Archives: 2019

A Guide to LLC Insurance for Small Businesses

Many small business owners choose to operate as limited liability companies (LLCs) for the liability protection they offer. While registering as an LLC can shield personal assets from business liabilities, it will not eliminate all risks. LLC insurance is essential to help your small business weather unexpected challenges, such as property damage, lawsuits, and other unforeseen events. 

Why Do LLCs Need Business Insurance?

While LLC status separates personal and business liabilities, there are limits to the protection it provides. For example, if a client or customer slips and falls on your premises and sues for damages, your business assets could be at risk. Insurance fills the gaps where LLC protection ends. It allows your business to recover from lawsuits, property damage, and other liabilities without draining its resources. Having insurance also serves as a statement to your clients and partners that yours is a credible and responsible business. 

What Types of Insurance Should LLCs Consider?

LLC insurance needs can vary depending on size, operations, and industry. The following are some of the most common types of policies to consider:

• General liability Insurance: This coverage is the foundation of business insurance and essential for most LLCs. General liability insurance covers legal fees, medical costs, and settlements if someone claims your business caused property damage or bodily injury. 
• Workers’ compensation insurance: Most states require employers to carry workers’ compensation insurance. It covers medical expenses and partially compensates for lost wages when an employee suffers a work-related illness or injury. Workers’ comp also helps protect business owners from the financial consequences of workplace injuries. 
• Professional liability insurance: Also known as errors and omissions (E&O) insurance, this coverage is designed for businesses providing professional services. It can help protect an LLC against claims of negligence, mistakes, or failure to deliver as promised. For example, if a client accuses a consulting firm of providing faulty advice that led to financial loss, professional liability insurance could help protect the company.
• Commercial property insurance: This coverage may be wise if your LLC rents or owns property. It helps protect physical assets, such as buildings, inventory, furniture, and equipment, against risks such as fire, vandalism, or theft. Even a home-based business can cover business equipment that your homeowners’ policy will not.
• Cyber liability insurance: This coverage is essential for LLCs handling sensitive customer data or operating digitally. It protects against the costs of data breaches, hacking, and other cyber threats. With cybercrime on the rise, cyber liability insurance can help safeguard your reputation and financial stability.
• Business interruption insurance: Natural disasters and other unexpected occurrences can temporarily halt operations and lead to lost revenue. Business interruption insurance can compensate your LLC for income lost during such periods caused by covered events.

How Much LLC Insurance Do You Need?

When it comes to LLC insurance, one size does not fit all. The best approach is to tailor your coverage based on your industry, operations, and location. For example, while a tech startup may focus on E&O and cyber liability insurance, a landscaping business is more likely to prioritize general liability and equipment coverage. Our experienced agent can help you tailor an insurance plan for your LLC at the best rates available. 

The Difference Between Condo Insurance & Home Insurance

Like homeowners and renters, condo owners need insurance coverage to protect them from financial loss caused by perils such as fire, theft, and lawsuits. However, condominiums are different from homes or apartments. Although part of the building or property belongs to the condo owner, some of the condo belongs to the condominium association. Therefore, insurance coverage is different for this type of dwelling. 

What Types of Insurance Policies Cover Condos?

There are two types of insurance policies for condos: one for the condominium association and another for individual condo owners. Typically, the master policy for the building and shared spaces is purchased by the association, while the condo owner buys insurance for their unit. 

• Condo association insurance: The master policy typically covers the building itself, including the roof and siding, as well as shared common areas, such as grounds, pools, and hallways. In some cases, coverage may extend to the unit’s interior to cover floors, ceilings, bare walls, and standard fixtures.
• Individual condo insurance: These policies are designed to protect a specific unit and cover damage to the home and your belongings. Also known as HO-6 insurance, it is usually required by mortgage lenders and many condominium associations. Personal condo insurance covers what the master policy does not, such as electronics, furniture, and other items inside the unit. It also provides liability coverage if a visitor is injured inside the home. 

How Does Condo Insurance Differ from Homeowners Insurance?

