Blog

The small business franchise has become one of the most popular ways to almost guarantee success when opening a business.  With endless possibilities, people are grabbing onto the small business franchise concept, and are making a good amount of money doing it.  However, simply jumping on board any type of small business franchise is not a good idea.    Pick up a Franchise You are Passionate About   When looking for a franchise you first want to make sure that you have a good initial relationship with the company.  Next, figure out whether or not the company offers direct training programs and the knowledge you need to have a successful franchise.  Make sure the marketing programs that the franchise offers will succeed in getting the word out about the business.  Be positive that they will assist with financing if it is needed and have a solid financial background.  The franchise system needs to work with you in order to guarantee success.  Finally, make sure that the litigation history is minimal for that particular franchise.  You want to make sure that they company deals with variance well, and doesn’t litigate at every chance it gets.   The Top Small Business Franchises   The list of small business franchises is extensive, but here are some of the top ones that are turning a profit:   Subway – A classic staple of the sandwich world, Subway is spreading throughout the country and shows no signs of slowing.   RE/MAX – The always popular real estate company RE/MAX has made its way to the top of the list of small business franchises with franchises everywhere across the U.S.   McDonalds – With one on every street corner, McDonalds is kind of hard to miss as one of the most popular small business franchises.   Dunkin’ Donuts – with donuts, coffee, sandwiches, and more, you can’t really go wrong with this one.   7-Eleven – The convenience store that has it all has jumped up to the top of the list as well.

  The Biggest Risk for Systems Integrators/Programmers   When one thinks of risky jobs, a computer programmer is probably not at the top of everyone’s list. It depends on which list you’re looking at, however. From an errors & omissions insurance standpoint, programmers have some of the riskiest jobs in the world. A single error in a line of code could turn into an exploitable flaw allowing hackers & web criminals to have access to private information. The impending lawsuits could mean millions or billions in payouts and damages.   Although the situation I just painted looks fairly grim, the shining light in this muddled mess is proper E&O coverage. Programmers and systems integrators would be foolish to operate without this most basic of coverages. Do yourself a favor and make sure that your business insurance policy is up to date with the most comprehensive errors and omissions insurance coverage.  

  Small Business Loans for Women and Minorities   Getting a small business loan for your start-up is usually a very involved undertaking, and one which many times requires a lot of background information before simply going out and asking for a loan. Creating an extensive business plan that is geared toward the regulations of the institution in which you’ll be trying to receive a loan from is always a wise endeavor. However, finding a few different establishments that might be willing to grant you the small business loan is the vital first step.     There are a wide range of establishments that can be utilized when looking for special small business loans or grants for women and minorities. Certain government organizations focus on providing small business loans specifically for women and minorities. Therefore, if you are a woman or minority, you may be permitted to special small business loans for your start-up business.     The SBA and Small Business Loans       The SBA or Small Business Administration is a government organization that is dedicated to helping small businesses secure small business loans to meet any monetary needs. Their focus is on those small businesses that may not be eligible for small business loans through the regular funding outlets. Thus, they work with other federal agencies, non-profit organizations, private banks, and other corporations to see that small businesses are able to be financially stable. The SBA is the first place to seek out when looking for a loan as they will connect you with the organizations who grant specific loans for women and minorities.     Small Business Loans Specific to Minorities       There are a variety of organizations specifically dedicated to growth of minority based small businesses. The MBDA or Minority Business Development Agency is a federally built agency that will provide small business loans and aid with other development issues as well. They aim to makes sure that your business is a success. Other groups such as business resource centers and Native American business development centers are also available throughout the U.S. to provide assistance with development while securing a small business loan. The Small Business Administration is connected with these groups and other groups like them. Initially, you may find that it is easier to start working directly with the Small Business Administration. This will allow them to place you with an organization which will be dedicated to helping your business perform at top capacity.       Small Business Loans for Women       Many banks are well known for providing specific assistance to women and minorities alike. Bank of America is a leader in supplying small business loans to women and minorities. Wells Fargo is another well known bank that is a supporter of small business loans for women and minorities. Most banks have qualifications to meet before they’ll lend to you. These qualifications may include financial strength, and market share predications. Make sure that you check out the requirements of any organizations that you might attempt to secure a small business loan from.  

