Is your business properly insured?

Business People Meeting Corporate Teamwork Collaboration ConceptThere are nearly 31 million small businesses nationwide, and it’s estimated that three-quarters of them have either not enough commercial insurance or no coverage at all. Does this surprise you?

The official definition of a small business is a company that employs fewer than 500 people. Research shows that the smaller the company, the less likely they are to have adequate insurance coverage.

The top claims made by small businesses include burglary/theft and damage to property caused by perils such as water, wind, hail, fire and freezing temperatures. Another top source of claims: Legal claims made by customers, including those injured at the company’s place of business. A BOP, short for Business Owners Policy, combines vital business property and liability coverage into one convenient and affordable policy and can be an ideal solution for home-based businesses and other small firms. As a business grows, however, its insurance needs change. Many growing companies don’t keep up in the area of insurance and risk management.

Business continuity is yet another area in which small businesses fall short. About 70 percent of new businesses survive the two-year mark and half survive the five-year mark. But only one-third of all companies remain in business after 10 years. One of the biggest sources of business failures is a lack of planning for the unexpected. Businesses that have a plan for unexpected events have a much higher survival rate than those that don’t. According to the U.S. Small Business Administration, 40 percent of businesses never reopen after a disaster. Most of those that go out of business did not have enough insurance, the right coverage or any coverage at all. It’s estimated that 75% of businesses in the United States are underinsured in some way by 40 percent or more, according to international data analytics firm Marshall & Swift.

As licensed insurance professionals, consider our team at Accurate Protection a part of your key advisory team. We’ll partner with you to perform a thorough analysis of your company and its unique risks and find the best solutions for managing those risks. With Accurate Protection, you’ll get an insurance program specifically tailored to your needs, with the right amount and type of coverage, at an extremely competitive rate. Learn more about us on our website: https://accurateprotection.com/.

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Workplace happiness is based on more than just money

43847169_SAs an employer, you want your best and brightest employees to be happy. But did you know that for most people, money can’t buy workplace happiness? Research shows that keeping employees happy is more than just paying them a good — or great — salary or giving them a raise.

According to one new survey, more than half of workers earning a salary of $75,000 or more consider themselves ‘generally unhappy’ at the office. Other studies show that higher-income workers aren’t necessarily any happier than those earning moderate incomes. So what does make people happier at the office? Here are three things that research tells us employees nationwide and in a variety of industries are looking for from their jobs:

Respect. One survey found that ‘respectful treatment of employees at all levels’ and ‘trust between employees and senior management’ ranked higher than compensation, benefits and job security among employees. Surprised? Researchers say that creating a more ‘human-based workplace’ can pay a big role in employee happiness — and ultimately retention — in companies of all sizes. Employers who are genuinely interested in their employees and their unique goals and challenges and make an effort to help with career development are rated much more highly than employers that show less of an interest.

Less conflict. Studies also show that workplace conflict is a major reason why the best and brightest employees leave companies. That includes unresolved conflict among co-workers and between employees and management. Few of us like conflict and most workers find conflict at work a distraction or at worse, a reason for seeking employment elsewhere.

Flexibility. One study by global accounting firm PwC found that workers who have flexibility, such as the option to work at home at least one day per week, have significantly higher job satisfaction than those who are not allowed some choices in when, how and where they do their work. Even those who are allowed to work at home when they have a sick child — or take time off for family obligations without feeling guilty — are more likely to be happy at work. Time off without guilt and flexible schedules are prized by employees in all types of positions and industries.

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