and dedication to build a successful business. Whether you are a business owner or a prospective business owner, you should protect your investment.
Business interruption insurance replaces the business income lost by an insured in the event of a disaster that affects the business. Risks such as fire, floods, and property damage can force a business to shut down for restoration. A business interruption insurance policy is designed to help you recover lost income until you can operate again after a covered loss.
It can be difficult to determine how much coverage you need when it comes to business interruption insurance – a licensed agent can help. Keep in mind that you will be required to pay for extra expenses out of your pocket in case business interruption costs go beyond the coverage available.
Before purchasing business interruption insurance, you will need to know what your policy covers.
When your business can no longer maintain sales due to property damage, the insurance company will reimburse the profits you would have made had the insured event not happened. The payout will be based on the performance of your business in the past months.
Some policies will cover moving costs to a new location after business interruption. These costs may also include fixed costs such as operating expenses and some of the other costs you incur when doing business.
Depending on the extent of damage to your property after a business interruption event, you may need to buy new machinery and retrain personnel to use it. Business interruption insurance may cover the associated costs, making it easy for you to quickly recover from financial loss.
To retain your talented employees over the period you are not in operation, you will need to meet your payroll obligations. This coverage can cover the cost of payroll, so you do not lose your staff. The policy can also help you make loan payments when you are not generating income.
A temporary disruption of business operations can put you in a difficult financial situation. However, you will still be required to meet your tax obligations. Business interruption insurance can provide the funds you need to pay taxes to help you avoid penalties.
There are several items that this policy will not cover. These include property damage, losses resulting from the temporary or permanent shutdown of a business you depend on, losses related to other incidents, and extra expenses that are not within your normal operating costs. Losses caused viruses and bacteria are often excluded as well. A licensed agent can help you understand the policy coverages and exclusions.
Working with a reliable insurance company will assure you that your business is protected. Once you are ready to purchase business interruption insurance, contact usfor a policy that will meet your needs.
Many people and businesses are struggling during COVID-19, which makes charities and non-profit organizations more important than ever. Even if your business has struggled now is an ideal time to give back to the community any way that you can. There are many ways for your business to give back during COVID-19.
There are many opportunities for your business to volunteer in the community. Consider traditional volunteering avenues such as homeless shelters, missions, and larger organizations like the Red Cross or the Salvation Army. Keep in mind that there are countless other non-profits that need help during this time, such as animal organizations, food banks, civil rights organizations, senior centers, and veteran centers.
There are many online resources to help you find a non-profit in your area that your business would like to help, such as Great Non-Profits and CharityNavigator.org
Consider Donating. Donating is always an option if you do not have enough time to volunteer due to business demands or family needs. You can donate to any worthy organization around the world.
Create a food and clothing drive for people in need at your business and find a local organization to receive the donations. You may even consider promoting the drive with other businesses and locals. You can also deliver donations directly to a homeless shelter or perhaps a concentrated homeless population.
The more you involve the community with your charitable activities, the more they will respect and remember the integrity of your business. With a large enough effort, you may even attract media attention, which may encourage more people to support and give back to the community.
If you’re looking for ways to give back that’s a little more out-of-the-box, consider a craft drive, where your business creates things that people need, such as face masks, or put together essential baskets or kits with hand sanitizer and soap.
Sponsoring local families in need is also an excellent, meaningful way to give back to the community, and it’s ideal for businesses that may be short on time and money. As a family sponsor, you could provide the family with weekly or monthly care packages of food, cleaning supplies, personal care and bath essentials, socks, toys, and/or clothing, depending on the needs of the family.
As school starts again, whether online or in-person, children and youth are often in need of school supplies and clothing for the new year. Contact your local school district to find-out if they have any sponsoring programs already in place. Some school districts also have classroom sponsors in lower-income areas for arts, crafts, sports, activities, and other school supplies.
One of the best ways to give back to the community is to provide discounted or free products or services to those in need or those seriously impacted by COVID-19. Your business can set this up on a sliding scale or schedule a specific time to offer the services at a discounted rate.