Home insurance is designed for traditional homeowners who own the structure of the house and the land it sits on. It is more comprehensive, as the coverage extends to the roof, garage, fences, sheds, exterior structure, and the condo interior. It covers personal belongings, whether they are inside or outside the house. Typically, it also offers broader liability protection if a visitor is injured anywhere on the property, indoors or out. It often includes loss-of-use coverage to pay for temporary living arrangements if the home becomes inhabitable due to a covered event. 

Condo insurance applies to the interior of the unit, including the walls, ceiling, and flooring, and protects personal belongings, such as clothing, furniture, and electronics. It provides liability coverage for medical and legal expenses if someone is injured inside the unit. It can help pay for costs shared if the association’s master policy does not fully cover damage to common areas.

What Is the Role of the Master Policy in Determining Condo Coverage Needs?

The association’s master policy plays a major role in determining the coverage needs of condo owners. The main categories of master policies are:

• Bare Walls-In: This type of policy covers only the frame of the structure and the shared areas, leaving condo owners responsible for everything inside their units.
• All-In: Coverage is extended to include built-in features, such as flooring, cabinets, and fixtures.

Condo owners must understand what the association’s master policy covers to avoid over-insuring or leaving critical gaps in coverage. Our knowledgeable agent can review the master policy and help you find the right condo insurance at the most affordable rates. 

Reduce “Quiet Quitting” with the Right Group Benefits

The modern workplace is shifting, and employees are increasingly reevaluating their priorities. Terms such as “quiet quitting” and “burnout” are no longer simply buzzwords—they are real challenges that organizations must address. Fortunately, the right group benefits can help increase employee engagement and reduce quiet quitting and burnout. 

What Is Quiet Quitting?

The term “quiet quitting” does not mean employees are quietly leaving their jobs. It means they are becoming less invested and engaged in their work and performing only core job duties and nothing more. These workers continue to fulfill their primary responsibilities, but quiet quitting indicates that employees are unhappy or experiencing burnout. In many cases, it is the first step toward an employee’s departure, either by resigning or being let go for performance that no longer meets expectations. Quiet quitting may stem from work-related stress, dissatisfaction, lack of recognition, or burnout.

What Is Workplace Burnout and What Role Does It Play?

Burnout is a chronic state of physical and emotional exhaustion, often accompanied by decreased effectiveness and feelings of detachment. It is a key contributing factor to quiet quitting. Burnout results from workplace stress that has not been managed effectively. The ripple effect of burnout can lower morale and productivity across the organization. At a time when retaining top talent is particularly challenging, addressing burnout should be a top priority. 

How Can Group Benefits Reduce Burnout and Quiet Quitting?

One of the most effective ways to combat employee burnout and reduce quiet quitting is investing in the right group benefits to show employees their well-being matters and to help build a culture of mutual respect and trust. The following benefits can make a difference:

• Flexible work arrangements: Allowing employees to control their work locations and schedules with flexible work arrangements, such as remote work options or adjusted working hours, can significantly reduce stress levels and improve work-life balance. 
• Comprehensive health insurance: Access to healthcare is fundamental. Comprehensive health coverage with stress management programs and telehealth options signals to employees that their well-being is important.
• Paid time off (PTO): Burnout often occurs when employees feel they are never free from the stresses of work. Generous paid time off and PTO policies encouraging employees to take time for themselves can help prevent emotional and physical exhaustion.
• Wellness programs: Consider initiatives such as yoga classes, gym memberships, mindfulness workshops, and financial wellness seminars. Wellness programs that go beyond the basics can have a significant impact. Employees who feel supported in all aspects of their lives are less likely to disengage.
• Recognition and growth opportunities: Employees who see a path forward from their current positions are likelier to stay committed and engaged. Tuition reimbursement, professional development opportunities, and mentorship programs can help them feel valued and more invested in their roles. 

In today’s competitive landscape, it is more important than ever to proactively address the issues around quiet quitting and burnout with thoughtful group benefits and a culture of care. Our knowledgeable agent can help you tailor a group benefits package to the needs of your team. 

