Launching a tech startup is exhilarating. You’ve got a game-changing idea, a passionate team, and the drive to disrupt the industry. But amidst the excitement, there’s a crucial step many founders overlook: . . .
In the face of economic downturns, the prospect of expanding a company may seem counterintuitive. However, history reveals that successful enterprises often emerge during challenging times. Disney, Hewlett-Packard, Netflix, Citigroup, Groupon, and Lego all thrived during economic recessions, underscoring the potential for growth amid adversity. In this blog post, we’ll explore the key considerations when expanding to a new location during an economic downturn and how to effectively mitigate associated liabilities.
Every expansion comes with its own risks, including property damage, liability claims, and business interruption. Consider working closely with your insurance provider to identify any liabilities related with the relocation site. A customized insurance policy can give financial protection against unforeseen obstacles, allowing your company to navigate uncertainty with greater confidence.
Before expanding, thoroughly examine your contracts for the new location. Ensure that your agreements align with the local regulations and economic conditions. Early contract adjustments can prevent legal complications and financial penalties, providing a solid foundation for your operations.
The talent and well-being of your team are critical to the success of any expansion. Consider offering comprehensive employee benefits and risk management programs to safeguard your team’s health and safety. This not only fosters a positive workplace culture, but it also protects your company from potential liability originating from workplace incidents or employee conflicts.
In the age of digital transformation, companies must emphasize cybersecurity and data protection. With the rising risk of cyber threats, make sure your company invests in strong cybersecurity procedures to protect sensitive data. Also, establish a robust IT infrastructure by assembling a dedicated IT team and conducting comprehensive training programs to ensure seamless technological integration and data security. To reduce potential financial losses, look into insurance solutions that cover cyber liabilities like as data breaches and cyber attacks.
Proactive adjustments are key to successful expansion. Waiting until the last minute can lead to complications and hinder the relocation process. Implement changes early to streamline operations, mitigate risks, and ensure a seamless transition.
The talent and well-being of your team are critical to the success of any expansion. Consider offering comprehensive employee benefits and risk management programs to safeguard your team’s health and safety. This not only fosters a positive workplace culture but also protects your company from potential liability originating from workplace incidents or employee conflicts. Expanding to a new location during a contracting economy requires careful planning, risk assessment, and strategic decision-making. By working with a reliable insurance company and implementing a comprehensive risk-management strategy, your business can not only survive but also thrive during difficult economic times. Don’t forget that proactive actions and a carefully considered insurance plan can be your company’s shield against liabilities, enabling you to expand with peace of mind and resilience.
We can help you find the best policy to provide the coverage you’ll need to bounce back if attacked.
Featured image credit: Envato Elements by Rawpixel | Licensed | All Rights Reserved
The insurance landscape in California is undergoing a significant shift, with major carriers reducing their presence in the state’s market. This development has led to the emergence of a “hard market,” characterized by rising rates and limited coverage options. In this blog, we aim to shed light on what a hard market means for consumers and why it’s a cause for concern.
A hard market refers to a period in the insurance industry where rates increase, coverage becomes more limited, and insurers become more cautious about taking on risks. This tightening of conditions stems from various factors, including rising construction costs, catastrophic events like wildfires, and regulatory constraints.
As insurance carriers withdraw or reduce their presence in California, consumers are left with fewer options to choose from when it comes to securing coverage, which leads to higher prices and potential gaps in insurance protection.
In fact, one of our clients, a construction contractor, recently received a notice from their insurance carrier. They were informed that their carrier would be discontinuing coverage for their warehouse location in Riverside. With a notice period of just 90 days, the contractor was faced with the challenge of finding alternative insurance options within a limited timeframe. This example highlights the difficulties companies encounter in obtaining affordable insurance and the impact it has on their operations and overall costs.
Homeowners are also affected by the hard market, as limited coverage options and rising premiums make it more challenging to find affordable and comprehensive homeowners insurance. This can lead to financial hardship and potential gaps in coverage, leaving homeowners exposed to significant risks.
The emergence of a hard insurance market in California brings forth challenges for consumers, including higher premiums, limited coverage options, and potential gaps in insurance protection. It is essential to be aware of these market dynamics to make informed decisions and explore alternative options to secure the necessary coverage.
Working with insurance professionals who understand the complexities of the current market can help navigate the challenges and find the best available solutions.