Other companies have gotten more creative and revamped what products and services they provide, such as alcoholic beverage companies making hand sanitizer!
To find-out more about ways for your business to give back and succeed during COVID-19, or for any questions concerning your insurance coverage contact us!
Business insurance can be a tricky space to navigate, and it can be hard to know how much and what kind of coverage is needed. If your business needs more than one type of insurance, are they all available from the same insurer? How much will it affect your bottom line, and what types of insurance do different business types need?
If you are a small business owner asking yourself any of these questions, read on!
Insurance exists for risk management. One of the earliest specialties was related to fire:Following the Great Fire of London in 1667, local businessmen saw the potential for their city to be laid to waste in a single disaster and decided to find a way to pool funds to mitigate any losses from any similar event in the future. Almost a century later, in what was soon to become the United States of America, Benjamin Franklin founded the first colonial insurance company, whose name says it all: The Philadelphia Contributionship for the Insurance of Houses from Loss by Fire.
Today, numerous commercial insurance policies exist to protect businesses from a wide variety of potential losses. Premiums vary depending on the type of coverage and the desired — or legally mandated — coverage level. Following are three essential forms of commercial insurance and why you need to consider them for your own business:
If you run a business with assets in the company’s name, you have (or should have) property insurance on those assets.
The need for property insurance may be more apparent to medium or large organizations, or those with equipment and inventory that they and their employees work with on a regular basis, than to smaller businesses such as drop shippers or other owners of small online businesses. However, if you fall into the latter category and you don’t have insurance on the inventory that you maintain in a warehouse, you risk losing everything if said warehouse goes up in flames or is destroyed in an earthquake.
Perhaps even more important than property insurance is liability insurance. Why? Because it can protect you and your business from a third-party lawsuit which could force you to liquidate all your business assets to pay damages to a third party. As a business owner, you never truly know what could go wrong in a client transaction or encounter until it happens. Liability insurance exists to protect you from those unknowns.
(If you’ve never seen Sunshine Cleaning, rent it and then be sure to heed the cautionary tale at the end.)
For small companies, such as single-member LLCs and other small businesses employing only a few people, worker’s compensation may not seem relevant. However, even office work can result in on-the-job injuries. Workers Compensation essentially protects you from liabilityto an injured employee by covering medical care they may need following a workplace incident, injury, or illness.
In In most states, workers’ compensation insurance is MANDATORY. If you have employees in any capacity and you do not already have legally mandated coverage, research your options and get a policy in place today.
InsureYourCompany.com provides insurance coverage for businesses in New Jersey. For more information on policies best suited to your New Jersey-based business and to request a quote, contact us.
Here at InsureYourCompany.com, we believe there are many facets to an employee’s life- both in and out of the office. Not everyone knows about their insurance policies because not everyone knows about their insurance agent. Every month we interview a select number of our agents and get to know them a little better with the “Meet the Agent” series. We find out who they are and share why our customers should know their agent. Keep reading to learn more about your favorite agent!
Here are some of the agents that have recently been featured in our Meet the Agent series.
Jeffrey Henderson
Jeff is a licensed property and casualty insurance producer and has been with IYC since 2010. He handles new business accounts and works with clients to quote, issue, and service policies. With a one on one consultation, Jeff is able to find and explain to the business owner what insurance is needed. Through the many consultations, Jeff has conducted he has learned that by educating our clients they become better consumers and more confident with the protection of their business. Jeff is able to help any retail, restaurant, service, and professional industries. Jeff loves seeing his client’s businesses succeed and is eager to help them by providing valuable insurance coverage at great prices. In his spare time, he enjoys golf, tennis, and anything involving cars.
Adam Levenson
Adam is an account manager here at InsureYourCompany.com and handles everything from client renewals to relationship management. Adam is an experienced sales professional who is passionate about providing coverage, protection, and relevant information to business owners nationwide. Adam is happy to answer any questions or provide hassle-free risk management assessments for improving your business benefits portfolio.
