Tip & How-To about Finance

Don't forget business insurance!

When I started my small business a year ago there were so many things that I just didnt know or even think to consider when it comes to insuring my business. One of the key policies that I recommend is property insurance, it seems like a no brainer but it is largely overlooked. You have to think of it like how you wouldnt not insure your house incase of fire, its the same with your business. If the building catches fire and you are not insured that can be a huge bill you are going to have to foot! If you live in certain areas prone to earthquakes or have risks of flooding even though insurance can be a little pricey think about the amount you would have to dish out in the case of a flood.

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Which are the top reasons to use small business management software?

General benefits of ERP software are known: increased productivity, streamlined data flow, better team collaboration, reduced operating costs, better business insights, improved decision-making. ERP for small businesses (SMBs) and entrepreneurs (SMEs) means the possibility to get rid of dozens of spreadsheets, that usually gather on top of each other. The trouble with this comes when SMBs experience growth and still try to operate on the same level avoiding the urge to change. The larger a small business grows, the harder it gets to maintain all the workflows. With a proper ERP system that helps to store all the data and organize the resources, SMBs can monitor operations, and eliminate errors.
Most of the small businesses start with the basic stuff, like accounting software and spreadsheets/synced documents. As their business grows and workflow increases, it gets more difficult to process everything at hand. Sales and purchase orders from customers, inventory, processing invoices, keeping track of buyer interactions demand much more effort and time. Especially when information is stored in separate databases. Importing/exporting data leads to errors and loss, as a rule. Then SMBs start to realize that there's a solution out there called Enterprise resource planning software. They research and find out that ERP software enables all departments and employees of your company to be on the same page at any time.


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Do I Require Insurance For My Business?

To apprehend your risks, visit an insurance agent. The insurance agent can also offer you quotes that will help you project exact startup cost. Normally the types of insurance coverage a small business will need to take into account are: legal responsibility, worker's compensation, property, and, in a few cases, bonding.

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Do I Need Insurance For My Business?

1. If you have valuable stock on hand you need to insure it.
2. If you have valuable business equipment you need to insure it.
3. You may need third party liability insurance related to the business.
4. You may need specific types of insurance cover for your employees if you have any.
etc etc etc

Consult with an insurance specialist on all the insurable risks of your business and take it from there. You need to do a risk assessment first with help. Once you have comprehensively assessed your risks you can decide if you will take out cover on specific items and you may decide to take the risk and self insure on some very low risk items.

(You may also want to consider if you can take out a personal income protection cover in the event you get ill or injured and cannot run the business for a period to generate an income).

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Are there specialized business insurance policies for things like doing business overseas?

There are a few different special business insurance policies that you should be aware of if you are doing business overseas. The first is international operations, this policy is to protect your company from claims if you do business overseas since most policies only cover claims in the US. On top of this there may be some more insurance policies that you will want to get in the country of your business much like you do at your American office.
There is the maritime operations insurance that you would have to get if your business is on a water vessel that docks in the US. There may be other forms of this insurance for other countries if you harbor there that you would want to look into on a case by case basis.
The last one you should consider if your business deals with personal traveling overseas its kidnap and ransom insurance. This coverage is used in helping and reimbursing your business in the case that your personnel are kidnapped.

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