5 Essential Compliance Tips for Restaurant Owners

Running a restaurant is a complex task that requires managing staff, pleasing customers, and marketing to keep customers coming in. Amid the daily hustle, compliance with regulatory requirements can slip down the priority list. Overlooking these requirements can lead to serious financial and legal consequences that can jeopardize your business. The following five essential compliance tips can help restaurant owners navigate this complex landscape:

Understand Food Safety Regulations

Food safety is crucial for every restaurant. Regulators rely on the Food Code published by the U.S. Food and Drug Administration (FDA). Violations could tarnish the reputation of your business or even lead to closure. A thorough understanding of all food safety laws, including hygiene practices, storage guidelines, and temperature controls, is crucial. 

Do not skimp on equipment such as refrigeration units and thermometers, and invest in regular training for your staff. General business liability insurance is essential to cover medical expenses, legal fees, and settlements if a customer claims to have contracted food poisoning at your restaurant. 

Stay Compliant with Wage and Hour and Employment Laws

Managing workers involves more than giving instructions and writing paychecks. You must also comply with wage and hour law and other employment law issues, ensure tips are distributed correctly, and maintain accurate records. In an industry with high employee turnover, disputes over pay are common. Noncompliance with state and federal employment laws can lead to expensive fines or lawsuits. 

Restaurant staff face unique risks daily, from slip and fall accidents to kitchen cuts or burns. Workers’ compensation insurance is required in most states. It also protects your business from financial fallout if an employee is injured.

Obtain the Right Permits and Licenses

Restaurants are heavily regulated, from food handler permits to liquor licenses. Operating without the proper documentation can lead to fines, forced closure, and legal action. Acquiring the necessary permits initially is not enough. You must also stay on top of renewals and any changes in regulations. 

Business insurance plays an essential role in shielding your restaurant from financial and reputational harm. If you serve alcohol, liquor liability insurance is a must. This coverage protects from lawsuits stemming from alcohol-related incidents, such as an accident caused by a patron after leaving your establishment. 

Protect Customer Data

In addition to employee data, many restaurants in today’s digital age collect customer data through credit card payments, online reservations, and loyalty programs. With that comes responsibility for safeguarding sensitive, personal information. Safe data storage and access procedures and compliance with Payment Card Industry (PCI) standards are essential. A data breach can damage your restaurant’s reputation and lead to significant financial losses. 

Cyber liability insurance is essential coverage for restaurants. It can help cover the costs of data breaches, including legal and notification expenses and public relations efforts. Cyber liability insurance is a wise investment in a time when one security lapse can put your business in the headlines for the wrong reasons and lead to the high costs of resolving claims. 

Be Prepared for the Unexpected

Compliance is more than simply following the rules. It also means being prepared to bounce back during natural disasters, equipment breakdowns, and other unexpected events. Business interruption insurance can replace lost income if your restaurant is temporarily closed due to a covered peril. 

Our knowledgeable agents can help you find the coverage you need to protect your business and comply with the industry’s many rules and regulations. 

How Does My Credit Score Affect My Insurance Rates?

March is National Credit Education Month—and many of us could use some help. When we think about credit scores, most of us are aware that our credit scores can affect loan approvals, car financing, credit card limits, or whether you are at the top of the list of tenants a landlord will consider. 

Another area where credit score plays a critical role is in determining insurance rates. Your credit score, calculated from the information in your credit report, directly influences how much you pay for auto, homeowners, or renters insurance.

What Is the Connection Between Credit Scores and Insurance Rates?

Insurance companies are in business for profit and are concerned with managing risk. Each policyholder represents a unique set of probabilities. The goal is to assess the likelihood that you will file a claim, the potential payment for that claim, and your overall reliability as a customer. They use a combination of factors, including your credit score, to assess the risk. 

They do this because studies have shown a correlation between claim behavior and credit scores. Insurers assert that individuals with lower credit scores are statistically more likely to file claims, and those claims tend to be costlier. Although this is not true for every person, data-backed trends provide insurance companies with the rationale for factoring credit scores into their calculations. 

Insurers do not look at your raw credit score like a bank or lender might. Instead, they use a specialized “insurance score” that considers credit history but focuses on factors insurers believe are more predictive of your risks as a policyholder. Outstanding debts, late payments, and the length of your credit history could play a role in determining your insurance score.

What Impact Does Credit Score Have on Insurance Rates?