Featured image credit: Envato Elements by rfaizal707 | Licensed | All Rights Reserved
Recently, Hartford did a study that showed that 75% of all commercial buildings were underinsured. And of those that were underinsured, they’re at 40% underinsured. That means that if you have a property that’s worth a million dollars, you’re only having it insured for 600,000.
If you have a catastrophe, you’re only going to get paid the 600,000 for the rebuild costs now, and not the million dollars that it’s going to cost to make you whole again. What’s really important for commercial building owners is to understand how the insurance carriers rate your properties and it’s called COPE, C-O-P-E: construction, occupancy, protection, and exposure.
In this blog, we’ll discuss COPE and learn more about it directly from the founder of Competitive Edge Insurance, Brenda Jo Robyn.
As a commercial building owner, it’s important to understand how your property is being rated for insurance purposes. The four main factors that go into this rating are construction, occupancy, protection, and exposure (COPE).
Construction is how your building is built. Things like the roof, walls, windows, and doors all factor into how well your building can withstand a disaster.
All commercial buildings are going to be rated on a scale of 1 to 10, with 1 being the best. So if you have a fire resistant building, that would be a 1. If you had a wood frame building, that would be a 10.
Occupancy is what your building is used for. If you have a lot of people coming in and out of your building, or if you have hazardous materials inside, that will affect your rates.
So if you have a retail store, that would be a low hazard. If you had a chemical plant, that would be a high hazard.
Protection is what you do to protect your building. Things like security systems, sprinklers, and alarm systems can help lower your rates.
So if you have automatic sprinklers, that’s going to give you a better fire rating.
Exposure is how likely your building is to be damaged in a disaster. If you’re in a high-risk area for hurricanes or tornadoes, your rates will be higher than if you’re in a low-risk area.
If you’re on a busy street, that’s going to be a high exposure. If you’re in the middle of a field, that’s going to be a low exposure.
All these factors are what carriers take a look at. Understanding COPE can help you make sure you’re getting the best possible rate on your commercial property insurance.
Currently, insurance rates have been increasing and they have also been very unstable for the last year. The instability is being caused by inflation.
The raw material costs are all over the place. They don’t know how much they’re gonna cost when they get ordered by the contractor. Some can order it a week out and some are being told, “Hey, here’s your bill now, but when it comes in, we’re gonna give you what the real cost is.” Obviously, the sluggish supply chain issues haven’t gone away.
There’s a high demand for skilled labor. Not only are we having people retire, but we don’t have enough people being apprentices and it’s not being able to translate to more people being able to do a job.
And lastly, the lingering COVID effect. Unfortunately, during COVID, people were placing insurance on buildings that were only looked at over the internet on your desktop. And what they come to find out later is that the building has not been maintained, that there’s storage of plastics in there and there’s no sprinkler system. So this has all led to an increase of rates.
And what can you do? In order to be a building owner that’s gonna continue to make money, you have to control your costs. And how do you do that? You have to make a commitment to do so, and you’re gonna do it by controlling your losses.
Steps to control your costs:
What is it that’s been able to be implemented in the last three years so that it protects your office building better now than it was three years ago? All these things will go ahead and poise you into a place where the carrier will look at you favorably and give you more credits.
When you are able to show the insurance company that you are in a mode of safety, maintenance, and security, carriers will give you rates that you can live with and you won’t have to pass on to your customers. It’s a win-win for everybody.
All of these things go into how the insurance carrier rates your property and what they’re going to charge you for premiums. As a commercial building owner, it’s important for you to understand how your property is being rated so that you can make sure you’re properly insured. If you have any questions about your commercial property insurance coverage, reach out to us today!
Or if you’re interested in learning more from Brenda Jo, you can check out her other videos including, Why You Need to Audit Your Commercial Property Insurance.
Over the past several months, most business owners, and individuals alike, have heard mutterings about a recession.
Although we in no way can predict what’s coming, at Competitive Edge Insurance, we thought it’d be helpful to provide business owners with the top three tips they can take to recession-proof their businesses.
Let’s dive in; first, with an overview of what’s going on.
Many Americans might already be feeling the heat with decades-high inflation, record gas prices, and hefty grocery bills.
Bloomberg Economics says there’s close to a 75% probability there will be a recession by the start of 2024.
But how did this happen? And what is a recession?
A recession, as defined by the National Bureau of Economic Research (NBER), is a “significant decline in economic activity that is spread across the economy and that lasts more than a few months.”
