Small Business Saturday is just around the corner, and it’s the perfect time to celebrate and support local businesses. This annual event, which falls on the Saturday after Thanksgiving, encourages consumers to shop locally and discover the unique offerings of small businesses in their communities. As we approach this special day dedicated to small enterprises, we also want to help you seize the opportunities the day presents. In light of Small Business Saturday, here are some tips on making the most of this day while safeguarding your business with the right insurance coverage.

1. Prepare a Special Promotion.

Entice customers by offering special promotions, discounts, or exclusive deals for Small Business Saturday. Create a sense of excitement that encourages shoppers to choose your business over larger retailers.

2. Decorate and Showcase Your Business.

Dress up your storefront with festive decorations and eye-catching displays. Make your business a welcoming and visually appealing destination to attract foot traffic.

3. Leverage Social Media.

Promote your Small Business Saturday offers and events on social media platforms. Use hashtags like #ShopSmall and #SmallBusinessSaturday to join the online conversation and reach a broader audience.

4. Collaborate with Other Local Businesses.

Consider partnering with nearby businesses to cross-promote each other. Collaborative efforts can help draw more customers to the local area.

5. Offer Personalized Service.

What sets small businesses apart is their ability to provide personalized and attentive service. Ensure your staff is knowledgeable and ready to assist customers with their needs.

6. Plan for Crowds.

Expect an influx of customers, so have a plan to manage the increased foot traffic efficiently. Ensure that your store layout is customer-friendly and that checkout lines move swiftly.

7. Collect Customer Information.

Use the opportunity to collect customer information, such as email addresses, to build your customer database. You can use this information for future marketing efforts.

8. Safety and Security.

With increased activity, it’s vital to prioritize safety and security. Ensure your premises are well-lit, and consider having security personnel or surveillance in place.

9. Evaluate Your Insurance Coverage.

While you prepare for a successful Small Business Saturday, don’t forget to review your business insurance. Ensure you have adequate coverage to protect your business from unexpected events like accidents, theft, or property damage.

10. Promote Year-Round Customer Loyalty.

Small Business Saturday is an opportunity to attract new customers, but it’s essential to focus on retaining those customers in the long run. Offer loyalty programs, discounts for returning customers, and incentives to keep them coming back throughout the year.

Small Business Saturday is more than just a shopping day; it’s a celebration of the resilience and creativity of small business owners. As you gear up for this special occasion, remember to safeguard your business with the right insurance coverage. Our agents specialize in business insurance solutions designed to protect entrepreneurs like you. You can find members of our team locally at convenient times for your benefit. This Small Business Saturday, let us help you secure your business so you can focus on turning this day into big opportunities for growth and success.

As we approach Veterans Day, we want to take a moment to express our deepest gratitude to all veterans for their unwavering dedication and service to our nation. In honor of your sacrifices and commitment, here are ten ways to ensure your business’s success and safeguard your hard-earned progress.

1. Get Support Through the Office of Veterans Business Development (OVBD).

Start by tapping into the OVBD’s resources, which include mentorship, training, workshops, and business plan assistance. These services equip veterans with essential skills and tools for business management, helping them navigate the entrepreneurial landscape confidently.

2. Find Funding for Your Small Business.

Securing your initial capital is essential, and there are various veteran-focused funding opportunities to explore. Consider programs like the SBA Veterans Advantage 7(a) Loan, known for its low interest rates and fee reductions. This financial support ensures you have the necessary resources to launch your business successfully.

3. Insure Your Small Business.

Protecting your venture is vital, and having the right insurance coverage can save you from a financial disaster. Don’t overlook workers’ compensation and liability insurance. These safeguards shield your business, employees, and personal finances from potential claims or legal issues, providing peace of mind.

4. Craft a Winning Business Plan.

Begin with a comprehensive business plan outlining your goals, strategies, and financial projections. A well-structured plan provides direction and attracts potential investors or lenders to support your business, setting a solid foundation for growth.

5. Choose the Right Legal Structure.

Determine the appropriate legal structure for your business, whether an LLC, corporation, or sole proprietorship. Consulting legal professionals is a wise step to make an informed decision that aligns with your unique business needs and goals.

6. Conduct Market Research Like a Pro.

Prioritize thorough market research to understand your target audience, competition, and industry trends. Informed decisions based on research will guide your business strategy effectively, increasing your chances of success.

7. Secure Your Business with Insurance.

Shield your business from unexpected setbacks by investing in comprehensive insurance coverage. Explore options like general liability, property insurance, and workers’ compensation to minimize risks and maintain business continuity.

8. Explore Veteran-Focused Resources.

Leverage resources designed explicitly for veteran-owned businesses, including government programs, grants, and mentorship opportunities. These tailored resources provide crucial support and guidance, giving you a competitive edge in your industry.

9. Network to Build Key Connections.

Building a network is invaluable. Connect with other veteran entrepreneurs, industry peers, and local business organizations. Networking can lead to valuable partnerships, advice, and opportunities as your business journey progresses.

10. Prioritize Employee Well-Being.

Your team plays a pivotal role in your business’s success. Prioritize employee well-being by offering competitive benefits and fostering a positive work environment. Happy employees contribute to a thriving business culture, enhancing productivity and customer satisfaction.

As you grow your veteran-owned business, remember that success often comes with challenges. However, with determination, strategic planning, and the right insurance coverage, you can mitigate risks and seize opportunities. Reach out to our agents in your area for insurance solutions tailored to your business. This Veterans Day, we stand ready to support you in your journey toward entrepreneurial success, ensuring your vision thrives and prospers.

National Business Women’s Week is celebrated during the third week in October every year. This gives us an opportunity to recognize and honor working women. For nearly a century, this celebration has helped promote leadership roles for women. Trading old habits for better ones can help women become more effective leaders in their organizations. Here are nine habits of strong female leaders.

Step Out of Your Comfort Zone

To be a strong leader, you must have courage. Rather than operating in your comfort zone, participating only in areas where results are predictable, eagerly welcome new ideas and the opportunity to learn. Welcome new challenges, even if there is a risk of failure.

Demonstrate Emotional Intelligence

Avoid reacting to troubling work situations with hurt, fear, anger, or difficulty managing emotions. Instead, monitor your own and others’ emotions. Use intelligence and empathy to lead, manage, and collaborate with your team, peers, and the organization’s leaders. Practice calmness to help you keep emotions in check when making decisions and effectively lead others.

Communicate Effectively

It is important to assert your leadership and influence with your voice. Speak up and speak out concisely. Repeat your message as often as necessary to make it stick. This particularly applies when your purpose is to establish a vision for the future or change or norm with your team. Practice persistence and do not give up, even against resistance.

Listen Actively

The best leaders have the (often rare) ability to listen. Be open to communication from your team. This can help you get the most from your employees and better understand any resistance or difficulties. If an employee comes to you with a complaint about another team member, direct them to HR so they can report the issues and monitor what occurs.

Develop a Leadership Presence

Instead of taking a backseat at the table, walk, talk, and look like a leader. Accept credit for your own accomplishments, and give credit where it is due to help engage and inspire your team. Delegate responsibility to associates and find ways to empower others. Develop a habit of confidence. Know you will succeed, and know that others believe it as well.

Set a Good Example

A good leader leads by example. Be intentional in everything you do. Start and end meetings on time. Request feedback routinely. When you lead, others are watching. Your reputation will reflect your actions.

Cultivate Good Relationships

Make it a practice to consistently develop relationships with leaders and influencers inside and outside of your organization. Cultivate these relationships by listening, learning, sharing, supporting, and contributing.

Be Adaptable

In addition to confidence, perseverance, and creativity, all leaders need adaptability. Demands are different in every job and work environment, and they will continue to evolve with the workforce, client needs, and technology. Leaders need the ability to weather changes and use them to their advantage.

Ignore Bad Advice

To move forward, you must stick to a sound plan based on knowledge of your company, industry, and clients. This may involve ignoring some advice, particularly from uninformed or inexperienced sources. Only listen to those who have experience in the area concerned.

October is National Cyber Security Awareness Month. With the increasing prevalence of cybercrime in small businesses, it is crucial to be aware of the risks and take the necessary actions. The following statistics were reported by Small Biz Trends:

• Nearly 43% of cyber attacks target small and medium-sized businesses.
• Only 14% of targeted small businesses are prepared to handle cyber attacks.
• Costs of cybercrime are expected to increase by 15% over the next few years, reaching $10.5 trillion by 2025.

The following tips can help small business owners avoid cyber attacks:

Secure Networks and Databases

Set up firewalls and encrypt information to help protect your networks and reduce the risk of hackers gaining access to confidential information. Ensure your Wi-Fi network is password-protected and hidden. Databases provide companies with a central location for data and documents, but they should not be used to store any and all information. Be selective about the data stored in company databases. Set automatic backups to occur once a day or once a week, depending on the level of activity. This can help protect you against losing all your company’s data should a cyber attack occur.

Establish Security Policies and Practices

Set up policies to protect your company from cybercrime, along with guidelines for resolving any issues that may arise. Outline how situations should be handled and the consequences for employees violating these policies.

Control access to company devices. Prevent access by unauthorized users to handheld devices and company computers. Laptops and cell phones can be easily lost or stolen, which makes them targets for cyber theft. Before disposing of devices, reset them to the factory settings.

Educate Your Employees on Cyber Security

Employees are essential in protecting and securing information about the company, its customers, and their co-workers. Talk to them about the role they play. Explain company policies and what practices are acceptable and unacceptable. To minimize the risk of downloading viruses or malware, limit the number of users within the company who have administrative access.

Train employees to distinguish real notifications from fake antivirus warning messages. Alert IT immediately if anything questionable occurs. Have a policy in place for steps to be taken if an employee’s computer becomes infected with a virus. Malware obtains information by getting onto devices via the internet, email, social media, downloads, and attachments. Key-logging malware tracks everything a user types on his or her keyboard. Keep security software updated to help prevent malware from getting onto your company’s system and networks.

Consider Cyber Liability Insurance

Cyber liability insurance is a combination of coverages that protect businesses from data breaches and other cyber security issues. It can cover costs associated with notifying customers of data breaches, recovering compromised data, repairing damaged computer systems, and helping replace lost income due to a cyber incursion. Meet with our experienced agent for help finding cyber liability insurance at the best available rates.

Watching your business prosper and grow can make all your hard work seem worthwhile. As you enjoy your success, it is important to be aware that as your business grows, risk management considerations increase accordingly. You may need to revise your business insurance because of expansion or any of various other factors.

How Do Most Businesses Get Started With Insurance Coverage?

For most business owners starting out, the cost of business insurance is an important consideration. Busy with operations, they typically allocate little time to risk management and insurance solutions. Many start with a Business Owner’s Policy (BOP), a bundled insurance package providing several essential policies, such as general liability, commercial property, and business interruption insurance. BOP packages are often purchased by owners of small and medium-sized businesses who want to handle all their insurance needs in one place at affordable rates. For businesses with employees, workers’ compensation insurance, which is not included in a BOP, is required by most states.

When Should You Adjust Your Coverage?

When businesses expand, they are likely to outgrow their original BOP packages. After reaching a certain growth threshold, a new insurance strategy may be required. As they begin earning higher profits, it will become more important to prioritize risk management and safeguard assets with the appropriate commercial insurance coverage.

Businesses are only eligible for BOPs when they employ fewer than 100 people and generate less than $5 million in revenues. Even if a business is still eligible after significant growth, it is likely they will need additional customized insurance coverage for protection against new risk exposures. Any of the following situations should prompt a review of coverage needs:

• Hiring employees: Most states require employers to carry workers’ compensation insurance once the first employee is hired. You may also consider employment practices liability insurance (EPLI) for protection against employment-related claims such as discrimination or wrongful termination.
• Changing or adding locations: If you relocate to a larger property after your business grows or add another location, it is essential to update your commercial property insurance to ensure you have the coverage you need.
• Acquiring vehicles: Your business should obtain commercial auto insurance when it purchases its first vehicle for protection in case of accidents on the road.
• Renovating commercial property: When you install new equipment, update structural features, or add additional space to your business property, your commercial property insurance coverage should be adjusted in accordance with the increase in overall value.
• Offering different services or products: If new products or services are introduced to boost your company’s profits, consult with our experienced agent to determine if you need policy adjustments or specialized liability coverage for protection against new risk exposures.
• Digitalizing operations: Using workplace technology to digitize certain operations can increase company efficiency and promote growth and profits. It may also increase the risk of a cyber-attack and your need for cyber liability insurance.

Meet with our knowledgeable agent to review your business insurance. We can help ensure your company has the coverage it needs at the lowest possible cost.

The long Labor Day weekend is a time for backyard barbeques and celebrating the holiday with family and friends. It is also an excellent time to review your coverage and ensure you have the following five main types of insurance to help protect your business.

Business Owner’s Policy (BOP)

Business Owner’s Policies (BOPs) are among the most popular insurance bundles for small business owners. They typically combine commercial property insurance and general liability insurance. In some cases, they also include business interruption insurance. General liability insurance protects your business from liability in case a third party is injured, or someone’s property is damaged on your business premises. It can also protect you from libel, slander, and advertising injury claims.

Business Interruption Insurance

Also called loss of income insurance or business income coverage, this type of policy protects you in case a covered event disrupts your ability to operate your business. When business income stops temporarily, business expenses do not. Business interruption insurance can help cover your bills and payroll in the interim.

Commercial Auto Insurance

Generally, personal auto insurance will not cover business use. It is important to have commercial auto insurance to cover your business vehicles and their drivers. This type of policy may include:

• Liability: This covers bodily injury or property damage to third parties.
• Med Pay: Covers medical expenses arising from accidents up to policy limits for you, your employees, and your passengers, regardless of who is at fault.
• Comprehensive: Helps pay for damage to vehicles from vandalism, theft, weather, and events other than crashes.
• Collision: Covers damage to your vehicles caused by a collision with another vehicle or object or a rollover, regardless of fault.
• Uninsured/underinsured motorist: This coverage pays for medical expenses and damages owed to you or your employees or passengers due to an accident caused by an underinsured, uninsured, or hit-and-run driver.

Commercial Property Insurance

This coverage provides the protection you need for leased or owned business buildings and properties. It includes machinery, equipment, furniture, and inventory contained in the building. Damage caused by flooding generally is not covered by commercial property insurance. Work with our experienced agent to ensure you have protection from any potential flood losses.

General Liability Insurance

Also known as business liability insurance, general liability protects your business from claims involving bodily injury and property damage. When claims arise from your products, services, or business operations, it typically covers medical expenses for which your company may be held liable and your attorney fees. It does not cover employee injuries (which are covered by workers’ compensation insurance) or auto accidents. General liability coverage may be purchased in a standalone policy or bundled with other key coverages in a Business Owner’s Policy (BOP).

In addition to the five main types covered above, you may need other types of business insurance, such as workers’ compensation or Errors & Omissions (E&O). Meet with our experienced agent to ensure you have the coverage your business needs at the best available rates.

Errors and omissions (E&O) insurance is a type of professional liability insurance. It is designed to protect professionals, including companies and workers, against claims of negligent actions or inadequate work brought by clients. Companies that provide services to customers for fees often purchase E&O insurance.

What Does Errors and Omissions Insurance Cover?

Generally, E&O insurance covers actions of professionals providing a service, including:

• Errors, mistakes, or oversights
• Failure to meet a deadline or deliver a service promised to a customer
• Failure to meet a specific standard of care as outlined for a given profession
• Professional negligence
• Breach of contract

If a company is sued, errors and omissions insurance may cover legal fees and court costs, whether or not the company is found to be at fault. E&O insurance may also cover settlements, judgments, damages, and expenses incurred by others for professional wrongdoing.

What Will E&O Insurance Not Cover?

E&O insurance will not cover criminal prosecution or liability that arises from illegal acts, intentional wrongdoing, or criminal activity. It does not cover bodily injury, employee injuries, discrimination claims, or information leaks due to cybercrime. Errors and omissions insurance may not cover temporary employees of a company.

What Is the Difference Between E&O Insurance and Liability Insurance?

Errors and omissions insurance is the same thing as professional liability insurance but different from general liability insurance. E&O insurance is designed specifically to cover mistakes made in the operation of a business. General liability insurance, on the other hand, is geared toward claims for bodily injury or product liability.

Who Needs Errors and Omissions Insurance?

