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BusinessHub

SWBC's BusinessHub blog is a one-stop resource for business owners and company decision makers.

 

Recent Posts

5 Tips You Should Consider to Make the Right Tenant Selection

Real estate investors have quite a to-do list when it comes to minimizing risk for their investment property portfolio. You must consider things like adequate insurance coverage, estimated home maintenance costs, potential tax implications, and how to find and keep the right tenants for your rental properties.

While finding a tenant may be easy for some investors, particularly if you're in a popular location, finding the right tenant is not always so simple. Unfortunately, if you don't find the right tenants, it could cost you substantially. Even if you have potential renters waiting in line to take a peek at your freshly painted rental, being picky pays off. From unpaid rent, expensive maintenance repairs, and the legal fees associated with an eviction, settling on the wrong tenant could cost a landlord big.

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Protect Your Business With Employment Practices Liability Insurance (EPLI)

As a business leader, it is important to protect your company. It is your livelihood. One important thing to safeguard your business from are employment lawsuits. In the past 20 years, employment lawsuits have risen nearly 400%. Most are filed against large corporations, but no company is immune. Whether large or small, employment practices liability insurance policy (EPLI) is one way to protect your business from the potential monetary damages that a lawsuit can bring.

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Cyber Insurance is Quickly Becoming a Must-Have—Are You on Board?

The term “cyber insurance” is quickly becoming a household phrase, plastered on more and more billboards, sprinkled throughout early morning radio commercials, and magically trolling you on your favorite websites. Early adopting businesses across the country are allotting more budgeted dollars to cyber liability insurance in hopes of assisting in a potential cyber incident. Overall, the cyber liability insurance market continues to develop and expand, but is your business on board?

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Flood Insurance: A Must Have for Every Business

How much can your business stand to lose? It's not a happy thought, but unfortunately, that's the question you must ask yourself when deciding on insurance coverage.

According to the National Flood Insurance Program, at least 25% of businesses that close after disasters like floods never open their doors again. The average commercial flood claim stands at $89,000,1 an amount that can cripple or bankrupt a small business. Given that flooding is the #1 U.S. hazard, and floods occur in all U.S. states, floods are a serious threat to your business and livelihood. And since business insurance policies do not cover damage from flooding, a separate flood insurance policy is necessary to protect the cost of your building, equipment, inventory, and supplies.

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Protecting Your Rental Property with Landlord Insurance

As time passes and our lives change, the insurance coverage we need changes as well. As an example, let's say you get a new job in another state. Instead of selling your home, you decide to keep the house and rent it out, as you've seen a number of your neighbors do. You think your home's value is protected by your existing homeowners policy, and it doesn't occur to you that your insurance coverage needs have changed with your move. But, in this scenario, like any change in circumstance, you must review and adjust your coverage to protect you from the new exposure and liabilities you face as a landlord.

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Can Cyber Liability Insurance Be a Life Saver for Your Business?

When the notion that you could access files, documents, and data from anywhere—not just from YOUR specific personal computer—was introduced, it sounded like a grand idea. Sign me up for that! Right?! And, don't get me wrong. It is a great idea; it's given professionals and businesses, alike, accessibility to all sorts of information when they need it at their fingertips--whether in the office, traveling in a car, or working from home. But, as with most great inventions comes a PRO and, unfortunately, a CON list. 

While the number of businesses accessing the cloud for information storage and access increases, so does the risk for a cyber attack. Personal and sensitive data belonging to clients, customers, and employees have all become susceptible to cyber threats. And, although unfortunate, this sensitive information is compromised more often than many businesses care to believe, as experienced by Target and Sony, which have had some of the most notable data breaches in recent years.

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Is Your Business Too Small to Suffer a Cyber Attack?

As a small business owner, you may have not considered the need for cyber liability insurance due to the overwhelming number of other priorities that have your focus. Think larger companies that have suffered a cyber breach are in their own league and non-relatable to your circumstances? Do you consider your business to be too "small potatoes" for anyone to breach? Think again.

Cases like Target and Neiman Marcus should influence businesses of any size to consider cyber liability insurance, even if you are a one-man shop. Unfortunately, a  number of organizations have yet to invest in this product. In fact, a survey of insurance professionals, conducted by Hanover Research, found that 40% think businesses don’t think they need cyber coverage and 29% believe they’re already covered under existing policies.

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Is Cyber Liability Insurance Really Worth It?

Cyber-attacks and data breaches have become a recurring trend in today’s society. Over the last few years, these instances have struck both major corporations such as Target and Sony and smaller mom-and-pop businesses alike. While the larger breaches have propelled the emerging topic of cyber liability insurance into the limelight, businesses everywhere are faced with a compelling question: is cyber insurance worth it?

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4 Ways to Minimize Employee Fraud and Theft

Unfortunately, we live in a world where businesses, and people in general, have to be prepared for the possibility of a robbery or theft. For a business owner, it can be hard to think about your trusted employees engaging in dishonest or fraudulent activities that could harm your company, but the fact of the matter is, it happens more often than you think. Here are some of the cold hard facts from the 2014 Report to the Nations on Occupational Fraud and Abuse:

  • Employee-perpetrated fraud accounts for a global loss of $3.7 trillion annually

  • It can take, on average, 18 months before a business detects employee-related fraud

  • One in 40 employees was apprehended for theft from their employer in 2012

  • Employees in sales, financial roles, management, and customer service were responsible for 77% of fraud cases

  • 43% of business losses were attributed to employee theft

As you can see, internal fraud does occur, and when it does, businesses are impacted in a big way, right at their bottom line.

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Four Hair-Raising Facts about Commercial Insurance Losses

If you are a moviegoer, chances are you have seen a blockbuster disaster film. For decades, the popularity of the disaster movie genre has enjoyed successful box office draw, with moviegoers sitting at the edge of their seats in anticipation.

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