This period of time is when the economy contracts and business activity slows down. This can be caused by a number of factors, including a:
Businesses typically suffer during a recession, as there is less money circulating and people are more likely to save rather than spend. This can lead to layoffs, closures, and decreased profits.
As a business owner, it is important to recession-proof your business as much as possible. This means taking steps to ensure that your business can weather a recession and still remain profitable.
There are many contributing factors that have led the U.S. economy to tip its way toward a recession—inflation, supply chain issues, a nationwide labor shortage, the list goes on.
Moreover, The Washington Post notes that the Federal Reserve’s efforts to temper demand and tame prices have also been a contributing factor.
Oracle writes that “since 1950, recessions have lasted between two and 18 months.” This period can be “stressful for business owners, since they don’t know how long it will last. A business can freefall without an end in sight — if it isn’t ready.”
So let us help you prepare.
There are many things you can do to recession-proof your business. For example, business owners can create a business emergency fund, assess their risk tolerance, reduce overhead, and more.
One thing you don’t want in the midst of, or prior to a recession, is workers’ compensation claims being filed against your business. Why? It’s expensive.
Employers face both direct and indirect costs when a workers’ comp claim is filed.
Most obviously, when an employee is out on workers’ compensation, a business owner essentially “loses” their work. You then have to pay for another employee to pick up the slack (overtime in some cases), which can be costly.
Additionally, workers’ compensation claims can:
(Yikes, that’s a lot of money!)
This considered, it’s crucial (especially during this time of teetering toward a recession) to do everything you can to make your workplace safe, and therefore, reduce workers’ compensation claims.
Interested in learning how workers’ compensation plays out for remote workers? Read our article “What Does Workers’ Comp Look Like for Remote Employees?”
Significant layoffs can already be observed across the nation. This considered, a recession can be an especially scary time for your employees.
During this time, as a business owner, it’s especially important to create trust and safety among your employees. Consider doing the following to build employee retention:
The last thing you want during a recession is to get hit without the proper insurance. Typically, business profit is already top-of-mind during a recession.
If a cyber attack occurs, you receive high levels of workers’ comp claims, or an injury takes place on your commercial property, you want to be sure that you have the right insurance in place to keep your business financially protected.
Without proper insurance, a business owner may have to pay out-of-pocket for costly damages and legal claims against their company.
Minimizing workers’ comp claims, creating trust and safety among employees and investing in insurance are our top three tips, but there are so many other steps that you can take to help your business during a recession, such as:
1. Diversify your revenue streams
Don’t rely on just one source of income. If possible, try to have multiple, different streams of revenue coming in. That way, if one or two of them dry up, you’ll still have money coming in from the others.
2. Cut costs where you can
During a recession, every penny counts. Take a close look at your budget and see where you can cut costs. Even small savings can add up over time and make a big difference.
3. Build up your cash reserves
Having a healthy cash reserve is always a good idea, but it’s especially important during a recession. This will help you weather any tough times and keep your business afloat.
4. Focus on customer retention
During a recession, it’s more important than ever to hang onto your existing customers. Keep them happy and they’ll stick with you, even when times are tough.
5. Invest in marketing
Marketing is vital for any business, but it’s especially important during a recession. Why? Because that’s when people are scaling back their spending and being more particular about where they spend their money. If you want to stay top of mind, you need to keep marketing.
It’s easy to get discouraged during a recession, but it’s important to remember why you’re in business in the first place. Stay focused on your goals and don’t let tough times get in the way of your long-term success.
As a business owner, recession-proofing your company is vital to ensuring that success.
Interested in learning more about how to keep your business safe? Read on to find out what types of insurance your business needs during a recession.
The prevalence of employee-owned smartphones and other devices in workplaces across the country has grown considerably in the last few years and shows no sign of stopping. A recent study by Bitglass found that 85% of organizations surveyed allowed their employees to use their personal devices for work functions. If it wasn’t obvious already, the “bring your own device” (BYOD) era is here to stay. While there are numerous benefits of implementing a BYOD policy at your workplace, it can be problematic from an e-discovery standpoint, should your company enter litigation.
E-discovery Basics
Electronically stored information, or ESI, can be subject to discovery, which means it can be requested as evidence in court cases. ESI is a category of discoverable information separate from print documents, and includes both structured and unstructured data such as emails, instant message logs, Word® documents, PowerPoint® presentations and scanned documents.