Gauri Gupta
Gauri Gupta MA, CBC, ChHC, REBC, is an integral part of InsureYourCompany.com since she started as an employee benefits consultant in 2008. She is a leader in her field and was named one of United HealthCare’s top brokers in 2013 (News India Times March 7th, 2014). Always looking to improve service to our clients, she is now the Director of the Employee Benefits Division, helping businesses find the right coverage with the best service.
Over the last decade, mobile working has increased dramatically. There’s no doubt that the future economy will be built on a mobile paradigm.
Reduced running costs and increased productivity have been some of the reasons why major and small companies alike have embraced the idea of remote working. While the benefits of this approach are imminent, some challenges could adversely affect your business and the transition to mobile work if not handled promptly and effectively.
Working in an office space gives you a definition of your work environment and distinguishes it from your home or extracurricular activities.
Without the office walls to create that work, life balance definition, you can easily overwork yourself and easily overshadow your social life.
More so, if you choose to work from home because it’s harder to transition from work to home when both aspects are under the same roof.
While getting rid of the office space might make it harder for some to unplug from work, the reverse is also true.
Mobile working often comes with plenty of distractions. The distractions can be pets inside the house, a neighbor stopping by, and even your own family.
You may not have to deal with co-workers, but in a mobile working model, the interruptions are amplified through numerous factors including the TV.
With full access to electronics and no one breathing down your neck to beat deadlines, getting yourself to start working is harder unless you are self-motivated. Without proper prioritization, you can underwork and miss vital deadlines.
There is a substantial amount of trust often tied to having a physical address. Walking into offices to speak to management is an age-old practice that has created trust between customers and businesses.
Without a physical business address, it’s harder to convince clients of your credibility and reputation. The problem is amplified in larger corporations that have to deal with employee integrity as well. Your business needs to be sure it can trust its employees to remain diligent and trustworthy to the clients, even without supervision.
Over time, the yoke of distrust surrounding mobile work, particularly with clients may be broken and make it easier for mobile businesses to appeal and sign contracts even without physical establishment. Before that happens, you just have to work harder to impress and earn your clients’ trust.
There is a social connection associated with having to leave your home, meeting with other people on your way to work, and finally interacting with co-workers. In fact, your co-workers make a significant chunk of your social workers.
Remote working can compromise your social circles by isolating you from the outside world. Even with internet access and crucial tools like Social Media and Slack, you can still develop “Cabin fever” from being in the same place for a long time.
Prolonged isolation will affect your social skills because of reduced physical contact with other people. The problem gets worse if there’s no family or friends to spend some time with you.
An internet outage, hardware break downs, software crashing – there’s an endless list of things that can go wrong when you’re using technology.
For most mobile workers, fast and reliable internet is the biggest challenge. It helps to have a back-up plan, but sometimes, even the best technology can be unpredictable.
Most mobile work, especially knowledge-based, tends to be sedentary. It’s easy to slip into bad habits at a comfortable location away from the office without a proper schedule. Frequent snacking, ordering takeout, and lack of exercise are among the biggest challenges you’re likely to face.
Final Thoughts
There’s no doubt that mobile working is an appealing alternative, especially to startups and small businesses. It significantly cuts back on capital requirements and overhead costs. However, it’s also vital to assess some of the predictable challenges and develop a plan on how to combat and overcome such challenges.
Contact us today and let’s discuss more on the challenges of working mobile.
If you’re one of the many people who have made the transition from the office to the home office over the last few months, it’s natural to miss the traditional workplace after so much time. Even more than the structure, fresh air, and change of pace it would provide, one of the major benefits of physically going to work is the community. Everyone may not have been best friends before now, but co-workers can become an important part of your life after many years of working together. After being apart for so long, here are five ways to make working remotely feel less remote you can use to stay in touch and reconnect.
It’s easier than ever to stay in touch with people thanks to the internet. If you’ve been wanting to speak with your co-workers, why not start a group chat for the office? It could be purely recreational in nature or for collaboration on your duties. Either way, the end result is that you’re not all stuck with minimal contact and can work together to get things done like the old days.
