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The restaurant industry anticipates a loss of $275 billion dollars, and 7 million jobs due to the Covid-19 pandemic. Consequently, the National Restaurant Association requested relief on behalf of restaurants and their employees, noting that many restaurants may not resume service if the federal government does not take immediate action.
The association gave recommendations to President Trump and congressional leaders offering solutions on how the industry can be aided to weather the Covid-19 storm, including:
A standout among the many ideas given by the National Restaurant Association was the $100 billion federal-backed business interruption insurance plan. The plan is meant to help sustain the restaurant business and employees.
According to NRA, most restaurants have the business interruption insurance, but the insurers may fail to compensate businesses because the policies typically exclude losses due to a pandemic or virus. Insurance carriers have objected to such proposals citing the astronomical cost and resulting impact on premiums.
Under the proposal, the federal government, not private insurance carriers would be tasked with creating a framework for restaurants to obtain insurance relief funds.
Another proposal was the establishment of a federal loan program. According to the association, a federal loan program would help restaurants manage the expenses of their business during the pandemic.
The association recommended that affordable federal and conventional loans to be made available to the tune of $45 billion. In addition to that, the NRA requested $130 million for disaster unemployment assistance. The funds are meant to help the restaurants recover lost revenue, make payments on existing debt, pay employees, and keep operations running.
The association requested for $145 billion from the Department of Treasury to immediately make up for the massive drop in revenue over the past several months.
In addition, they asked for $35 billion to help communities in particularly hard-hit areas that are unlikely to fully recover. The association also sought help to allow businesses to defer their mortgage, lease, and loan terms.
The NRA also proposed measures enabling the deferral, delay, and forgiveness of tax obligations.
Tax credits for retaining employees, payroll tax cuts and refund expediting were proposed to help support cash-strapped restaurants.
Contact us for a free review of your insurance coverage. We can help you identify gaps in coverage and price out your options so you can make informed decisions about protecting your business.
Globally, every business is facing a new landscape. Even businesses that operated remotely before Covid are adapting. In many cases, a new business plan is necessary to keep serving your customers under new conditions. Local businesses are figuring out no-contact and delivery services. E-commerce and remote services are helping customers adapt to their individual circumstances.
Many businesses need new equipment to make the new business plan happen, such as pavilions, sneeze guards, new service stations, and more. Today, we are highlighting several of the most common types of equipment utilized by businesses to adapt to Covid.
Many offices have asked employees to work from home. Work that can be done remotely through an online server allows your team to work from home safely. But they might not all have the equipment or internet access needed. Your company may need to send laptops, tablets, phones, and hotspots to the now out-of-office team.
Local businesses have altered their services for curbside and drive-thru alternatives. Customers still drive to the store, but they stay isolated inside their cars or remain outside. Your team still needs supplies such as pavilions, chairs, fans, and coolers to stay safe under the summer sun. You will likely also need cones or new parking lot dividers to direct traffic and to provide your new no-contact style of service to local customers.
If you have people in the workplace, consider sanitizing stations. These are places around the facility with sanitizer dispensers – motion-detection is best. Sanitizing stations make it easy for everyone to keep their hands clean and to grab a little solution for quick surface cleaning. Lotion should be placed next to sanitizing stations because cracked hands are the unfortunate result of constant hand washing.
These stations will take some investment, and will need to be spaced reasonably for every workspace and possibly for individual work stations.
If you are inviting customers back into your facility, they will need to be kept carefully distant from each other. That takes infrastructure. From the fanciest restaurants to the most practical warehouse stores, there are a few essentials that every open-to-the-public facility will need. Plexiglass barriers can go anywhere that people need to speak face-to-face. Service counters are the natural place, but you may also install barriers at workstations and study tables. Restaurants might consider individual guards hanging over tables so guests can eat and talk mask-free.
Distancing markers are another must-have. Many companies sell pre-made markers, but handmade signs and tape work as well.