Your credit score could influence your rates for auto, homeowners, or renters insurance as follows:

• Higher score = lower rates: If your credit score is strong, insurers perceive you as financially responsible and less likely to file frequent or frivolous claims. Consequently, you are likely to have access to better insurance rates.
• Lower score = higher rates: On the flip side, a lower credit score may signal financial instability to insurers. They may require higher premiums to offset the perceived risk.
• Exception to the rule: In some states, insurance companies are restricted or prohibited from using credit scores to determine insurance rates. Your credit score may not affect your insurance premiums if you reside in one of these states. 

How Can You Improve Your Insurance Rates?

If your credit score affects your insurance rates, taking the following steps can improve your credit score. While it will not happen overnight, these actions can make a significant difference over time:

• Pay bills on time: Payment history is one of the most significant factors affecting credit scores.
• Reduce credit card balances: A high ratio of balances to limits can negatively impact your score. 
• Avoid opening new credit accounts: It can temporarily lower your score due to hard inquiries on your credit report.
• Check your credit report: Review the report for errors that could drag down your score unnecessarily. 
• Meet with our experienced agent: We can work to get you the best available rates for the insurance coverage you need. 

Review Your Insurance Rates

It’s always smart to review your insurance policies regularly and shop the market to see if you can save on your rates. Contact our agency today to speak with an experienced agent who can help you find the best coverage at the right price!

How to Improve Benefits with Employee Feedback

The benefits packages of the past do not suit our modern-day workforce. In an age where working from home has become the new normal, businesses strive to find ways to entice and retain the best talent. The best way to attract the “stars” in your industry is to find out what they want first. How? Feedback. 

How Do I Collect Employee Feedback?

Having a regular inflow of employee feedback helps executives keep a finger on the company’s pulse. Knowing how employees and associates feel about your benefits can open the door to improvements that allow management and employees to win. Collect employee feedback using the following:

• Surveys: These can provide an overview of employee sentiments. They can also be easily shared through an email or link. When tallied up, the percentages show what benefits are wanted, needed, or should be discarded according to majority opinion. 
• Focus groups: Focus groups usually consist of representative members from the different areas of your company. By discussing subjects with open-ended communication in a group setting and listening to the responses, you may find a deeper understanding of group sentiments. You can appoint a human resources staff member or hire a professional to conduct these meetings. 
• One-on-one meetings: Personal meetings can provide qualitative information to help you to understand your workforce better. 

How Do I Analyze My Feedback?

When analyzing the feedback you collect, look for broad areas of agreement. If 95 percent of surveyed employees wish they had better dental coverage, and 85 percent say they do not use vision coverage, the data provides invaluable direction. The information shows that improving your group dental insurance benefits would be appreciated company-wide.

Focus groups and personal meetings provide an in-depth understanding of employee needs. Always consider the majority opinion rather than a single person’s concerns, as the goal is to benefit the entire group. 

What Steps to Take After Your Analysis

If you get a large staff sample in surveys, you will discover clear trends. Following the “95 percent want better dental” example, you could speak with one of our group insurance agents to learn about dental programs offering better coverage. It is rewarding for employees to know their opinions matter and see changes based on their input. 

Gathering Employee Feedback: Why it Matters.

Employees’ voices matter; they need to feel heard. Encouraging employee contributions through surveys and focus groups can help:

• Increase engagement: Staff will feel like they are part of the decisions made by management.
• Increase employee tenure: Employees who feel they are being heard are more likely to stay with your company.
• Streamline costs: By conducting regular reviews, you can reduce the cost of benefits your employees don’t need or want.
• Improved culture: A continuous flow of communication between employees and management fosters greater understanding and a culture that employees appreciate.

Employee Benefits Packages That Work

If you want to improve your employee benefits, an updated group insurance policy can be crafted to suit your budget while being a powerful attraction for new hires. Talk with one of our agents today to evaluate your current benefits package—we can build a custom benefits package that reflects the real-world needs of your team.

Your Guide to Purchasing Small Business Insurance

Small business insurance can help independent business owners better cope with the challenges and risks inherent in their work. Several types of small business insurance policies are available—what’s right for you?

Types of Small Business Insurance Policies

All small businesses need to be insured. The types of policies available include the following:

General Liability Insurance: These policies protect against personal injury lawsuits, property damage caused by third parties, lawsuits or claims regarding false advertising, copyright infringement, and other legal claims that are costly to defend.

