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Tag Archives: Business Insurance

Insuring Your Business’s Property? Consider a Replacement Cost Analysis

If their property happens to be destroyed or damaged, businesses must take on a replacement cost to replace essential assets at the same or equal value. The asset to be replaced could be a building, investment securities, accounts receivable or liens. Replacing an asset can be an expensive decision, and companies analyze the net present value (NPV) of the future cash inflows and outflows to make purchasing decisions. Once an asset is purchased, the company determines a useful life for the asset and depreciates the asset’s cost over the useful life. This process can be very overwhelming for businesses. Fortunately, a replacement cost analysis can help your business to determine what your replacement cost is and how you can cover it. Understanding Replacement Costs As part of the process of determining what asset is in need of replacement and what the value of the asset is, companies use the process of NPV. To make a decision about an expensive asset purchase, companies first decide on a discount rate, which is an assumption about a minimum rate of return on any company investment. Then cash outflow for the purchase and cash inflows based on the increased productivity of using a new and more productive asset are considered. The cash inflows and outflows are adjusted to present value using the discount rate, and if the net total of all present values is a positive amount, the company makes the purchase. The replacement cost adapts to market value fluctuations of the particular asset and any other costs required to prepare the asset for use.  When insuring a business property, it’s critical that you determine accurate and up-to-date values that reflect the cost to repair or replace an asset in the event of a loss, such as fire or a natural disaster, that applies to the physical property and the contents inside your business. It’s important to have an insurance program that accurately reflects the values of your property with a Replacement Cost Analysis, which we offer as part of our business insurance products. Special Considerations When calculating the replacement cost of an asset, your business will account for depreciation costs and capitalizes an asset purchase by posting the cost of a new asset to an asset account. The asset account is depreciated over the asset’s useful life and will match revenue earned by using…
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How to be a Great Boss

A great boss makes their employees realize they have more ability than they think they have so that they consistently do better work than they thought they could. Every employee has their unique shape and a good boss needs to be able to find a suitable role for each of their employees. With patience and perseverance, you will be able to shape this wild variety of personalities into a well-working team of satisfied people. Build Trust Trust is needed to turn a group of people into a team. Building trust will help create effective communication, employee engagement and better job performance. You can build trust by always being honest and fair and never gossiping or sharing anyone’s personal information. Show that you’re a team player and others can rely on you. Be empathetic by acknowledging if your  employee is having a hard time. Don’t be afraid to ask them if they’re alright or if they need any help. Give Praise A person who feels appreciated will always do more than what is expected. Recognition at the workplace cannot be underestimated. It is common for employees to  have lower productivity or even leave jobs due to lack of recognition. Recognition is truly motivating and is essential to have a well motivated, efficient team.Employees will be more loyal and satisfied, their individual productivity will increase and their retention will be lowered. Recognize employees by thanking them by name, specifically stating what they are being recognized for, and pointing out the value they add. Inspire your Employees Inspiration at work is about commitment and passion. If your employees love what they do, they will need only a little bit of help from you  to spread their wings. Tell your employees about your vision; people love to know that they are part of something important, while sharing the benefits behind your ideas. Encourage development and share your knowledge. Allow Employees to be Themselves If you don’t accept your employees as they are, you cannot expect that they will feel comfortable in a workplace. If you want for your employees to be highly motivated, you cannot increase the division between home and work. You need to integrate them. Don’t force a strict dress code if it’s not needed, encourage them to talk about their passions, trust them and let them decide how to achieve their goals, and encourage ownership of…
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The Most Effective Ways to Bring Wellness to Your Business