Most businesses in which professional advice is given, or professional services are rendered need E&O insurance. Companies sued by clients can be held liable for millions of dollars in damages in addition to their legal fees. Examples of professionals who typically purchase E&O insurance include real estate brokers and agents, insurance brokers, financial planners, investment advisors, contractors, general maintenance companies, engineering firms, printers, and wedding planners. Doctors, dentists, and other medical professionals, as well as lawyers, carry E&O coverage, known as malpractice insurance.

Mistakes made on behalf of a client can be costly. Professionals working in financial industries, such as accounting, real estate, insurance, and investments, can certainly benefit from errors and omissions coverage. Clients may sue financial professionals if they incur losses due to errors made in a consultation, application process, or investment decision. In fact, many regulatory agencies require employees in these professions to obtain E&O coverage, either independently or through their employers.

How Much Does E&O Insurance Cost?

The cost of errors and omissions insurance can vary widely, depending on the type of business, where it is located, and whether any claims have been paid to that person or company previously. A professional or company that has been sued multiple times in the past is likely to pay higher premiums. On average, the cost of E&O insurance is approximately $500 to $1,000 per employee, per year. Our agent can help you find an E&O policy to suit your business needs at the best available rates.

If you are wondering when the best time is to get business insurance, the answer is now. The protection it can provide is essential for your business, and some types of coverage may be required by law. The following are six reasons to purchase a business insurance policy now:

Some Business Insurance Is Required by State Law

Most states require small businesses to carry some type of business insurance. The two types of business insurance most often required by state law are:

• Workers’ compensation insurance: If you have employees, most states will require you to carry workers’ comp insurance to cover the costs of work-related injuries and illnesses and provide disability benefits while employees are unable to work.
• Commercial auto insurance: Most states require commercial auto insurance for vehicles owned by a business. Coverage must be sufficient to meet your state’s auto liability insurance requirements. Commercial auto insurance can help pay for medical expenses, property damages, and legal costs in case of a lawsuit.

Business Insurance Protects Your Customers

Just as workers’ compensation insurance can help protect your employees, a Business Owner’s Policy (BOP) can help protect your customers. This type of policy can combine business property and liability coverage. If a customer slips and falls or is otherwise injured on your business property, a BOP can help cover medical costs. Data breach insurance included in a BOP can help cover identity protection solutions and liability if a security breach occurs.

Business Insurance Can Help Your Company Grow

Having the right business insurance builds credibility for your company. It shows customers and contractors that you are on top of managing risks. In fact, many contracts require insurance protection. You may need business insurance to lease building space, take out a business loan, and enter into various other contracts.

Business Insurance Can Help You Attract and Retain Top Talent

Currently, it is a job seeker’s market. Prospective employees are looking at the entire compensation package, not just salary, in a job search. Employer-sponsored health plans and life insurance are popular benefits that help attract and retain employees.

Business Insurance Can Provide Protection Against Natural Disasters

Natural disasters, such as fires, lightning, tornadoes, hurricanes, and flooding can happen nearly everywhere in the U.S. It is essential to have the right insurance coverage to protect your business assets in case of a disaster.

Business Insurance Can Help Protect You Against Lawsuits

We live and conduct business in a litigious society. Any company can be sued for any number of reasons. Lawsuits against businesses are brought for a variety of reasons, including breach of contract, employee claims of discrimination or harassment, accidents and injuries, and claims of intellectual property rights infringement. Business insurance can help cover your legal fees and costs associated with lawsuits.

One important reason to have business insurance is the peace of mind it can bring you. Meet with our experienced agent to discuss an affordable business insurance package to suit your company’s needs.

After the global pandemic, more people are working remotely than ever before. While working from home during the lockdown, many employees became accustomed to the benefits, including greater work-life balance. Managers also became aware of the advantages to companies of having employees work remotely. Moving forward, it is critical to update business insurance coverage to suit the new operating basis.

Why Should Business Insurance Be Updated With Remote Workers?

Homeowners and renters insurance are not designed to cover businesses. Most policies exclude coverage for any business-related losses. When employees are working from home, it creates exposure to risk in various ways, including:

• Damage to company-owned property, such as computer equipment
• Cyber theft and data breaches
• Commercial crimes
• Company liability for employee injuries

What Types of Insurance Does a Business With Remote Workers Need?

