Select Page:  Posts Per Page

Who is Your Insurance Agent Protecting?

As discussed in a previous blog, shopping your insurance has many benefits. To fully maximize these benefits and avoid some of the common pitfalls, it is recommended to follow a thought-out strategy. Once your strategy determines it’s time to shop insurance, how do you really know if your agent is looking out for your best interest and not just their own?

Competition Is Your Friend

As Merriam-Webster explains, competition is the effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms. I think we can all agree…


How Late Insurance Payments Can Affect Your Business

Paying bills is something we all do as a part of life. Whether it’s personal or business, we have expenses that must be paid. I must admit, I’ve overlooked a bill in the past. For most of us, missing a payment can lead to a service being disconnected temporarily which is an inconvenience, but it doesn’t have a major long-term impact. However, missing an insurance payment is very different – it can result in having your policy canceled and leaving your business uninsured. Missing payments can also have major effects on how much you will pay for insurance premiums…


Human Capital Trends Businesses Need to Watch

All business leaders, not only HR executives, need to be focused on human capital as an integral part of their business plan. As the HR field has evolved, it has become clear that a smart human capital strategy can create a solid competitive advantage. Some exciting things are expected to unfold this year including compliance driven trends and shifts in the areas of engagement and culture.

Compliance

Employment law is a constantly changing landscape, and with the Trump Administration forging ahead with its agenda, the next four years should be no exception. The possible changes may ease the burden on businesses…


Is Your Business Protected? Property Coverage Insight

A business often has several different types of property to insure such as buildings, equipment, automobiles, cargo, inventory, and even customer’s property. Insurance policies all contain coverage forms that specify the details, limitations and exclusions governing each policy. Included in those forms is a valuation clause that determines how an insured’s property is valued at the time of a loss/claim.

Understanding these valuation details is critical to ensure you have the proper coverage to replace the damaged/missing property while avoiding unfriendly co-insurance penalties. Below is a list of the commonly used terms in property policies with which you should be…


Is Your Business Ready for a Growing Economy?

The state of the economy has challenged businesses for several years, but we are starting 2017 with positive economic momentum. The last year ended with many economic indicators pointing towards a growing economy. It is thought by many economists that if we achieve lower taxes, less regulation and expanded trade, our economy will grow even faster. Is your business ready for that growing economy?

To ensure you are prepared, consider these three things while there is time to create plans and strategies to achieve growth:

Working Capital

Will you have enough capital to support your growth? Now is the time to evaluate…


Declaration Pages – Why They’re Not That Important

I was recently at an event talking with a local business owner. We were discussing the last book she read and how much she enjoyed it. Obviously she was a reader, so I asked her if she also read her entire insurance policy. Like most business owners, she hadn’t because she thought reviewing the declarations pages was sufficient. However, this is a big risk because commercial insurance policies are not created equal. While declaration pages all appear the same, the coverages can be vastly different.

A declaration page is like the cover letter of a fax transmission. It states the…


5 New Year Resolutions for Your Business

As business owners look toward the new year, there are certain things that can be done to help make the coming year even better than the last. I chatted with Richard Capasso, CPA, CFP and PFS at Clairmont, Paciello & Co. to create a list of five things to help set your business up for a successful year ahead:

Make a Plan: It’s been said, “People don’t plan to fail; they fail to plan.” This year, take the time to develop a financial plan for your business. It can be simple or complex – you decide; but make a plan….


Why Businesses Need to Offer Financing

According to a 2015 study done by the National Small Business Association, 73% of small businesses used financing over the course of 12 months. One area businesses frequently need financing is for equipment. A huge cash outlay for a new machine, vehicle or technological device is often times not in a small business’s budget. Here are a few reasons why it is beneficial to offer financing:

Stay Competitive and Increase Sales. Many equipment suppliers have partnerships with banks and equipment financing companies to help their customers purchase their equipment. In fact, the 2016 Survey of Equipment Finance Activity found that…


Managing Interest Rate Risk

We have been saying for several years now that you should expect interest rates to rise. This has been slow in coming, but it is expected that interest rates will increase over the next 12 months. In anticipation of increasing rates, there are things you can do now as a business owner:

  • Refinance – If you have any long-term debt that carries a high interest rate, you should consider refinancing this debt. Be sure to review your documentation for exit or penalty fees. Also, keep in mind, even if you have fees, you can earn them back if you…

Knowing What You Don’t Know

My son recently injured his knee. The first orthopedic surgeon we met evaluated the injury closely and referred us outside of his practice to a surgeon at the Children’s Hospital of Philadelphia (CHOP). The orthopedist said he was capable of doing the surgery, but felt it was in our son’s best interest to see the surgeon at C.H.O.P. Due to the complex nature of the injury and that my son is a young, growing athlete, there would be “game time” decisions to be made during the operation, and the C.H.O.P. surgeon’s extensive experience with cases of this profile increased…

Select Page: