Vargas & Vargas Insurance

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4 Small Business Insurance Tips

As a small business owner, you’re probably always focused on lowering your business’s costs. Thankfully, Vargas and Vargas Insurance Agency can help you with that! Today, we want to share with you four tips to lower your small business insurance costs.

small business insurance tips

There are many things that are unpredictable in the course of doing business, but the cost of your insurance policy from our agency is something you can count on. Here are the four tips that can help you save:

Manage Your Risk Levels

The purpose of insurance is to protect you against unexpected losses. While this protection is crucial, it is best for your business if you don’t have to make a claim. Avoiding risks will save you the stress of dealing with a calamity, as well as saving you the cost of your insurance deductible.

As they say “the best offense is a good defense.” This is as true in insurance as it is in sports. If you take the time to mitigate your business’s exposure to risk, you can help to ensure that you won’t need to deal with a claim. Some types of risk mitigation can even earn you a discount on your small business insurance! These include safety measures like alarm systems and more – just ask your insurance agent for a list of potential discounts.

Re-evaluate Your Deductible

If you are successful in mitigating your risks, you may feel comfortable raising your insurance policy’s deductible. This means that you will pay more in the event that you make a claim, but it also has an inverse relationship with your premium. This means that increasing your deductible will lower your premium.

If you want to avoid the need to scrounge together a deductible payment in the event of a claim, you can help your business out by setting aside money equal to your policy’s deductible. That way, you have enough money to cover your deductible set aside if you need to make a claim.

Bundle Your Policies

A small business insurance policy is made up of many pieces. The more pieces that you are able to bundle under your business owners policy, the more you will save – just like when you bundle your personal home insurance and auto insurance.

When you’re looking for a new policy, ask your agent about combining all of the business insurance coverage types that you need, including property coverage, liability coverage, workers compensation, commercial auto insurance, group benefits, and more.

Review Your Coverage Annually

When was the last time that an insurance professional reviewed your coverage? It’s easy to get comfortable with your insurance provider, but taking a few minutes each year to discuss your coverage with an agent could save you money! Here at Vargas and Vargas, we can search to see if changing providers could save you money. We can also check to see if your current provider offers any new discounts for which you qualify.

To speak with a small business insurance expert, just call Vargas and Vargas Insurance Agency at 617-298-0655. We insure many businesses here in Massachusetts, and would be happy to evaluate your business’s unique needs and craft you a quote for a new business insurance policy.

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Five and a Half Ways to Turn Your Business Around

The only constant in this world is change. Instead of fearing change when it comes to your business, embrace it! Every business owner, especially those seeing declining or stagnant profits, should realize that a change is advised, even necessary.

Five and a Half Ways to Turn Your Business Around

Here are five and a half ways to turn your business around for the better. Making some of these changes may even help you regain momentum in a positive direction. If you’re already going in a positive direction (and we hope that you are) these tips may provide different ideas for how you can explore new opportunities:

1: Keep an Open Mind

If you want to make changes in your business, you should be focused on listening to the advice of others, and on trying new things. You can never truly know ahead of time whether a new strategy will work, but you miss 100% of the shots that you don’t take. In the spirit of transformation and rejuvenation, make it a point to step outside of your comfort zone.

2: Focus on Employees and Culture

The quality of employees will easily make or break your business. If there is someone on your staff that you want the others to emulate, reward them. On the other hand, if there is a staff member that you question, it’s probably time to reconsider their employment.

Once you have a staff that you believe in, it is your job as the business owner to encourage a productive and friendly culture. Don’t let your employees get too stressed, instead reward positive behaviors and show appreciation in ways that match up to your employees’ motivators. (Here’s a tip: Many employees are motivated by receiving great health insurance and workers compensation coverage from their employer!)

3: Don’t Drag Your Feet

If you’re going to implement a change at your business, take the time to research it and figure out the steps that you will need to do to successfully start a new process or policy. Once that’s done, though, don’t waste time – it may take a while to figure out if a change is for the better, so get started as soon as possible.

4: Prioritize Transparency

Don’t try to sneak around when you make changes in your business – celebrate it! Be realistic with your staff and customers about what you are changing, and explain what benefits you expect to gain. You may also want to share what could go wrong, if you want to make sure that everyone is completely prepared for potential repercussions.

5: Share a New Vision

In the same spirit as ensuring that you are transparent with your employees and clients about the changes that you wish to implement, make sure that you also share your new vision of your business. Explain to all people that have a stake in the business what it is you want to accomplish, and how you plan to get there. Make sure that you listen to their comments and concerns, and address them accordingly.

6: Revive Your Business Insurance

While it may not help your business turn around, a new business insurance quote from Vargas and Vargas Insurance Agency may be able to help you ensure that your business is financially protected in case of a peril. If you already have a Massachusetts business insurance policy from Vargas and Vargas, you should call 617-298-0655 at least once a year to update your coverage.