Employers need certain types of commercial insurance to cover employees working from home. These include:

• Commercial property insurance: In addition to a building or office space, commercial property insurance covers equipment and devices used at home by remote workers. This may include computers, office furniture and equipment, electronic devices, and other company-owned property used by employees working remotely.
• Cyber liability insurance: The potential for cybercrime is one of the greatest risks of having remote workers. Cyber liability insurance protects against data breaches. It is essential when employees who deal with sensitive information are working from home. Third-party cyber liability insurance can protect your company in case a client sues over a data breach that occurs remotely. It covers attorney fees, court costs, and damages. First-party cyber liability insurance covers damages your business suffers from a data breach. This may include the costs of notifying affected customers and providing them with credit monitoring.
• Workers’ compensation insurance: Most employers are required to carry this coverage under state laws. Workers’ comp extends to remote workers as well as on-site workers. It protects employees working from home in case they are injured while performing their jobs. To be eligible for workers’ compensation benefits, employees working from home must prove that the injury occurred during business hours in the course of performing work duties.
• General liability insurance: This insurance includes medical coverage. It can help protect your business from liability for bodily injury or property damage to third parties caused by your employees or your company. It also covers advertising injuries, such as libel and slander.
• Errors and omissions (E&O) insurance: This coverage applies when allegations of errors, omissions, or negligence are made. If you are in a service-based industry, you may need E&O insurance for your remote employees. It is common coverage for real estate agents, marketing consultants, graphic designers, accountants, advertising agencies, and other businesses that provide services.

If having remote workers is a new development for your company, your business insurance coverage may need updating. Our friendly agent will be happy to discuss the risks to your business with employees working from home and help you find the right coverage at the best available rates.

Small to medium-sized businesses store sensitive personal information for their clients, customers, and employees. They may be more vulnerable to cyber attacks than larger companies with more highly developed security infrastructures. A cyber attack can disrupt the continuity of your business and lead to a costly recovery process. Your business insurance policy may not protect you fully unless it includes cyber liability coverage.

What Is Cyber Liability Insurance?

Cyber liability is a specialty insurance product designed to protect businesses from internet-based risks and from risks relating to information technology (IT) infrastructure and activities. This coverage can protect your business against computer or technology-related losses, such as phishing or ransomware attacks, or in case a laptop or mobile device containing sensitive information is lost or stolen.

What Does Cyber Liability Insurance Cover?

The damage your business suffers because of a cyber security breach is covered by cyber liability insurance. This may include investigative services and identity recovery, which includes the costs of regaining control of identity information after a theft. It will also cover the costs involved in recovering your company’s data after a breach. This insurance covers damage because of a cyber-attack on your customers or business partners, including customer notifications, legal fees, and settlements.
Many cyber liability insurance policies will cover:

• Funds lost due to fraudulent instruction by a third party
• Lost business income and recovery costs due to a data breach or ransomware demand
• Costs of compliance with regulatory requirements and fines
• Costs of defense against lawsuits
• Expert breach response services

Who Needs Business Cyber Liability Insurance?

If your business accepts credit cards, maintains a website, uses computers and/or mobile devices, or collects or stores customer data, you are vulnerable to a cyber attack. Sensitive data may include names, email addresses, phone numbers, addresses, social security numbers, and other personal information. In the event of a data breach, you may be liable for the costs of notifying affected parties and providing credit monitoring to those parties if your data has been compromised or lost.

You could lose money through fraudulent phishing or receive a ransomware demand from hackers. All types of small businesses can be targeted by cybercriminals, including online retailers, consultants, bookkeepers, accountants, and medical practitioners.

In What Scenarios Could You Need Cyber Liability Insurance?

Cyber liability coverage can help protect your business in a variety of cyber threat scenarios, including:

• Data breaches
• Cyber extortion threats
• Suspected network intrusions
• Denial of service
• Network outages
• Security or network wrongful acts

Among other things, it can cover a ransom you are forced to pay to regain access to your data, protect you from lawsuits filed by customers or employees because of privacy breaches, and cover your public relations costs to restore your company’s reputation after a data breach. With cybercriminals becoming more sophisticated and organized today, it is more complicated than ever for businesses to protect their data. Speak with our knowledgeable agent about including cyber liability coverage in your business insurance package.