4 Tips for Managing Your Small Business Insurance Costs

By Thomas Mallon of Thomas Mallon: Allstate Insurance

Managing business insurance costs is one of the many responsibilities you are likely juggling if you own a small business. Periodically reviewing your business insurance policy helps ensure you have the right amount of protection for your company and get the most for your money.

Keeping your bank account in mind, here are some factors to consider as you make decisions about your business insurance policy:

1.   Reduce Costs by Bundling Insurance Coverages
A business may have multiple policies with different insurance companies. For example, a business might purchase general liability coverage from one insurer and data compromise coverage from another. By bundling your business coverages into one policy, you may be able to reduce your total premium costs (the amount you pay an insurer to keep the policy in force). 

2.  Re-evaluate Your Deductibles
A deductible is the amount of money you pay out of pocket toward a covered claim. Increasing the deductible on your business insurance policy may reduce the cost of your premium. You could then consider putting saved money back into your business each month. However, before choosing a higher deductible, consider how much money you’d have available to pay out of pocket to repair your business or replace its contents after a covered claim, like theft or fire.

3.   Meet With Your Insurance Agent Annually To Review Coverages
Business needs can change rapidly. It’s a good idea to review your policy with your insurance agent regularly. To avoid potential fines, you should let your insurance agent know when you make significant changes to your business, such as:

  • Reducing or increasing your number of employees.
  • Relocating your business.
  • Introducing operational changes (such as purchasing new equipment or expanding product offerings).

When reviewing your business’s insurance policy, different coverages may be available. Contact your insurance agent to help you understand what each type of insurance means, as well as to help review your current coverages and make adjustments based on your company’s changing needs.
Types of insurance policies include: 

  • General liability insurance
  • Business property coverage
  • Business interruption insurance
  • Business auto insurance
  • Equipment breakdown coverage
  • Employment practices liability insurance
  • Errors and omissions insurance
  • Data compromise coverage

4.  Consider Stronger Risk Management In Your Daily Operations
Identifying potential business risks and having the right insurance coverage in place can be financially significant if the unexpected happens. Additional measures to reduce business risks include:
Planning for a disaster at your business: It is a good idea to think ahead and have a plan in place to help your business recover after a disaster, such as a destructive storm.
Business succession planning: As a business owner, you will likely want to leave your company in good hands when you decide to retire. 
Reviewing and understanding your small business insurance policy is an important component of owning a business. If you have questions about your business insurance policy or would like to review your coverages, please feel free to reach out to us at Allstate – The Mallon Insurance Agency, at 610-660-6300.  We can help you ensure you’re spending money on coverages that are appropriate for your business needs.

For mor info contact Thomas Mallon, Agency Owner of Thomas Mallon Allstate Agency located at 829 W Sproul Rd in Springfield, Delco, PA – Phone: 610-660-6300, Email: [email protected]

Family Matters at Nothing Bundt Cakes

By Kim Wright, Nothing Bundt Cakes and Wright Commissioning

At Nothing Bundt Cakes, we strive to have a culture that feels and functions like a family. But what happens when you actually work with your family members?

Popular opinion may warn against hiring family members, citing nepotism and drama. As a momtrepreneur, I like to challenge the norms. I focus on the positives of employing siblings, couples, cousins, parents and their children, aunts and nieces, uncles and nephews, and other family-like bonded individuals. At times, we face coworking challenges within these relationships, but, for the most part, we find that the positives of working with connected employees outweigh the negatives. In my experience, having actual family members in our locations helps naturally build an intimate work family.

I surveyed a dozen related employees to learn the best and worst parts of working together, and these are their top five pros and cons.

Nothing Bundt the Best: The Pros of Working with Family

  • Instant work besties! From day one on the job, you know all about your co-worker.
  • Your family has your back. When you’re not having your best day, someone’s always there to pick up your slack. 
  • You’ll grow closer and feel proud of one another’s accomplishments. Seeing someone you know so well achieve things you might not believe if you didn’t see it with your own eyes can give you all the feels.
  • Carpooling! When you can use less of your paycheck for gas and more for fun, that’s winning.
  • You share family values. Bringing similar family values into work helps organically make your work team feel like family. 

Nothing Sweet About It: The Cons of Working with Family

  • Even though you might share a family resemblance doesn’t mean you’re the same person; being compared to one another is the absolute worst.
  • When tempers flare at home, it’s hard not to bring that heat to work. Sometimes, it’s hard to check your feelings at the door.
  • When work talk turns to family talk, your co-workers can learn your family nicknames and embarrassing moments when you least expect it. Your chatty sibling can spill the beans you don’t want out!
  • When you work and live together, there’s no break from each other. Sometimes, you just need a change of scenery. When you’re both on the same payroll, it’s hard to find the space.
  • When you work at the same place, work talk often ends up at the dinner table. Even though you don’t want it to, work always follows you home.

Working with family isn’t a fit for everyone, but my husband and I have always found that blurring the lines between work and home is our happy place. As our four sons grow closer to work-appropriate ages, I look forward to having them learn more about our family businesses.  Maybe it will be their legacy. At a minimum, it will give this Mom additional time with them until they leave the nest.

Expert Article on Entrepreneurship provided by Kim Wright of Nothing Bundt Cakes
(1001 Baltimore Pike, Suite B-2, Springfield) [email protected].