Top 5 Mistakes People Make When Getting Business Insurance

This might come as a surprise to some, but getting the right insurance for your business might be one of the most important decisions you’ll make as a business owner. The consequences of inadequate coverage, or no coverage, could be devastating. There is a whole world of things that can happen to you and your business. Not protecting yourself and your business with the right insurance could cost you in so many ways.

That’s why engaging in a process of obtaining business insurance right for you and your company is so important. Do you know what general commercial liability insurance is? Well, if you don’t, then it’s just another reason why doing it right is so important. Not doing it right might cost you when you need help the most — during crisis. It’s why people get insurance. It’s why smart business people get smart business insurance.

Doing it right essentially means avoiding some common mistakes made when trying to get the best insurance policy for your business. Knowing what some of these mistakes are, and avoiding them in the future, will help you in your quest to simply make the right business decision when it comes to insurance.

Top 5 Mistakes When Getting Business Insurance:

1. Discounting the importance of business insurance

Business people of all types, whether it be CEO’s of large business conglomerates, or even someone just working out of their home office, have their own set of reasons for getting insurance specifically for their business. But not all business people necessarily think this way. Some think it might be too costly. Some think it might not be necessary . Some may even think that they’re covered by other insurance policies that they have for their property or for themselves.

Not having the insurance specifically tailored for your business often comes as a result of simply not thinking that it’s necessary. But it is. Take general commercial liability insurance, for example. This kind of insurance protects businesses from the costs of lawsuits resulting from basic damages done to people or property that have even the slightest contact with what you do. Not having this coverage when someone decides to throw a lawsuit at you, even if frivolous, could cost you in terms of money and reputation.

2. Not knowing the basic issues

It’s nice to think that insurance is just insurance, but it isn’t. Would you get car insurance for you house? Would you get life insurance for your healthcare? Of course you wouldn’t.

Yes, some of the issues involved in business insurance are similar to other forms of insurance. A good policy will, for example, protect your assets in case they get stolen. It will also protect you if bad weather destroys your business property. These are straightforward insurance issues for your business. But don’t be fooled into believing that they’re the only insurance issues for your business.

For example, take general commercial liability insurance. Some business owners might not even know what liability insurance actually is. It’s the insurance that protects you from the financial costs resulting from a lawsuit from somebody who claims they or their property has been hurt or injured as a result of the way your business conducted itself. General commercial liability insurance is the kind of insurance those companies engaging in commercial activities get to protect themselves because people hurt themselves on their premises or one of their products did damage to someone’s property. Being knowledgeable about these kinds of things will most certainly help you get the right insurance.

3. Not getting insurance early enough

There are two things that can happen to you if you don’t get insurance for your business early enough. The obvious one is that you’ll need it before you get it, and you’ll be stuck with paying for the damages from a storm or a lawsuit yourself. The other thing that can happen is that you will not have a budget for your start-up for the proper insurance, so you’ll get stuck with inadequate coverage. That’s the last thing you want to happen. Therefore, to avoid it, thinking about insurance as early as possible, even at the business plan stage, will help you create the budget you need to get you adequately covered for all future circumstances.

4. Getting the wrong kind of insurance provider

Perhaps the most tempting option for someone seeking business insurance is to get it through insurance companies they’re already doing business with. So, for example, you like how your house is covered, and who’s covering it, so you’ll seek to extend that coverage to your business, too.

The reason this is inadvisable, or should at least be looked at very carefully, is that your property insurance provider might simply not have the kind of experience with the kind of insurance you need for your business.

For example, if general commercial liability is what your particular business is in need of, even if a provider carries that kind of insurance, they may simply not have enough developed expertise to know what’s right for your particular needs. Ideally, only those companies and agents who have dealt with your kind of business before can help your kind of business get you adequately covered for your particular situation.

5. Getting the wrong kind of coverage

Following from the risk of getting the wrong insurance provider, a mistake to avoid is getting the wrong kind of coverage. Ultimately, you’re the person in charge of making the right business decisions for your company. You’re the best person suited to look out for your own interests. No one else is. That’s why it’s incumbent upon you to make sure you’ve got the right coverage for you and your situation.

As much of the above already suggests, delegating these decisions is important. Yet, in the end, it’s you who has to decide if you have the right kind of coverage for your business. After going through the entire process, collecting all the information, and talking to the right people, it’s you who makes the decision. Make sure it’s the right one for your business and where you want to take it.

Inbound Marketing Tips – 10 Methods to Assimilate

Inbound marketing tips definitely have some advantages for sales teams in improving the volume and quality of their sales. Below are 10 tips as methods of use to support your sales teams.

1. Create a landing page which each of your Sales Persons can call their own – This allows each of them to build a page that is unique and makes them feel like they are part of the marketing process. When sending out emails they can have a URL pointing back to their landing page.

2. Ears and Eyes for Sales – When the marketing department participate in social media leads can be passed onto the sales people earlier on in the process.

3. Lowered Salesforce Costs – Prospecting is very expensive for sales people moving a prospective buyer from awareness to a point of decision. The highest and best use is moving a qualified lead from from point decision to a point of action, as soon as possible. It is less expensive to leverage inbound marketing tips that will pull a prospect into the sales funnel rather than use a sales person to mange the whole process.

4. Interface to Work Directly With Marketing – many traditional forms of marketing do not engage sales people in lead generation execution and development. Inbound marketing tips allow them to participate directly and build a stronger brand. Examples are blogging, responding to questions posted in social media platforms and tracking leads.

5. Direct Selling To Be Supported By Assets – Blog posts, whitepapers, ebooks presentations and other assets can be used to help sales people add value and convert leads during the direct sales process. Assets developed to be effective in converting leads from a website are better than using methods from traditional means i.e brochures etc. This is because they are designed to add value and bring people in.

6. A breath of fresh air from Push vs Pull Selling – most organisations, small and medium businesses that rely on direct selling have failed to notice that buyers behaviors have changed. This shift requires companies to think about how to add value and empower customers to choose them. Inbound marketing tips puts the customer at the heart of all the decision making and puts the company in a position to retain their existing customers.

7. The Lead Generation gap can be filled – This can be for outside sales people. They struggle to reach their sales goals because they are unable to convert enough prospects to leads and leads to prospects and leads to customers. Inbound marketing tips can help sales people reach their goals by spending more time with qualified leads.

8. Closed knit Customer acquisition from Click to Close drives out Sales Expenses – Using strategies mentioned above will streamline the cost of customer acquisition, because sales and marketing are able to work collaboratively.

9. Sales teams can resonate with KPIs – When measuring success, traditional outbound marketing measure what a marketing department does i.e brand awareness building. Inbound marketing tips are measured on visitor to lead and lead to customer.

10. Culture centered on success – The organisation from top to bottom operates under the same umbrella of adding value to the customer relationship and commitment.

Voice Search Optimization

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