Ringing in the new year often means that it is a great time to take an inventory of your business. Far beyond simply an inventory of any supplies that you might possess though, a thorough inventory of your business practices could bring to light some weak spots that could stand to be shored up. Periodic examinations such as these can help make your business both stronger and more successful.
As April 15th, Tax Day, quickly approaches, many businesses spend a great deal more time scrutinizing their financial records. While this is a job that can certainly be overseen by you, for the most objective view of your financial situation, enlist in the help of an outside agency. The company that you entrust with completing your taxes each year can be a good resource for this type of review.
The business insurance policy you have in place is a crucial element of its success. Not only does it protect you in the event that something unexpected happens, it also ensures that your employees are treated well, giving your company the reputation of being a great place to work. Each year, though, it is a good idea to make an appointment with your insurance carrier.
At this appointment, you and the representative from your insurance company can go over your business insurance policy to ensure that it is still providing the type of coverage that meets the needs of your business. New regulations regarding the insurance industry as well as laws that could potentially affect you are often implemented at the beginning of the year. Working with your insurance agent to customize a policy to meet the growing needs of your business will help get the year off to a good start and ensure your continued success.
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Business insurance is a necessary step in ensuring that your company is compliant with any applicable laws. While many of those laws are designed to protect the public, your insurance is also designed to protect your business — and by extension — yourself as well. After all, if you are like most business owners, you put a great deal of yourself as well as your own financial backing into ensuring that your business is a success.
While no one likes to think about it, the fact is that catastrophic events sometimes befall businesses. Indeed, many types of insurance are designed to minimize the effects of these types of events on the business to help ensure that it can emerge from it relatively unscathed. One such type of insurance is involves including a discretionary payroll expense endorsement on the policy.
As you look toward the new year, now is the time to decide if an endorsement for discretionary payroll expense is a good move for your business. While you are probably like most businesses and you want to make sure that your employees are paid first, there are some times when this is does not make good business sense. It is for times such as these that this type of endorsement was designed.
If your business income is interrupted — either due to a crisis or another reason — a discretionary payroll expense endorsement allows you to pay those employees that are deemed necessary. Similarly, you can specify which classes of employees should not be paid under a particular set of circumstances. Doing so can help you protect your bottom line as your business begins to recover.
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Since 1984, Monterey County has participated in the National Flood Insurance Program (NFIP). This participation, as well as the continued compliance with federal regulations, allows county residents to purchase flood insurance. Even if your business is far from any form of water such as rivers or creeks, it could still be affected by the intricate system of drainage improvements and facilities that the county maintains in an effort to protect its residents and their properties.
Federal Mandates
If you wish to relocate your business to an area that lies within the 100 year floodplain as determined by Monterey County engineers, or build within that area, federal regulations mandate that you purchase flood insurance in order to take advantage of any federally backed financial assistance for doing so. Even if you are not planning to move your business and you are happily ensconced in your current location, purchasing flood insurance is a wise business decision.
Weather Conditions Warranted Protection
Businesses that are not located within the flood plain are still at risk for being damaged due to flooding. Weather occurrences such as El Nino, for example, can cause extreme amounts of water to be dumped in areas that are ill-equipped to deal with such an onslaught of weather. Weaken structural supports like building foundations, or even elements of the property itself such as hills, can allow water to breech the boundaries of your business and cause flooding.
Industrial Accidents Pose a Concern
Water main breaks are incidences that do not occur often but the results can be devastating if you have not prepared for the possibility prior to it occurring. Not only will you need to be concerned with paying for the costs of replacing your damaged inventory and property out of your own pocket, you might struggle with losing sales from your customers during this period of time.
Flood insurance is a way to gain peace of mind that allows you to rest easier at night. Knowing that your business – and its assets – are protected in the event of an unexpected flood is a smart business move for the longevity of your company.
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Since 1984, Monterey County has participated in the National Flood Insurance Program (NFIP). This participation, as well as the continued compliance with federal regulations, allows county residents to purchase flood insurance. Even if your business is far from any form of water such as rivers or creeks, it could still be affected by the intricate system of drainage improvements and facilities that the county maintains in an effort to protect its residents and their properties.