Everywhere you turn, it seems like the stock market is dropping another 100 points, or another big company is shutting down.  The signs are everywhere and as a business owner, you know one thing for sure…money is tight. When you look at places where you can cut the budget a smidge here, or a tad there, one area that you should NEVER consider cutting back is your small business insurance.    One of the biggest expenses for businesses, annually, isn’t paying for business insurance, but expenses that come as a result of NOT having business insurance.  Most of the reasons that small businesses fall behind on things like rent payments, or wages to the employees, is because they have outstanding liabilities that they are forced to pay for, all because they did not have their company insured.    When you or your small business is insured, it is actually easier to budget your finances out for the month and even for the year.  Instead of having to worry about any extra expenses that will arise, how much they will cost, or whether you can afford them or not, having your business insured makes it so that you pay the same amount every month, for the same coverage.  There is no extra planning necessary!   No matter how tight things are with the economy right now, the one thing you cannot afford to start cutting back on is insurance for your small business.  Times are tough for everybody, and now is not the time to let down your guard by letting the insuring of your business slip through the cracks.  Make sure that above all else, that you can budget insurance for your small business into your monthly bills.

  Frequently Asked General Liability Insurance Questions for Small Business Owners   Insurance coverage is on a lot of small business owner’s minds these days, especially in today’s increasing litigious society. Anyone who can sue will, and more often than not, it is the small business owners who see the majority of these suits.   Business owners want to know exactly what General Liability Insurance is, why they need it, and How to determine the proper amount of coverage.   General liability insurance is the most basic of the coverages for small businesses. It generally covers property damages, libel/slander claims, medical expenses and tenant’s liability.   General liability coverage is important for a number of reasons, the most important of which is protecting yourself against lawsuits. Anytime someone slips and falls while on your property is a potential claim. Anytime your company slanders another company in an advertising campaign, you are at risk for lawsuit. Make sure you have the proper coverage in place before beginning your business operations.   Determining how much coverage you need is tricky and will require the involvement of your agent as well as any pertinent industry information. If you own a business in an industry with very low liability, your policy requirements might be much lower than a company in a different industry.  

CRM, or Customer Relationship Management, is one of the most important things for successful customer relations for small businesses today.  CRM systems essentially gather significant information about the customer.  Many times this information will include the customer name, email address, demographic information, purchases made, any problems that occurred, and other noteworthy facts.  That information can then be used for a variety of business essentials, such as customer service issues, niche marketing, and other market research.   Using CRM System’s for Market Research   The CRM system will allow you to know your customer, which will in turn permit you to gain vital information on who is buying your product or service.  That vital information can be used to target certain niche markets.  Once you target those markets you may see your profits rise significantly.    CRM for Management   CRM is also a vital tool for various management issues.  Data stored in the CRM system will provide the customer satisfaction level of a particular individual, and will also tell you the effectiveness of your employees.  Other management issues it helps with include the success of particular products or services, and may aid in product development as well. Customer Relationships and CRM   Customer relations are another department which greatly benefits from the CRM system.  Since the CRM system stores specific facts about a particular customer, it becomes infinitely easier to deal with certain aspects of customer dissatisfaction.  The CRM system makes it possible to quickly give the customer the information they need, which avoids any further frustration on their part.  Additionally, the CRM system will list any other grievances that the particular customer might have had in the past.  This saves time if it happens to be the same grievance, and aids in organization as well.  A plethora of CRM systems are available to choose from.  Find one that best suits all the needs of your business, and implement it right away to start tracking all of your customer relationship management needs.

  Proper Liability Coverage for Engineers   Engineers are required to carry liability insurance, especially when practicing as an independent contractor. Making sure that you are covered for any unexpected liability will not only protect you as an independent contractor, but will also allow you to obtain more work since companies will feel more comfortable using your services if they are insured. Making sure that you are prepared for unexpected liabilities is a big part of succeeding as an independent contractor. It is also important that as an independent contractor, you educate yourself on the best, most relevant coverage for the engineering industry.  

There is more to starting a new business than meets the eye.  Starting a new business entails a good amount of research, planning, and money.  If you’re planning to start up your own business there are a few things to consider. Provide an In-Demand Product/Service   First of all, you must decide what your product or service is going to be.  Make sure that it is one in demand, and that you love doing it.  You’ll be burning a lot of time when first starting a new business without showing much profit, so make sure the new business is something you are passionate about.   Create a Business Plan   Building a business plan is essential for starting a new business.  You’ll refer to it constantly, and use it as a guideline for your business strategy.  A solid business plan can be the key to making your business successful.   Get Professional Help   Seek help and all the advice you can when starting a new business.  Hire a financial adviser, and any other consulting that is needed.  Unless you’ve started your own business before, hiring a consultant or discussing your plans with other business owners can help reduce your headaches & keep you from wasting money.   Finally, do research on potential clients and be as persistent as possible.

