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
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
erage needs for
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
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.
• If it turns out that what you can do won’t
work for them, let them know you’re sorry you
Adhering to yourself, your priorities and
your other customers can be a win-win for everybody involved. C
Learning to say no
PAUL AND SARAH
Paul and Sarah Edwards
are the authors of ;;
MORE IN ARCHIVES
search “Paul and Sarah