Commercial Property Insurance: This policy covers the cost to repair or replace lost, stolen, or damaged property that belongs to your business, such as retail inventory, office furnishings, or specialized production equipment. 

Business Owner’s Policy (BOP): A BOP combines general liability and commercial property insurance and often offers a cost-saving advantage. 

Business Interruption Insurance: Policies that protect you against unexpected business temporary closures, such as those caused by fire, flood, or another natural disaster. It can also be included as part of BOP. 

Professional Liability Insurance: This insurance best suits businesses that provide professional services. It covers lawsuits over errors, negligence, or oversight on the part of the service provider. 

Cyber Insurance: This policy type can help cover the costs of a harmful cyber-attack on your business, including ransomware and data breaches. 

Worker’s Compensation Insurance: If your employees become injured or get ill at work, worker’s compensation insurance will cover their lost wages and medical costs during their recovery.

Commercial Auto Insurance: These policies cover the legal, medical, and property damage-related expenses if your work vehicle causes an accident. 

Hired and Non-Owned Auto Insurance (HNOA): HNOA pays for accidents that involve cars that are not owned by the company, such as rental, leased, or personal vehicles used in business activities.

Why Do I Need Business Insurance?

Three reasons you need business insurance as a small business owner: 

• You and your clients are protected: If a client files a claim against your business or products, having insurance can avoid the time-consuming and costly process of fighting a lawsuit. 
• Your employees are protected: A small business insurance plan can cover job injuries and employee illnesses.
• It is a legal necessity: Depending on your industry, you must satisfy state and federal minimum business insurance requirements. 

Find Out Your Legal Requirements

Knowing what the legal insurance requirements are for your field or industry is key. Laws on insurance vary by state and industry, so check your state’s website for information. The following federally required insurance for all small businesses with employees, according to the Small Business Administration:

• Worker’s compensation
• Unemployment
• Disability insurance

Assess Your Risks

You’ll also want to consider the specific risks your business faces. For example:

• If you sell products, you will need product liability insurance to protect against defective product claims. 
• If you provide services, professional liability insurance can cover claims against alleged errors and negligence. 
• If you hold significant physical assets, commercial property insurance can protect against fire, smoke, wind, hail, water, and vandalism. 

Plan for Expansion

Think about the future and how to ensure your business can steadily grow. Starting with the bare minimum leaves no room for expansion. Always aim for the maximum coverage possible. Greater coverage allows for increased security and continued prosperity. 

Discuss Your Coverage Needs with an Agent

Once you know your risks, discuss your needs with one of our qualified small business insurance agents. We can help you fine-tune your policy to ensure the right fit for your budget and business activities. 

Choose the Best Insurance for Your Small Business

Determining the insurance to put in place to comply with the legal requirements and provide security for your company can be challenging. Luckily, you don’t have to do it alone. One of our small business insurance agents can work with you to develop a tailored policy that addresses your unique needs. Call today to schedule a consultation. 

Your Winter Electrical Safety Checklist

National Home Warranty Day was last week, so it’s an ideal time to take steps to protect your home from excessive wear and tear with a home warranty. Homeowners can guard against the unexpected with specific personal insurance policies. Keep your home safe and warm this winter with these critical electrical safety tips arranged in a handy checklist. 

Outside Power Lines and Electric Components

Ensure Your Power Lines are Clear

Heavy snow and storms can cause trees or heavy branches to fall onto energized power lines. If you see any trees that could interfere with your electricity supply or pose a fire risk, contact your utility company or a private electrical contractor with tree-trimming services to address the problem and ensure your property and home are safe.

Find and Label Your Breakers

If you haven’t been to your electrical panel recently, now is the time to re-familiarize yourself with the unit. Label what area of the house each breaker controls so it is easier to flip the right switch if a circuit blows.

Inspect and Protect Electrical Panels and Outlets

Take a brisk walk around your property and check all outdoor panels, outlets, or junction boxes are protected from the elements. Water from melting snow and ice can pose a shock hazard, and dirt and debris will eventually erode exposed electrical elements. Replace any missing covers as needed to protect these external parts of your setup.

