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Small Business Essentials: Business Interruption Insurance

As a small business owner, it is crucial to be prepared for a disaster to strike.  It is particularly important for small businesses to obtain business interruption insurance, because this important policy will help tremendously in the case of a catastrophic event by assisting in alleviating the harmful effects of business interruption. If a Disaster Strikes Business interruption is the loss of income and forced temporary closure to a business as a result of a damaging incident, and it can be extremely costly if you are not properly insured. One never knows when a disaster may hit, so it is vital to be equipped with a coverage that could be the key survival tool for your business. This coverage will compensate for lost income of your company during period of restoration needed as well as physical loss due to disaster-related harm. These unwanted occurrences may include storms, fires, acts of terrorism, or even cybercrime. A business that has to shut down may lose customers to competitors, so resuming business  quickly should be the main goal after a disaster. Business interruption coverage is frequently added to a property insurance policy or included in a package policy. Essential Protections Obtaining the proper insurance can mean the life or death of your business if a detrimental event was to take place. When your business is at stake, business interruption insurance is likely to help save it. It is unfortunately common for small business owners to overlook this coverage.  Oftentimes, disaster damage management is forgotten about or the importance of it is underrated, and small businesses’ lack of planning for disaster recovery is a huge risk. A recent study found that more than half of small business owners said it would take them at least three months to recover from a disaster, and the same study found that 69 percent said they have an evacuation plan at home but over a third believe it isn’t important for their businesses to have a disaster recovery plan. It was also found that 44 percent of these small business owners do not have a plan readily accessible if disaster hit. Small businesses are the least likely to obtain interruption insurance, yet are most effected by disaster. It is in your best interest to protect what you have worked so hard to build. About A.J. Benet Inc. Insurance…
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Small Business Essentials: Conflict Resolution

The diverse demographics that make up today’s workforce are bound to not see eye to eye on everything. However, failing to address conflict head on only leads to decreased morale, efficiency and productivity. Rather than ignore the issue, here is how you can resolve conflict within your small business and promote a fair and pleasant working environment. Next, secure your entire operation and minimize liability with a New York EPLI policy. Get to the root of the issue. If you have big conflicts in your workplace, it’s likely caused by a bunch of smaller issues that have been piling up over time. This key is to speak with your team and determine what the root cause of the conflict is, and be receptive to feedback regarding discrimination, unfair treatment, or someone not pulling their weight. Take emotion out of the equation. It’s not uncommon for tempers to flair, but do your best to take emotion out and focus on the facts. It’s also wise to give the benefit of the doubt to whoever is responsible for starting the conflict. It likely wasn’t done with negative intentions, so be sure to focus on solving the issue rather than placing blame. Give perspective. People are more reasonable in their reaction if they are given a more complete picture or fuller context, describing the conditions that led to the situation and why the activity (or lack of activity) caused conflict, explains Small Business Trends. Think before you speak. As a leader, it’s your duty to portray the behavior you want your employees to emulate. Think about what you want to say rather than responding on impulse. This is a time where people are on edge and likely frustrated, and you don’t want to make matters worse. Work collaboratively to find a resolution and move forward. Once the solution is identified, remind your employees that you want to start on anew. About AJ Benet Inc. Insurance Agency At AJ Benet Inc. Insurance Agency, we make sure that your New York Business Insurance policy includes more than the simple general liability and product liability. Our policies extend in cases where you underlying limits are exhausted. Our team of experts are willing to go the extra mile and not only protect your business but understand it. For more information, call us today at (914) 381-2040.

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