In litigation, e-discovery is the process of identifying, collecting, preserving, reviewing and producing relevant electronic data or documents as evidence. Determining which ESI is relevant is not simple due to the lack of precedence and established standards; however, it is important to be able to quickly access the right ESI. While failing to produce all required ESI can be considered negligence, handing over too much data could mean disclosing privileged competitive information and jeopardizing corporate strategy or product plans.
BYOD’s Skyrocketing Popularity
Allowing employees to use their personal phones, laptops, tablets or other devices for work purposes has quickly become the new norm. Employees enjoy being able to use their own devices for several reasons:
· They can get more work done on their own devices with a more flexible schedule.
· They may prefer the operating systems of their own devices.
· Company-provided devices may lack the functionality that employees desire.
· Bringing personal activities into their work lives can lead to happier employees and more productivity.
Employees aren’t the only satisfied party. Employers can save money by not having to buy company-owned devices for employees to use, including technical support costs associated with diagnosing problems employees may have. In addition, many employers can save on telecommunication costs, as employees are often willing to self-fund their own mobile plans.
BYOD Litigation Risks
Allowing employees to bring their own devices can seem like a pretty good deal for both sides. However, there are inherent risks with the practice, especially from a legal standpoint. Employers must consider the following risks that may hinder the e-discovery process:
· Since you do not own employees’ devices, you do not have total control over the devices and how they’re used.
· There are many different types of data on devices, depending on the operating system, applications used, etc., and
· separating personal data from business data may be difficult.
· Data on devices can be stored in several locations.
· It is difficult to protect data on employees’ devices from harm, including theft and hacking.
· Employers cannot just seize an employee’s device for discovery—they need consent from the employee.
Best Practices for BYOD Policies and the E-discovery Process
If you have a BYOD policy at your workplace, or are planning to implement one, consider the following to ensure it is comprehensive and e-discovery-friendly:
· Have employees sign an agreement that lets them know how e-discovery requests will be handled, should the need arise.
· Consider using Mobile Application Management (MAM), which allows employers to control how applications perform on employee devices. It can control application encryption and even wipe sensitive data off the phone of a former employee.
· Consider purchasing and implementing one of the many applications capable of separating business data and personal data, making it easy for employers to locate discoverable data.
· Mandate that employee devices be configured to save certain information directly to the company servers.
· Create an acceptable use policy that lets employees know how you want them to handle company data on their personal devices.
· Prohibit employees from uploading sensitive company data to any third-party cloud storage system, such as Dropbox, Google Drive or Box.
· Sync data between employee devices and company servers regularly.
· Educate employees on best practices for keeping all data on their devices safe—the devices may contain sensitive company information.
· Mandate that employee devices be password-protected.
· Ensure that your BYOD policy is forthright and outlines the exact process for e-discovery, including a clear chain of custody.
· Ensure your IT and legal teams are on the same page. Your IT team should be able to advise the legal team on exactly what kinds of data are stored on employee devices and the best way to retrieve the data. The legal team, whether employed or contracted, should be familiar with the e-discovery process to advance the procedure as quickly as possible.
· Require compliance with your BYOD policy. In addition, keep the policy flexible to keep up with the ever-changing data landscape.
· Determine how you will handle the data on phones of former employees. Some companies remotely wipe former employees’ devices, but that can bring up questions about the ethics of deleting personal data from a device.
· Carefully decide which employees can use their own devices. BYOD may not be relevant or useful for all employees.
· Consider listing what devices are and are not acceptable. BYOD does not mean employees are free to use whatever device they wish. Employers may not want to offer support for certain devices due to the particular operating system or inherent security issues.
· Always put data security ahead of employee device security. Your company’s data should always be your number one concern.
Contact Competitive Edge Insurance today for more ways to help make sure your BYOD policy properly protects your company’s data.
What if you could have insurance that paid out when a specific event occurred, regardless of the cost of the damages? This is what parametric risk insurance is all about.
In this blog post, we will discuss what parametric risk insurance is, how it works, and who can benefit from it.
Parametric risk insurance is a type of insurance that pays out a predetermined amount of money when a specific event occurs. The benefit of parametric risk insurance is that it does not require an assessment of the damages caused by the event in order to make a payout. This can be helpful in situations where traditional insurance would not cover the entire cost of the damages.
