The Costco Connection

BY RAKESH GUPTA

FOR MANY business owners, business insurance is a major consideration when they start out, but it doesn’t always get due attention as the years go by. A business can change drastically over time, so its insurance policies must adapt as well. Risks can fluctuate based on number of employees, owned assets, location, services and more, so a set-it-and-forget-it mindset about insurance can become a problem.

Just as parents have to buy new shoes
for their kids’ rapidly growing feet, busi-
ness owners need to ensure their insur-
ance fits their business as it continues to
grow. Today, ;; percent of small busi-
nesses are uninsured or underinsured and
at risk of paying out of pocket for massive
damages in the event of a loss, according to
McKinsey & Company, a business man-
agement consultant. To avoid gambling
with their business’s future, o wners should
routinely review their insurance policies
to ensure that the business
has the coverage it needs.

Policy reviews not only identify coverage gaps, but also catch mistakes, ensure the whole business is protected, uncover discounts and potentially save money (when comparing quotes from other companies).

In addition to an annual policy check-in, events that should spark a policy review include the following.

Adding new employees. Adding an employee is a wonderful growth milestone that comes with the need for additional workers’ compensation coverage. Sufficient workers’ compensation insurance means you won’t need to worry about the stress of medical bills and lost wages in the event that an employee gets hurt while on the job.

Adding new services. Introducing new
products or services is another exciting
sign of growth
that comes with
additional cov-
erage needs for
new equipment,
delivery vehicles
or professional
liability.

New locations. Moving into a new storefront or office may mean adding additional inventory or equipment, as well as signage and property that need coverage.

Natural disasters. Local and national disasters like hurricanes, earthquakes, floods and fires are reminders to ensure that natural-disaster coverages are in place for your small business. It’s also important to have an emergency-preparedness plan for your business. C

Rakesh Gupta is COO of biBERK.com, a Berkshire Hathaway company specializing in small-business insurance.

Four reasons to review your
business insurance
FOR YOUR BUSINESS

IN BUSINESS, saying no can be especially difficult. Saying yes to every request, or a particular request, when you should have said no can leave you falling short on your agreements or feeling overwhelmed, angry and resentful.

In fact, research shows the more difficulty you have saying no, the more likely you are to experience stress, burnout and even depression. Ultimately, though, when you respect yourself, your customers are more likely to respect you.

This means that in business, as in other aspects of life, you need to set boundaries between what your customers want and what you can do. Customers might be angry or disappointed, but that’s less likely if you say no in a constructive way. And it’s better than saying yes and then not delivering.

You can say no in multiple ways that are respectful and courteous. An effective no starts by giving yourself permission to set boundaries without guilt or embarrassment. Here are some tips for effectively handling these situations.

Don’t do this:

• Beat around the bush with phrases like “I
• Start apologizing and giving a string of
excuses and explanations for why you can’t do
what is being asked for.

•Assume no is the only answer. There is almost always an alternative.

Follow these “do’s”:

• Remain polite, courteous and considerate.

• Let your customer know that you would like to be able to help.

• Ask questions to be sure what the customer needs, and hold the thought that you might be able to avoid a flat-out no.

• When you’re sure you know what the customer needs, tell them, “Here’s what I can do,” and ask if that will work for them. If you’re not sure what to propose, tell them you’ll get back to them shortly with what you can do.