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Business Insurance Scenario: Employee Stress

Here at Vargas and Vargas Insurance Agency, we pride ourselves in helping you with your business insurance policy. That’s not all that we want to help with, though. We want to aid you in running your business effectively and efficiently – we want your business to be at its best. That is why we write blog posts about all aspects of the day to day process of running a business.

Business Insurance Scenario- Employee Stress

In today’s blog, we want to discuss a topic that affects most every business: the stress level of employees. It is your job as a business owner to make sure that your employees are being productive, but uncontrolled stress could be negatively affecting your employees, and the quality of their work. If you have noticed that your employees are more stressed than usual, try executing one or more of the following tips to reduce employee stress level:

Learn the signs of excessive stress

The first step in dealing with the stress levels in your employees is being able to identify when one of your workers is feeling overwhelmed. Here are some of the most common signs of workplace stress:

  • Feeling anxious, irritable, or depressed.
  • Loss of interest in work.
  • Problems sleeping.
  • Fatigue and trouble concentrating.
  • Social withdrawal.

If you see any of your employees exhibiting these symptoms, you should realize that you may have a stress-related issue. Start helping your employees with their stress as soon as you can to avoid any long term issues.

Support mental and physical health in the workplace

Being healthy in both mind and body will help employees perform at their best, and can even go as far as to reduce employee’s stress levels. As a business owner, you can help promote a healthy environment by enacting workplace rules and by providing ergonomic chairs and desks for your employees.

Just make sure to let your business insurance agent know if you make any large purchase for your workplace – a quick update to the coverage in your business insurance policy will ensure that your new furniture is covered in the event of a covered peril.

Recognize even the small achievements

Your employees might feel less stressed out if they know that you appreciate the work that they do. Instead of expecting or demanding consistent production – and making stress levels skyrocket – appreciate an employee when they provide exemplary results. As the saying goes, you attract more flies with honey than you do with vinegar. In the same vein, a positive attitude toward good work will leave employees more satisfied than if they feel like giving less than 100% will get them in trouble.

Let employees know about the resources available to them

If you provide a health package as a part of your business insurance or workers compensation package, do your due diligence and research what options stressed employees have as a part of the plan you offer. In most cases, there is a hotline available where your employees can talk to a professional about their issues. Make sure that this information is posted in a central location (like a lounge or break room), and send out an email to all employees at key times of the year, like around their annual review.

Remember, Vargas and Vargas Insurance Agency is always here for you and your business. If you have any questions about your Massachusetts business insurance policy, all you have to do is call 617-298-0655 and speak to one of our knowledgeable agents.

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Stay Healthy on Business Travel Trips

More and more business people are starting to travel for work. With this increase in business travellers occurring, we wanted to share some tips that can help you stay healthy while you travel.

Have your health in mind when you pack.

Business Travel HealthIt’s common to try your best to pack light for a business trip, but it’s worth packing a few extra things that will help you stay healthy during your trip. Here are a few ideas:

  • Healthy snacks like nuts and fruit – dried fruits work well for trips if you can’t bring fresh.
  • Workout attire, like lightweight clothing for weightlifting and cardio.
  • Your medications, as well as other over the counter medicines that you may need on your trip.

Stay healthy on the plane.

Don’t be tempted by the gift shop displays and fast food places at the terminal. Stick to the snacks that you have brought, or buy yourself a healthy meal. Also stay hydrated with a bottle of water.
You can also do your body a favor by taking several breaks during your flight to stretch – just make sure that you don’t do so near the forward lavatory of the plane – you may get some nasty stares or a ‘talking to’ from a flight attendant about congregating near the front of the plane.

Plan ahead for meals.

Business travel typically goes hand in hand with eating out. Restaurant meals are notorious for huge portions of unhealthy meals, but a savvy traveller can plan ahead of time and make healthy choices. If you know where you will be dining, scope out the menu for the restaurant ahead of time and pick out the healthiest choices in advance. Just be wary – a salad isn’t necessarily healthy if it’s piled with toppings and a fatty dressing!

Make an effort to work out.

You’re probably going to be mentally exhausted after a long day of business travel, but make a point to put in some extra effort and exhaust your body as well. Most hotels nowadays offer at least a small gym with the basic equipment. Otherwise, you can take a brisk walk and explore the area, or find a workout online that you can do in your hotel room without any special equipment. Body weight workouts are especially effective in this situation.

Create an emergency plan.

It is unlikely that you will experience a medical emergency while travelling, but it never hurts to be prepared. Take some time before you leave to research the walk-in clinics and hospitals in the area, or ask the front desk of your hotel for this information. Having it in advance will save you quite a headache if you do ever need it.

While they are targeted towards people who travel often for business, these tips work equally as well for people travelling for pleasure, so feel free to share this post with anyone that you know who is going on a trip in the near future (you can even use the handy “Share” buttons on the bottom of the page! Also, Vargas and Vargas representatives are available to talk to you about your travel insurance or business insurance policies, just call 617-298-0655.

Photo credit: Royalty-free image collection / Foter / CC BY

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