Parametric risk insurance can be used to cover a variety of risks, including natural disasters, business interruptions, and even political risks. In many cases, parametric risk insurance can provide coverage that would not be available through traditional insurance policies.
One of the key benefits of parametric risk insurance is that it can help businesses to manage their exposure to risk. By having a parametric risk insurance policy in place, businesses can be sure that they will have some financial protection in the event of a major loss. This type of insurance can also help businesses to avoid the hassle and expense of making a claim on their traditional insurance policy.
Catastrophic risk insurance is similar to parametric risk insurance in that it pays out a set amount of money when a specific event occurs. However, catastrophic risk insurance is designed to cover much more severe events than parametric risk insurance. Catastrophic risk insurance is typically used to protect against natural disasters, such as earthquakes or hurricanes. It also protects against riots or terrorist attacks.
An example of a business that has used parametric catastrophe risk insurance is an airline. In the event of a plane crash, the airline would receive a payout that would cover their losses without having to go through the process of filing a claim.
Parametric risk insurance has many benefits over the standard homeowners insurance. One of the main advantages is that parametric risk insurance can cover a broad range of events that are not typically included in homeowners insurance policies, such as flooding.
Another advantage of parametric risk insurance for homeowners, is the speed of a claims payment. With a standard home insurance policy, you need to have your home inspected, get cost estimates from contractors, and in some cases wait for work to be completed before receiving full reimbursement. However, parametric policies pay out as soon as the insurer can verify that the event occurred.
Another benefit is that parametric risk insurance claims can be paid out much more quickly than traditional insurance policies. This is especially useful in widespread disasters, where the claims process can be delayed for months. In addition, parametric risk insurance policies do not have deductibles or exclusions, so the process of making a claim is much simpler.
Parametric risk insurance is important because it pays out a benefit when certain conditions are met, without the need for a detailed claim process. This can be incredibly useful in situations where traditional insurance would be impractical or too expensive.
Some parametric policies can provide cover for things like natural disasters, business interruption, and even death. This means that they can offer protection against a wide range of risks.
Parametric insurance can be used to supplement traditional insurance, or as a standalone policy. Parametric insurance can help to protect against unexpected events and give peace of mind in knowing that you have some financial protection in place.
Examples of businesses that have used parametric risk insurance include manufacturers, government agencies, and airlines. In each of these cases, the policyholder was able to receive a payout that covered their losses without having to go through the process of filing a claim.
One of the main advantages of parametric insurance is that it can help to transfer risk from one party to another. This can be particularly helpful if the party who is taking on the risk is better able to manage it. Additionally, parametric insurance can help to reduce the overall cost of risk. This is because parametric insurance typically pays out a fixed amount of money, regardless of the actual loss that is incurred. As a result, parametric insurance can help to stabilize costs and protect against large losses.
Parametric risk insurance can be particularly helpful for businesses that are exposed to catastrophic events. For example, it can be used to protect against losses that occur as a result of a natural disaster. Parametric insurance can also be used to protect against other types of risks, such as the failure of a key supplier.
The parametric insurance market is growing rapidly. As reported by Business Wire, “the parametric insurance market was valued at $11.7 billion in 2021, and is estimated to reach $29.3 billion by 2031, growing at a CAGR of 9.9% from 2022 to 2031.”
There are a few reasons why parametric insurance is growing. One reason is that traditional insurance can be difficult and time-consuming to file a claim with. Another reason parametric insurance is growing is because it can be used to cover a variety of risks. This type of insurance provides businesses with a way to manage their exposure to these risks.
Utilizing parametric risk insurance can be an effective way for your business to address and cope with risks, but it is important to understand how it works before purchasing a policy. If you are interested in learning more about parametric risk insurance, contact one of our advisors today. They will be able to help you determine if this type of insurance is right for your business.
There are a lot of terminologies to keep track of in the commercial insurance world—two of them being additional insured and loss payee.
While additional insureds and loss payees are endorsements that extend insurance coverage to a third party, there are key differences in the scope of coverage provided in each.
Below, we’ll discuss the difference between an additional insured vs. a loss payee.
An additional insured is a third party—either an individual or business entity—who is added to an insurance policy at the request of the named insured because they have a liability exposure in the relationship.
Typically, an additional insured would be someone who is working with the named insured on a project. For example:
Insureon provides a great example: Say “the owner of an office building hires a janitorial company to clean its premises. If a visitor gets injured after tripping on a box the owner left in a hallway, the janitorial firm could be exposed to litigation.”