Meetings are commonplace when you work in the office, so why does it have to be different when you work from home? Regular weekly meetings can be a good way to catch up and keep everyone on the same page with current projects. Ideally, you’ll be doing this in the form of video conferences for a more connected and personable touch to make it feel more like you’re in the same room as each other.
If you and your co-workers want to do things together again, it’s easy enough to try to set up some kind of online hangout in your free time. This can take many forms depending on what your office enjoys doing, some popular options being movie nights and book clubs. With so many apps and websites that allow people to watch videos together or share their screens, it shouldn’t be any problem recreating the experience of spending time together.
While chain emails might normally be the bane of one’s existence, starting one yourself for your company can actually turn out to be a lot of fun. For example, you could send a joke you found to one person’s inbox with the instruction to forward the email with their own joke added on to another person. Keep this going until everyone’s had a turn. This works for all sorts of things from nice messages to funny cat videos to entertainment news and more, so it’s entirely up to what you think your co-workers might enjoy.
These are uniquely stressful times for everyone, isolation only working to exacerbate the bad feelings most of us are experiencing right now. One of the most comforting things you can do for another person is to tell them that you’re there for them if they’re in need. Whether it’s personally or professionally, knowing a co-worker really has your back can make a world of difference when you’re stuck at home behind a screen. It doesn’t have to be a big deal — in fact, it’s better to keep it casual — but the fact you’re offering your support and being available to others is likely to make your relationship with your co-workers a lot closer.
It’s easy to start feeling overwhelmed and isolated when you’re working remotely for long periods of time. Stay grounded and reconnect with others in the office by using these five idea for reaching out and making remote work feel less remote. For more tips and tricks on improving your business and office culture as well as learn about insurance related to your work, check out InsureYourCompany.com today.
The coronavirus has had an enormous impact on virtually every industry, including the insurance sector. According to Lloyd’s of London, Covid-19 is expected to cause the largest loss to the insurance industry on record.
Lloyd’s estimates that its own COVID-19 related claims will top $4 billion by late June and it is feared this number will rise further if the pandemic continues for an additional quarter. When it comes to the non-life insurance industry, Lloyd’s estimates over $100 billion in underwriting losses occurring over the course of 2020.
Lloyd’s also expects investment portfolios to decline to the tune of around $96 billion throughout the industry, radically affecting retirement, though true costs won’t be able to be fully assessed for years. Much like the 2008 financial crisis, this will have ramifications for quite a while on the national and global economy. This kind of uncertainty only adds to the already stressful situation of business navigation during this time of economic downturn.
Another report put out by American Health Insurance estimates losses between $56 billion over $500 billion.
While the range is enormous, the actual costs depend heavily on infection models. It is estimated that over 50 million Americans total could end up being infected, trickling down to around 1.3 million that not only develop symptoms but symptoms so severe that they require intensive care.
Intensive care may require a ventilator for a little over a week, which on top of standard hospitalization costs can total upwards of $30,000. This alone adds to around $39 billion in healthcare costs based on the initial estimates. Out-of-pocket costs are another story altogether.
Estimates of out-of-pocket costs to patients are staggering as well. Cost-sharing is estimated to grow by around 14-18% annually over the next few years totaling around $10-$78 billion across all the businesses modeled. However, one ray of light for consumers is that some insurance providers are temporarily waiving out-of-pocket costs for COVID-19 related testing and treatment.
COVID-19 is a situation that is shifting the way the world operates and resulting in industry altering costs on the world of insurance. These costs are not just hitting in the form of exceptional payouts but also in terms of damage to investment portfolios and retirement plans within companies. We are also seeing enormous costs for consumers as treatment for this illness can be quite expensive. With all this information being processed we are working hard and hoping for the best on the horizon. For more articles and insurance advice on navigating this time, contact us.
Changing your company’s operations can be a busy time. You might be rolling out a new product, expanding your business outside of your home state, or adding new vehicles or buildings.