In many facilities, you will want special stations to quickly disinfect products or equipment between use. You might need dunking sinks, misting booths, or rolling sanitizer stations. From manufacturing to food prep, disinfecting stations are custom to your business needs and are the type of equipment necessary to the new normal.
Infrastructure to Clear the Air
We know that breath and surfaces are dangerous, but so is airborne COVID particles. COVID can hang in the air for up to 3 hours, so if you need a space to change out between unmasked guests – as in hospitality space – there are a few methods available. Localized powerful air purifiers suck air into their filters and emit clean air. With medical-grade filters, you can filter out the COVID. Misting systems with disinfectant can also be helpful to quickly clear most of the COVID particles hanging in the air.
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Make sure your business and equipment are covered. We’re here to help, contact usto review your insurance needs.
No matter where you are or what you’re doing, mindfulness and gratitude involves choosing a state of being. From deadlines to difficult customers and employees, it’s often difficult to maintain this state of being while running a business. Let’s explore how to nurture and express mindfulness and gratitude for work.
Your perspective is key to better cultivating and expressing mindfulness and gratitude. Start with taking a good inward look at yourself and how you view your business and work environment. Do you expect things to go smoothly? Do you regard your employees and clients as good people?
Even if you have very challenging employees, approaching them from a negative perspective will only increase negativity on all sides. If you consider who they are and what they’ve experienced throughout their lives from an empathetic perspective, you can shift your mindset from reactive to understanding. Sometimes all people need is a kind word or a little offer of help.
It’s also crucial to view your business in the most positive light. By focusing your perspective on the best aspects of your business and the things you enjoy about it, you will get closer to being mindful and grateful in the moment.
Mindfulness and gratitude isn’t just about positive thinking and perspectives. It goes deeper into our psyches, shaping how we see ourselves and how we make decisions. Some of the biggest sources of angst in the workplace involve stressful communications and making crucial decisions quickly.
In order to increase your confidence in communication and decision-making, it’s important to come from a place of behavior and action that aligns with your values and goals. Consider what is most valuable about your business and employees, as well as your position.
Is your primary value based on customer service, efficiency, teamwork, leadership, or? If leadership is at the top of the list for your value as a business owner, then focus your decision-making on aspects that improve employee confidence in your leadership. Focus on core values helps create a state of mindfulness and gratitude for your business, from the inside-out.
When you’re distracted by or preoccupied with things at home, workplace drama, relationship issues, social media, or any number of things, it can interfere with your ability to express mindfulness and gratitude. When you’re running your business, your mind should be primarily focused on work and business tasks.
In order to get into a balanced state of mind for your business, consider taking a moment to close your eyes and breathe deeply before you begin business tasks. If your mind starts to wander, take a few moments throughout the day as needed to calm and refocus.
Accepting yourself, the people you work with, and your position is an important step in expressing gratitude. Acceptance of self is the first vital step for feeling grateful. While acceptance of self is a lifelong psychological process, it’s not always obvious that certain business circumstances can trigger past feelings of inadequacy and low self-esteem.
When employees or clients say something you disagree with, you might feel defensive, which then leads to a state of frustration that is not conducive to being mindful and grateful. When you feel defense mechanisms arising, take a few moments to center and re-balance yourself, then begin your next sentence with words of acknowledgement. When you accept and value the different perspectives qualities of other people, it’s also easier to recognize what you truly have to offer them.
Being mindful and grateful doesn’t suddenly start or stop when you work, and creating a safe, secure business is one of the best ways to develop this state of being in all areas of your life. For more information about business growth and peace of mind, contact us today.
Workers’ compensation benefits provide employees with protection for work-related injuries and illnesses. In most states, workers’ compensation insurance is required by law.
COVID-19 exposure is a new concern in the workers’ compensation realm, and it is not always clear if employees who contract Covid-19 are entitled to workers’ compensation benefits. The answer depends on the state where you are located, the line of work you are in, and how it was contracted.