Workplace wellness can be a sustainable and holistic approach to increasing employee satisfaction, motivation and retention for the long-term. Applying an emphasis on health boosts morale and productivity. Utilize these ideas to promote workplace wellness from a practical standpoint. The focus is on enhancing performance and maintaining a company culture that regards each employee as not just a number, but as an asset whose overall health matters. Open and Calming Space Setup of your office with the maximum amount of natural light source to help brighten and energize the space. Limit the use of cubicle dividers to promote team collaboration; this can help refresh the mind, sharpen focus, and moderate stress. Use indoor plants like ferns, bamboo, palm trees or aloe vera, to purify the air and help reduce both tension and fatigue. Consider creating a meditation or stand-up desk space that can be shared by employees throughout the day. Opt for Moving Instead of Sitting Sitting for long periods of time on a daily basis increases the risk for diabetes, cancer, depression, heart disease, obesity, and joint or muscle issues. Rather than remaining sedentary for long stretches of time, incorporate exercise into the workplace through incentives like standing desks instead of office chairs, and outdoor walks instead of conference room gatherings. Start an office-walking initiative, encouraging employees to walk together at lunch and take walking meetings. Reward employees with things like work from home half-day, half-day Fridays, or catered lunches. Active Team-Building Events Encourage both physical activity and employee bonding for one Friday afternoon a month so, employees don’t have to make time outside of work hours. Have employees engage in a collaborative activity that requires teamwork; these might include: Rock climbing Game of kickball Group hike or day at the park with soccer balls, Frisbees or other items employees can use to say active. Stand-up paddle boarding or surfing Volunteer event like Habitat for Humanity In-Office Wellness Workshops Bring professionals into the office to teach employees new techniques and strategies for being healthy in a fun, group setting. Here are a few workshops to consider: Self-Defense: This is a fun, and non-traditional workshop idea that will empower employees and get them up and moving. Cooking Class: If you have a full kitchen in your office, this is a fun way to help employees learn how to cook healthier….
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How to Create an Effective Mission Statement

If you want to be able to clearly articulate your business’s purpose to its employees and its potential customers, you need the right mission statement. It is important for a business to have a mission statement that can truly resonate with people while still being an accurate description of the business. To do so effectively, approach this creation with authenticity. You must ask yourself a few questions about your brand and the company’s foundation. The statement should end up as a clear, concise declaration about your business strategy. Define the Market Imagine someone making the decision to buy what you sell. Determine why they would want it, how to get it, and what buying from you does for them. The more concrete, the better.  Explain the so-called “why to buy”  to define the target customer.This will define how your business differs from others. This isn’t actually part of the mission statement but an important brainstorming step to get your started in the right direction. Consider What You Have to Offer Start your mission statement with the good that you have to offer. This is your chance to state whatever it is that makes your business special for your target customer. Don’t undervalue your business: You don’t have to end world hunger to be doing good. For example, offering trustworthy auto repair or organic local food narrowed down specialty in the neighborhood. Incorporate Company Culture Determine how your company culture sets you apart. Smart businesses are good for their employees too or they don’t last. Company culture, rewarding, and motivating people all truly matter. Qualities like fairness, diversity, respect for ideas and creativity, training, tools, empowerment, strongly impact company image. Most businesses claim to prioritizes those things. Include how your company  actually brings those general goals to life. A mission statement can serve as a reminder for owners, supervisors, employees and as a reference for self-enforcement. Return to Your Roots Ponder upon the ideas that the business was built on.  Only a small amount of businesses are actually about “share value” and “return on investment.” If you seek growth more than profits, incorporate that into the statement.  Is it a business where you are happy to be working, with people you want to work with? If so, write that into my mission statement. This element is not always used in mission statements since most are, aimed…
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The Benefits of Hiring Overqualified Workers

