Posts Tagged ‘Risk’

3 Ways Your Small Business Can Save Money

Small Business

Owning a small business is a labor of love, but you’re also in it to make a living. If you’re looking to cut costs without cutting corners, consider these three ways small businesses can save money.

Reduce Employee Turnover

Hiring the right talent is important to a smoothly operating business, but keeping star employees is absolutely essential. Instead of spending your time searching for and interviewing new hires or paying an employment agency to do it, work on keeping the good workers you already have on staff. Offering bonuses, paid time off, commission, raises or other incentives will reduce turnover.

Control Insurance Costs

Insurance premiums can take a big bite out of your bottom line. Review your current policies to make sure you’re getting the best rates and aren’t paying for coverages you don’t need. Also, companies can use an innovative risk management tool such as a medical stop loss captive to keep employee health insurance costs down.

Eliminate Office Space

If being on site is not essential to your business, consider closing down your physical location and switching your staff to remote workers. Many employees prefer not having to commute, and you won’t have to spend money on rent and utilities to keep the office going.

Your small business thrives on your attention to detail. By tweaking just a couple of expenditures, you can free up capital to grow your business.

3 Things Your Small Business Needs Today

Small Business

Owning and operating a small business comes with a lot of responsibility. You are responsible for deadlines, working with vendors, reinvesting capital and of course, liabilities. If you’re just starting out, you have a lot to learn along the road to success. Here are three areas that can help get you ahead.

  1. BOP Insurance

Business owners insurance is essential for small businesses that can’t afford the risk of liabilities. Everything from your building to your employees presents a liability risk. A BOP policy can be tailored to fit the needs of your business, including property and general liability coverage.

  1. Marketing Strategy

You don’t need a marketing department to have a marketing strategy. You can start out simple with a webpage and social media accounts. The key is to update often, and also purchase advertising. Social media platforms offer an affordable way to complete with companies much larger than your own.

  1. Business Plan

If you didn’t create a business plan when you started your business, start making one now. This will help you set clear goals and milestones for growth. You should review your plan often and revise it as often as needed. Studies have shown that writing down your goals makes it more likely you will reach them.

What Are Blanket Bonds? How Do They Work?

Blanket Bonds

Financial businesses are among the many industries that use bonds as risk management tools, especially banks. Between investment bankers with fiduciary duties to clients and company shareholders alike to honesty bonds against employee bad faith, there is a variety to choose from, and finding the right fit for a bank or another lending institution can be a bit difficult. That’s where blanket bonds come in. If your bank or credit union looks like it might need several bonds to protect against customer loss due to bad faith actions by an employee, you can also opt for a blanket bond that is written with wide-reaching provisions to cover all your risk management bond needs, without the trouble of balancing several specific bonds that each handle a different kind of risk exposure.

Limitations To Blanket Bonds

While these bonds are very broad in their coverage, they are not all-purpose risk aversion tools. That means they don’t replace your regular insurance policies, they simply protect the customers and institution from theft, embezzlement, and other material losses related to employee misconduct. They also don’t provide identity theft protection on their own, which means you might need another kind of coverage to handle that risk if it isn’t already folded into one of your liability policies. What they can do, however, is simplify your bond management so your entire coverage portfolio is easier to handle.