Businesses need to be addable, but changes in your operations can affect your insurance coverage. Your new venture may not be covered by your existing insurance policy or your current limits might not be sufficient. As a result, you may find yourself without coverage in the event of a claim.
When making changes to your company’s operations, you should speak to your insurance broker. Here are several reasons why speaking to your broker when making operational changes to your company will protect your business:
It is important that your business has the proper insurance. It protects your business from a wide variety of problems. Having the proper insurance, can provide peace of mind so you can focus on the company.
When your company operation changes, your insurance needs may change as well. Some of these changes are obvious. For example, if your company buys its first motor vehicle, you will need to add car insurance.
However, other needs might not be as obvious. For example, if you begin hiring employees, you will likely need workers compensation insurance and your business may consider employment practices liability coverage. It is much better for find out before you need the insurance than regret not having it at all.
As a result, checking with your insurance broker every time your company’s operations change is a good idea to keep your business protected.
In addition to making sure your new changes are covered by your existing policy, you can also review your entire policy. Many people forget to periodically check their coverage. They assume once they choose a coverage, it should be fine for the future.
While note all changes require increased insurance insurance coverage, over time small things may add up. In the event of a claim, insufficient coverage can leave your business on the hook. What you thought was appropriate five years ago might not be enough today.
Avoid this problem by periodically checking with your insurance broker. Anytime you make a change in your business operations, schedule a full review as well. It allows your broker to review your coverage and suggest any changes to your overall policy.
Chances are that your latest change in company operations will not be your last. As companies grow and change, their insurance needs change as well. Because your latest change is the next step towards a new change, planning is key.
By discussing possible future changes with your broker, you can make better plans for future expansion or changes. By understanding additional costs or liabilities now, along with the type of protection you will need, you can make more accurate plans while knowing the exact steps you need to take.
By discussing updates to your coverage, you can get a jump on your next step.
If you would like to review what you have, if your business needs to update its insurance coverage, or you are shopping for new insurance, contact us today! We can discuss your options and help you choose the best coverage for your business.
Your business means stability and financial security. However, many entrepreneurs fail to take out life insurance, putting their businesses and families at risk in the event something unforeseen happens. LIMRA’s Life Insurance Barometer study revealed that 41 percent of business owners do not have life insurance covers. The sudden death or disability of a key member of a business can end up derailing a company, lead to bankruptcy, or even cause a total collapse of what you’ve worked so hard for.
There are 3 key issues to consider while deciding on the best insurance policy for your business:
Here we address 5 reasons why you need life insurance cover as an entrepreneur.
Life insurance caters to financial needs in your absence. Considering the effort and time you have dedicated to your business you and your family cannot afford to lose it. With life insurance, your brand can continue to provide.
Life is unpredictable. Unfortunately, death and disability can occur without warning. leaving your family in a situation of financial uncertainty. Life insurance can ensure those you care about continue to benefit from your business even after you are gone. In any case, you will be at peace knowing that the lifestyle of your loved ones does not have to change just because you are absent.
Life insurance may be used as collateral.
Often, financial institutions are reluctant when it comes to lending money to new businesses. Of course, the early stages of a business are often when your need for financial assistance is the greatest. This financial problem can be solved by having life insurance; with it, you have collateral security that you can use to secure a loan and help bring your company up to scale.
A wise entrepreneur not only considers the future of his family, but also those of their partners and employees. There are many people who depend on you for their livelihoods. Comprehensive life insurance can ensure that your business and employees will continue to survive.
Many companies take out loans in their normal course of operations. In your absence, these loans will still have to be paid. Without life insurance, it might be difficult to keep up with every debt you have. Mounting debt can ruin your business and put your family and employees in financial troubles. Life insurance can help take care of your financial needs, and as a result, keep your business up and running.
Life insurance is vital for entrepreneurs. At InsureYourCompany.com, we help individuals and business secure insurance for their personal and business needs. Contact us to learn more about our services!
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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.
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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.