Business Interruption Insurance: What is Covered and is it Necessary? In short, business interruption insurance covers your business in the event that you are no longer able to function normally due to a natural disaster or similar event. For example, if a hurricane damaged your office building, business interruption insurance could cover the expenses of new equipment, moving to a new facility, and any potentially lost income based on historical records. Unfortunately, many small business owners are not familiar with business interruption insurance. Not only are they unfamiliar with its benefits, but they don’t know whether a claim is able to be covered by their policy if the need arises. Small business owners operating in certain areas of the country will find this coverage almost a necessity, because of its broad scope and forgiving nature. Understanding Business Interruption Insurance Business interruption insurance provides coverage for the loss of business income due to a covered event. The premiums for this insurance, including any additional costs, can be deducted as ordinary business expenses. However, the payout is only made if the cause of the income loss is covered in the underlying property/casualty policy. The amount payable is typically determined based on the past financial records of the business. The coverage provided by business interruption insurance continues until the end of the business interruption period, as specified in the insurance policy. The standard period is usually 30 days, but it can be extended up to 360 days by adding an endorsement to the policy, as stated by the Insurance Information Institute. In most cases, the business interruption period is defined as the time from when the covered event occurred until the damaged property is physically repaired and restored to its pre-disaster condition. Additionally, there may be a waiting period of 48 to 72 hours before the coverage becomes effective. What is covered by the business interruption insuranc? Coverage provided by business interruption insurance typically includes the following aspects: 1. Profits: The policy will reimburse the business for the profits it would have earned during the affected period, based on its previous months’ performance. 2. Fixed costs: This includes the operating expenses and other costs incurred by the business in its day-to-day operations. 3. Temporary location: In case the business needs to relocate temporarily due to the interruption, some policies cover the costs associated with moving and operating from a different location. 4. Commission and training costs: If the interruption requires the replacement of machinery or retraining of personnel, the insurance may cover these expenses. 5. Extra expenses: Beyond the fixed costs, the insurance will reimburse reasonable expenses that enable the business to continue operating while recovering from the interruption. 6. Civil authority ingress/egress: If the government mandates the closure of business premises due to the interruption, resulting in financial loss, the insurance can provide coverage. This includes closures due to curfews or street closures related to the event. 7. Employee wages: To prevent the loss of employees during the shutdown, coverage for wages is crucial. It helps business owners meet payroll obligations even when the business is unable to operate. 8. Taxes: Despite the disaster, businesses are still obligated to pay taxes. Tax coverage ensures that the business can fulfill its tax obligations on time and avoid penalties. 9. Loan payments: Monthly loan payments can become a burden during an interruption. Business interruption coverage can assist in making these payments, even when the business is not generating income. Here are the main points to remember: 1. Business interruption insurance provides coverage for lost income when a business is unable to operate due to physical damage or loss caused by events like fires or natural disasters. 2. This type of insurance includes various coverages such as business income coverage, extra expense coverage, contingent business interruption coverage, and civil authority coverage. 3. Business interruption insurance also covers operating expenses, temporary relocation costs, payroll, taxes, and loan payments. 4. In certain cases, this insurance can apply if a business is forced to close due to physical damage to a neighboring business caused by a civil authority, resulting in a loss for the affected firm. 5. It’s important to note that standard business interruption insurance does not provide reimbursement if a business is closed due to a pandemic. Even some all-risk insurance plans have specific exclusions for losses caused by viruses or bacteria. Let us help you bind any of the following coverages: Business Liability Insurance Package Policy. Often referred to as a Business Owner Policy or “BOP,” this General Liability package policy protects your company in the event a client is injured on your premises, or if you or one of your employees causes an injury or property damage at a client’s location. Learn more… Professional Liability Insurance . Professional Liability or “Errors & Omissions” Insurance provides coverage in the event you are legally obligated to pay for economic damages to your client or a third party allegedly caused by your negligence, error or omission in the performance of your professional services. Learn more… Workers’ Compensation Insurance. Required in many states, Workers’ Compensation Insurance provides medical and disability coverage for company employees in the event of a work-related illness or injury. Learn more… Employment Practices Liability Insurance . EPLI insurance provides the protection you need should one of your employees allege any number of employment practice violations. These violations include age, race or gender discrimination, wrongful termination and sexual harassment. EPLI is essential coverage for today’s small service business. Learn more… Umbrella Liability Insurance . Umbrella or “Excess Liability” Insurance provides you with an extra layer of protection in the event you have large or multiple claims that exceed your General Liability, Commercial Auto or Employment Practices Liability policies. Learn more… Our Weinsurexyz Website is designed to provide you with accurate insurance information and access to quality insurance products, quickly and securely. Let us help you create a comprehensive insurance solution that fits your needs and your budget. Don’t wait! Get the protection you need for your small business today. Get your free, no-obligation quote