Shield Equipment from Snow and Ice

If you have larger equipment outdoors, such as ventilation units, lighting fixtures, or wiring, be sure they are shielded with waterproof covers. Inspect any outdoor wiring for damage and get any wires showing wear replaced immediately.

Run Any Generators Outside

A generator can be a lifesaver in case of a power outage. Gas-powered generators produce toxic fumes like carbon monoxide, a colorless and odorless killer. If you are running a generator, be sure it is located outside and adequately ventilated. You can use an open outdoor shed to keep snow off the system. When using extension cords, always follow the manufacturer’s guidelines; don’t overload what the cord is rated for. 

Your Home’s Electrical Safety: Inside 

Watch for Water Leaks

Water near electrical systems increases the possibility of shock or fire due to the extreme conductivity of water. Inspect the roof, basement, and areas prone to water intrusions to find leaks before they lead to an electrical fire. 

Check Your Electrical Cords

The use of extension cords increases during the cold weather season. Space heaters, electric blankets, holiday lights, air purifiers, and other electrically powered items may be used. Inspecting extension and electrical cords on heaters and other electrically powered units yearly is essential to ensure no cords show any wear and tear. Replace all cords that pose a risk of fire due to wear.

Avoid Overloading a Single-Circuit

Each circuit in your home delivers a specific amount of electrical energy. If you use a power strip, be mindful of how many appliances or devices you plug into the unit. Spread high-powered appliances to different circuits or only plug in one appliance at a time to avoid tripping a breaker or causing an electrical fire due to circuit overloading. 

Understand Space Heater Safety

Never leave a space heater unattended. The U.S. Department of Energy records about 25,000 house fires related to space heaters yearly. If you need a space heater to stay comfortable, follow the manufacturer’s instructions and ensure the unit is placed a safe distance from blankets, drapes, and other items that could ignite. Any space heater used in the home should have a shut-off feature that activates if the unit is knocked over. Check the cord and plug powering the heater. If it is hot to the touch, immediately move the heater to another outlet. Then, recheck the unit. If the cord remains hot, replace the heater.

Test Your Detection Alarms: Smoke and Carbon Monoxide

Regular testing of your smoke and carbon monoxide alarm can give you peace of mind and alert you to smoke or carbon monoxide. Smoke alarms should be replaced every 10 years as a minimum, and batteries should be replaced yearly. The batteries need replacement if you hear a high-pitched chirping noise.

Stay Safe, Warm, and Secure This Season

This checklist will help you and your loved ones stay safe and warm with a properly functioning electrical system. A personal insurance policy can be a lifesaver for more protection from various risks. Your home warranty and personal insurance provide security and peace of mind, so you are confident you and your family are protected from fire. Contact our agents today to see how the right home insurance policy can benefit you by protecting the safety of your home. 

Why Employee Benefits Benchmarks Matter

It’s a competitive world. In today’s marketplace, you must offer more than a good salary to attract the employees you want on your team. That’s where employee benefit benchmarks come in.

What is an Employee Benefit Benchmark?

A “benchmark” is defined by the Oxford Dictionary as:

“A standard or point of reference against which things may be compared or assessed.”

In employee benefits, a benchmark refers to comparing your business’s benefits packages with your competition and the industry at large. There is not one set measurement per industry but a host of metrics that, together, paint a picture of the companies that provide the most competitive benefits. 

Internal Benchmarking

Your company already offers group benefits. Do you know which ones employees appreciate the most? Do you have data on which benefits are most appreciated by your team and which benefits are less popular? This information can help you make the right choices and establish the best group benefits. 

External Benchmarking

External benchmarking requires evaluating the benefits offered by other companies in your industry. What types of benefits do they offer? Are they attracting the talent you’d like on your team due to the benefits packages they offer?

How Do I Determine Employee Benefit Benchmarks for My Company?

To review your existing benefits in internal benchmarking, perform staff surveys and evaluate the data regarding your employees and how they use the benefits your company provides. Staff surveys on a sizable sample of employees provide the data you need. For in-depth understanding, include questions that ask employees to elaborate on their responses. Reviewing your records to see what benefits your employees use the most is a revealing exercise. External benchmarking requires research into the benefit packages your competition offers and evaluating the standard benefits offered to employees in your specific industry. 