Each state has its own policies regarding COVID-19 and workers’ compensation coverage. Generally, workers’ compensation benefits pay for medical care necessitated by a work-related injury or illness and pays a portion of an employee’s regular work wages while the worker is out.
In most cases, work-related injuries are easier to assess than work-related illness. Work-related injuries include burns, cuts, strains, sprains, repetitive motion conditions, broken bones, and the like. Workers’ compensation benefits cover a broad range of such injuries and most cases receive approval if a medical professional confirms the injury.
Occupational illnesses are those that result from exposure to working conditions. They often include lung disease, respiratory illness, and cancer. The important factor is whether the illness results from work duties or exposure at work. For example, if you work in a coal mine and develop black lung, it is highly likely the condition is work-related.
However, it is often difficult to prove that a common illness, such as Covid-19, the flu or a cold, resulted from exposure at work.
Many jurisdictions are extending workers’ compensation coverage to include workers whose essential job function requires exposure to COVID-19.
For example, under New Jersey law an “essential employee” who contracts Covid-19 is presumed to be entitled to workers’ compensation benefits. This means that in New Jersey, essential employees like hospital workers, public safety officers, and grocery store workers are usually entitled to workers’ compensation benefits if they contract the virus.
If an employee is not an essential worker or lives in a state without a law like the one in New Jersey, then the employee may need to prove they contracted the virus in the course of their employment before workers’ compensation coverage will apply.
To stay compliant with the law most businesses need workers’ compensation coverage. InsureYourCompany.com assists businesses in their search for the most affordable and suitable insurance policies. We have been in business for nearly 20 years and have helped thousands of businesses.
Whether you are a new business or looking to reduce your premiums, contact us with your questions about workers’ compensation. We will explain the benefits your business needs and provide a free no-obligation quote.
During the fall season we had the opportunity to get to know our agents with our, “Meet the Agent” series. Getting to know your agent on a personal level can really help with the insurance process. Did you know that your agent Joe played NCAA Division III soccer in college? Or that your renewal agent Debbie prefers long walks over bike rides? Do you share an interest with one of our agents? Feel free to reach out and let us know what you enjoy. Go ahead and learn a bit about our agents with our Meet the Agent series below!
Debbie is a licensed Health and Life insurance agent and has been a member of the insureyourcompany.com team since 2015. For the past 2 years she has been working as a Benefits Manager specializing in ancillary and small group health benefits. Debbie prides herself in making the yearly renewal process as smooth as possible for her clients. In her free time, Debbie enjoys spending time with her family, baking, crafting, and completing Sudoku puzzles.
Joe is a licensed property and casualty insurance producer and has been with InsureYourCompany.com since 2017. He is a small business insurance expert, helping new companies get the insurance they need so they can be properly protected. In his spare time, Joe enjoys soccer, watching sports, and hanging out with friends and family.
COVID-19 has put a lot of small business owners, the self-employed, and freelancers in a difficult situation. Many have found their income has dropped or eliminated completely. So, can a small business or freelancer that is a single member LLC file for unemployment? The quick answer is yes but there are some things to keep in mind. Let’s look at some of them below.
First, let’s go over some basics of unemployment and why you can apply for it. If you have paid into unemployment through taxes taken out of your salary you likely meet the basic requirement for unemployment. Remember, most small business owners pay themselves as employees of their own business. As a result, you pay taxes and part of that goes into unemployment.
If your small business is organized differently or you cannot show that you paid into unemployment, you might run into some issues. For example, sole proprietorships are unable to collect on unemployment because they don’t pay unemployment taxes. Let’s look into the CARES act a bit and see how that could affect you.
The Coronavirus Aid, Relief, and Economic Security Act affected many small business owners, gig workers, freelancers by providing an extra $600 on top of the normal unemployment state benefit. That benefit has expired, though some states still offer enhanced benefits and there is hope that Congress will pass another relief measure.
One of the requirements of being on unemployment is being able to take a job if it comes along. You also need to show lost legitimate work – This means you cannot fire yourself just to collect unemployment. You must also file for each week that you are on unemployment and have to actively seek employment.