Federal Mandates
If you wish to relocate your business to an area that lies within the 100 year floodplain as determined by Monterey County engineers, or build within that area, federal regulations mandate that you purchase flood insurance in order to take advantage of any federally backed financial assistance for doing so. Even if you are not planning to move your business and you are happily ensconced in your current location, purchasing flood insurance is a wise business decision.
Weather Conditions Warranted Protection
Businesses that are not located within the flood plain are still at risk for being damaged due to flooding. Weather occurrences such as El Nino, for example, can cause extreme amounts of water to be dumped in areas that are ill-equipped to deal with such an onslaught of weather. Weaken structural supports like building foundations, or even elements of the property itself such as hills, can allow water to breech the boundaries of your business and cause flooding.
Industrial Accidents Pose a Concern
Water main breaks are incidences that do not occur often but the results can be devastating if you have not prepared for the possibility prior to it occurring. Not only will you need to be concerned with paying for the costs of replacing your damaged inventory and property out of your own pocket, you might struggle with losing sales from your customers during this period of time.
Flood insurance is a way to gain peace of mind that allows you to rest easier at night. Knowing that your business – and its assets – are protected in the event of an unexpected flood is a smart business move for the longevity of your company.
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The holidays are 
upon us and alcohol will be flowing at company parties throughout the land. Beware! If an employee or guest gets inebriated at a social function sponsored by your business and then injures another person, you could be held liable.
Consider this scenario: After polishing off four eggnogs in an hour at the company’s Christmas party, one of your workers toddles off to his car. The employee almost makes it home when he runs a red light and T-bones a car. The car is damaged and injures the driver. The driver then sues your business for negligence in allowing the employee to drive home although he was clearly “under the influence” at the company party.
What’s more, under state and local “social host” laws, your business might face a fine or even imprisonment for continuing to serve alcohol to an adult who is legally drunk.
Under your comprehensive general liability policy is a clause for host liquor liability. The insurance company will pick up the tab for property damage and bodily injuries, up to “each occurrence” or “general aggregate” limits for the CGL. This coverage will also pay for court costs, legal fees, and other expenses – and these payments will not apply to the limits.
Be sure not to confuse host liquor liability insurance with Liquor Liability coverage, which protects businesses that manufacture, serve, or sell alcoholic beverages (such as liquor stores, bars, and taverns) against claims for injuries caused by intoxicated customers. If you’re in one of these businesses, you’ll need both types of policy.
To learn more, feel free to get in touch with our agency at any time.
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Nearly every aspect of the workforce utilizes the internet at some point throughout the course of any given day. In addition, the majority of Americans have internet access in their homes as well as through mobile devices. Unfortunately, the internet allows for people to conduct themselves unprofessionally or commit crimes, such as identify theft, making unauthorized transactions, or using fraudulent business practices. In order to protect business owners, employees, and every day citizens, many find the purchase of Cyber Liability insurance beneficial.
What is Cyber Liability Insurance?
Cyber Liability Insurance covers a person or group of people from the consequences of unauthorized access to personal information and illegal activity on the internet. Without the need to be physically present for online businesses to conduct transactions, hackers, disgruntled employees, and strangers can cause many complications for a business or person.
“I trust my employees, so should I purchase Cyber Liability Insurance?”
Yes. While you don’t want to appear standoffish to your employees, you will be the one person held responsible for the activity conducted on your premises and online presence. Furthermore, the rise of social media has given millions of people the opportunity to cause irreparable damage to your business’s reputation, which can extend into your personal life outside of the workplace as well. Sadly, the news is riddled with stories of employees deciding to utilize an employer’s resources for their own financial gain, which can include instances of insider trading, promotion of illegal, pornographic material, and driving clients away to other businesses.
In order to protect your investment in your business, or even your own personal life, you need to obtain a policy to cover the risks associated with the use of the internet. While protecting yourself financially, a Cyber Liability policy adds merit to you and your employees’ moral and ethical decisions. It’s better to be prepared for the worst, than to risk financial ruin.
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