If I Know the Benefit Benchmarks for My Industry, How Do I Use Them?

Once you know where you stand, you can use internal benchmarks to enhance your employee benefits package. If your research shows employees use the group dental insurance most often, it can be worthwhile to enhance those benefits by choosing a better plan. If you discover that very few of your team take advantage of a free gym membership, it is probably safe to cut this benefit and invest in what your employees feel they need. Some of the most valued employee benefits include: 

• Group life insurance
• Group vision insurance
• Group health insurance
• Group disability insurance
• Group pension insurance

External benchmarks can incentivize the best talent, as they recognize that your company values its employees. This signals that your business has a supportive culture, a vital consideration for new candidates. 

How Often Should I Assess Employee Benefit Benchmarks?

Performing one employee benchmark review is insufficient, as the data changes with time. As employee needs change, your benefits package can be updated. By operating a continuous feedback loop through your HR department, you can respond to emerging trends. Your benefits package should be reevaluated every year based on the data you learn throughout the year.

Give the Best Benefits, Get the Best Talent

Is your employee benefits package looking less appealing than the competitors? Great benefits attract the stars in the industry and can help you avoid losing your best team members. Let us help you find the group benefits insurance that fits your organization’s needs. Contact one of our local agents to review your existing benefits package and advise you regarding newer programs on the market that offer more.

What is a Loss Control Program, And Do I Need One?

A loss control program is a coordinated set of actions or practices that help locate and address potential risks for a business. The program could evaluate losses from employee theft, financial difficulties from claims or lawsuits, and other risks. A tailored loss control program reduces risk and mitigates the extent of economic losses when unexpected incidents occur. 

How Do I Know If I Need a Loss Control Program?

Most businesses can benefit from a loss control program. The first step is to review your business’s risks. You have risks unique to your enterprise, along with a range of standard risks. Some common potential losses that many companies share include:

• Product theft
• Damaged inventory
• Workplace injuries
• Property damage
• Online security threats
• Client claims

Developing a Plan

Set clear targets to reduce the risk of potential loss in each area. Speaking to a business insurance agent at our firm can help. We can help walk you through your business insurance options and what policies offer. Your loss control program should list the actions to take, deadlines for completion, and the individual responsible. Vague or unclear targets rarely get completed—be specific.

Most businesses find that having a safety manual for employees is a practical part of a loss prevention program. Educating your staff makes them more likely to respond to emergencies correctly and confidently.

Getting Your Plan into Action

Take the targets from your planning papers to the physical universe. Have the assigned executives complete their tasks such as:

• Employee safety manual: Have the safety manual written, printed, distributed, and read by all employees. 
• Security cameras: Get cameras installed if needed, and place clear signage about video surveillance as a deterrent. 
• Anti-theft tags: If you work in retail, implement RFID tags. 
• Inventory monitoring: Perform regular inventory reviews to ensure your products are safe from employee theft.
• First aid stations: Be prepared in case of an accident. Purchase a quality first aid kit, or several if you have larger premises. Place first aid kits in easily accessible locations. Ensure your employees are informed where first aid supplies are available should an unexpected injury accident occur.

Monitoring Your Results

Without feedback, ensuring your efforts are working is challenging. Close the loop by asking staff and customers to share their thoughts. Do they feel more secure? Do they understand what actions to take to help avoid unnecessary risks? Regular safety training ensures your employees know what to do in case of fire, an injury, or any incident requiring immediate intervention.

Improve Your Loss Control Program

A loss control program will be outdated over time. As your business expands and changes, so do its needs. Business insurance covers many aspects of your business and can act as a safety net, ensuring your business can flourish. Some insurance providers may reward company owners who have implemented a loss control program by offering lower premiums. 

Business Insurance Gives Peace of Mind

Loss control programs can go a long way to keeping your products, clients, and personnel safe from harm, but they can also protect your enterprise from unexpected financial losses. Speak with one of our business insurance agents today to have your current policy reviewed and learn if new options on the market could better serve your operation. You have worked hard to build your business; your business insurance policy safeguards against losses you can’t afford.