Often, employers get nervous and avoid hiring candidates that are overqualified for a position due to a fear that the individual will either get bored and leave quickly or demand higher salaries for their work. While you want to protect your business from any staffing issues that arise by having the best New York Business Insurance available, you also want to make sure to hire the best candidates for a position. Here are some reasons why hiring overqualified candidates is actually a beneficial way to go. Training Most of the time, overqualified candidates do not need extensive training on the job they are being hired for. Chances are that amongst their qualifications, comes the basic skills that others would need to be trained on. However, do not assume that they have knowledge on every aspect of the job. Just because you won’t have to train them on the basics doesn’t mean they won’t need job-specific training. Energy and Expertise Hiring an overqualified employee can bring new levels of energy and expertise to your company. Being experienced, they have probably picked up skills from previous employers that can help increase productivity and offer a new view on the way things are being done. If a candidate seems to be enthusiastic, or tends to excel in a certain area of their position, give them an opportunity to grow within your company. Management Due to their knowledge and experience, overqualified employees are generally easier to manage. They can be self-sufficient and know when they need a little extra assistance. These candidates tend to be able to get the job done faster due to a better work ethic. Along with being easier to manage, they have potential to lead within the workplace. Overqualified candidates have the ability to move up quickly into leadership roles if growth within the company is available. Larger Knowledge, Lower Price Most of the time, a candidate that is applying for a job that they are overqualified for is aware that they will not be making as much as they could in a higher level position. They are generally applying to your company because something about your business intrigues them. Take advantage of the knowledge that they bring to a lower paying position. However, do not take them for granted. If they perform well and are an asset that deserves…
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NY Photographers Insurance: Time Management Tips for Photographers

NY Photographers Insurance: Time Management Tips for Photographers If you are a photographer, you understand that you don’t have a typical 9-5 job. Your schedule is typically dictated by the subjects or by Mother Nature in the case of outdoor photos. This can make time management tricky, especially as you approach the holidays. So, how do you find a work-life balance? Here are some time management tips for photographers from the owner of Patch 36 Photography Jenna Stoller. Set Business Hours. Share these hours on your website and with current clients. Having set hourly boundaries in place will help you in your business as well as your personal life. Be sure also to define when the best time to reach you is, and if possible, have a business phone line. Decide What You Can Handle and Stick With It. In any business, if you are trying to do too many things, chances are you won’t excel at any of them. Decide what your schedule will look like, and physically mark off the days that you decide not to schedule clients. Stay Organized. Write down everything that needs to be done, even if it seems miniscule. It is easy to get overwhelmed and bogged down with work during this time of year. Prioritize what needs to be done first, or begin with what you dread doing the most. Find a system that works for you. Specialize. You may find that when it comes to the holidays, you have multiple requests and you have a hard time deciding who to turn down. One potential solution to this issue is finding a specialization and sticking to it. Maybe you enjoy shooting pictures of families, or perhaps babies. If you find this limits you, consider raising your prices to make up for the loss. Following these time management tips should help you stay focused this season and throughout the year. At A.J. Benet we understand the importance of a comprehensive Business Insurance policy. Our product options include things like Commercial Property Insurance and Liability Insurance. Whatever your professional NY professional photography Insurance needs are, we can find solutions. Please contact us today at (888) 639-4560.

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Westchester New York Business Insurance: Cyber Safety

Westchester New York Business Insurance: Cyber Safety If you allow your employees to have access to the Internet, then cyber safety should be a top concern. This involves more than just installing a firewall to protect your business network. The right combination of hardware, software, and education will provide your business with a safe internet environment. Here are just a few tips you should follow and share with your staff to ensure cyber safety. Don’t Download or Install “Free” Software, Music, or Ebooks. It’s a smart idea to ask yourself, “How is somebody making a profit off of giving this software away?” when you see a deal such as this. There are legitimate offers out there, such as Adobe giving away their Adobe Reader program, but it’s better to err on the side of caution when it comes to business computers. Know Which Sites Are Safe. Knowing what types of websites to avoid can protect your business’s security. Individuals assume that the only “dangerous” sites are porn and gambling sites. Though these should never be allowed into your business, these are not the only sites that introduce risk. Install a Hardware Web Appliance. This is inserted in between your local area network and your internet connection. These appliances can filter out spam, stop malware from being downloaded, restrict Internet access, and generate reports on employee online activity. Monitor Employee Internet Usage. The best way to do this is with a software based solution. The standard configuration consists of a central server that gathers information from the software that is installed on every employee’s computer. In addition to following these steps to ensure online safety within your business, it’s vital for your company to be covered by a Cyber Liability Insurance policy. At A.J. Benet, we serve the New York business community as well as surrounding areas with exemplary service, meaningful recommendations, and claims follow-up with fast resolutions. Contact us today for more information at (888)639-4560.

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