Most small businesses easily meet this requirement. If you are actively looking to get your business back up and running you will likely qualify. However, you could find yourself in a position where you have to take a job, even if it’s a low paying one, just to be compliant with unemployment. Use common sense and be honest when it looks like your business might pick up again.
The last thing that you need to worry about when filing for unemployment is any kind of liability. It can be a very scary thought when you are a small business owner. InsureYourCompany.com has insurance solutions for professional liability issues, workers compensation needs, and employment practices liability. You owe it to yourself to protect your small business so you can focus on navigating the ever-changing market.
To review your company’s needs and find out what coverage is right for you, click here to get started with a professional.
*This article is for general information purposes only. We are insurance professionals. We are not accountants, lawyers, or financial planners.
Operating a small business is a challenging but rewarding experience. For as much as you gain from setting your own hours, profiting from your hard work, and owning the resources to carry forward with you for a bright future, being the boss comes with a lot of responsibilities. First and foremost, you won’t be in a very good spot if you can’t figure out how to properly run the business. There are a lot of factors that go into building your brand, but we’ve managed to narrow down seven key tips for running a successful small business that will make you feel less like a mom-and-pop store owner and more like a major CEO…and help you make it there one day, too.
“He who stands for nothing falls for anything.” This is good advice for all aspects of life, business operations included. In order to be successful at your job, you must first understand what you hope to accomplish with your business and how you wish to go about it. Setting realistic goals and outlining the values you take into your business are instrumental in doing all of this. This will help you figure out where you wish to be after you start things as well as help you define your who your customers should be, the manner in which you conduct business, and all sorts of other things that you’ll find are important to being not just a good boss but a good person.
The internet is an essential part of any business these days, and with that comes data security. Instead of people in black masks breaking in to go through your filing cabinet, the new menace takes the form of hackers behind a screen stealing the credit card information on everyone who’s ever shopped at your store. Don’t take data security lightly. Learn the basics on internet safety and security or, if that’s not doable, hire someone who does to keep you safe.
Though most often used in the entertainment industry, content is no less king in any other type of business. For you, “content” will mean both what you sell and how you sell it. To put it simply, figure out what people want to buy and sell it in a way that will encourage them to buy it. If you have an amazing product but are terrible at selling it, you’ll be no better off than someone with an awful product but great salesmanship abilities. In order to succeed, you’ll need to become the best of both worlds under one storefront.
Repeat business will be a major part of your success, especially once you’re an established brand. In order to get some of this, good customer interactions will be just as important as having a good product. Whether you conduct business in person or online, giving off a welcoming and inviting feeling to your storefront is always a plus. For in person work, it’s even more important, as no one wants to go back to the store that had the owner cuss them out over something.
In many ways, social media has eclipsed many other forms of marketing in the modern day. For a large number of your customers, the main place from which they’ll hear about you is on a social media site. Similar to cultivating good customer interactions, connecting with your shoppers on social media is a good way to draw people in and create brand loyalty.
Understanding automation and how to integrate it into your business is a staple of modern work. It can be as simple as queuing up posts on social media ahead of time or shifting an assembly line over to robotic assembly. Either way, the end result is that you’re spending less time working on any single task and using your abilities to their fullest in other areas.
While it’s the last on the list, it’s no doubt the most important. For anything to succeed, you need a plan. Your business is no different, everything we’ve talked about so far being a part of your future plan. Constructing something comprehensive with set goals, an account of all the assets in your favor, how you plan to undertake business, who your customers will be, and how you’re going to protect yourself is key to success. Plan early and be open to adaptability, too.
Running a small business isn’t easy, but that sense of accomplishment when you finally make it just can’t be matched as a corporate drone. Remember these seven key tips for success to get well on your way to the big time. And if you need any help with growing your business or setting up the insurance side of things, get in touch with us at InsureYourCompany.com today.
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!
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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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