Therefore, “to protect itself, the janitorial company would ask the property owner to list it as an additional insured on the owner’s general liability insurance or business owner’s policy (BOP). That way, if the injured visitor sues the janitorial services company for negligence, the building owner’s insurance policy will defend the company.”
When listed as additional insured, the party is then protected under the terms of the policy just as the named insured.
A loss payee, on the other hand, is a third party who is entitled to receive payment from an insurance policy in the event of a loss.
The loss payee is typically a lender (i.e. bank, mortgage company, the lender who financed the purchase of a piece of equipment insured under the policy) who has a financial interest in the property that is insured under the policy.
If that property is damaged or destroyed, the loss payee will receive compensation from the insurance policy.
Sound a little complex? Here’s a great example from Embroker:
You own a pizza restaurant (yum!) To make your delicious pizzas, you’ve rented “your pizza ovens from another company. If you add that company to your commercial property policy as a loss payee, both you and that company could receive payments if a fire breaks out in the restaurant and damages… the rented ovens.”
Why do both parties receive payments? “Because both have insured interest in the property that was affected.” It’s important to note, however, that the loss payee has first rights on insurance claim payments rather than the named insured.
A loss payee is added to a policy via a “loss payable clause,” which is typically added to a commercial auto or a commercial property insurance policy.
While additional insureds and loss payees are both parties who are protected under an insurance policy, the scope of coverage that each provides is quite different.
The key difference between an additional insured and a loss payee is that additional insureds receive liability protection whereas loss payees receive property damage coverage.
Additional insureds are protected in the same way as the named insured, while loss payees are only entitled to receive payment in the event of a loss.
Moreover, additional insureds are typically added to a policy at the request of the named insured, while loss payees are typically lenders who have a financial interest in the property that is insured under the policy.
When deciding whether to add an additional insured or loss payee to your policy, it’s important to understand the difference between the two so that you can choose the endorsement that properly protects your interests.
In any project, it’s important to make sure you have the proper insurance to protect yourself and all parties involved.
A Certificate of Insurance (COI) gives a summary of what coverages someone has, whether it be general liability, workers’ compensation, or property. A COI can also include a description of coverages that might be there or attached; such as additional insured status or waivers of subrogation.
Read on for more on what you need to know about certificates of insurance.
Since even before the pandemic, millions of Americans have left their jobs. In fact, we have more than three million fewer Americans participating in the labor force today compared to February of 2020, according to the U.S. Chamber of Commerce.
So, how can you ensure you don’t create your own labor shortage as a business owner? Read on for our best tips.
What are the signs that a business has great company culture? High employee retention, transparent communication, employee benefits, employee recognition, opportunities for development… The list goes on.
But how do you get to this level? To create a strong company culture, you should consider the following:
Of course, this is a shorthand list of things you can do. Building a strong company culture is crucial to ensuring you maintain the workforce you do have, and don’t create a labor shortage for your own business.
Your workplace, regardless of your industry, needs to be safe. This includes big-ticket items like following any regulations and codes as well as small things like ensuring rugs are adhered to the floor to prevent tripping, for example.
Ensuring your workplace is safe will help increase employee retention and lower your risk of receiving workers’ compensation claims against your business. It’s a win-win.
Read on to learn more about rising workers’ compensation claims and what you can do.
What opportunities are you providing to help your employees grow? Are you paying for outside training? Seminars they’d like to attend?
Increased employee retention is one of the best benefits of a successful learning and development (L&D) strategy. In fact, according to a LinkedIn study, “94% of employees would stay at a company for longer if the business was investing in their career development.”
Implementing learning and development opportunities for employees can help:
In fact, research shows that “businesses that have actively interested and dedicated employees see 41 percent lower absenteeism rates, and 17 percent higher productivity.”
Consider: What training and development might your employees benefit from?
Of course, we wouldn’t be who we are without mentioning insurance. Having the proper coverage for your business makes for safer operations and employees.
Although the types of insurance your business needs vary on a case-by-case basis, most businesses need the following types of coverage at a minimum:
Read on to learn how much business insurance should cost.
Our biggest overarching rule is this: Focus on what matters most. Employee retention is all about making your workforce feel special, valued, and safe. Take some time today to think about how your specific business might achieve this.
Interested in learning more about the labor shortage? Read on to see how the California labor shortage is affecting the construction industry.