Business Development Strategies

Archive for February, 2012

When running a business, a person could be held liable for just about anything. This is the nature of the world. To protect a group from lawsuits, one needs to invest in the best business liability insurance. This protects the group in case it needs to hire lawyers or pay out a payment. Insurance is a safety net that can give a business financial support during times of need. The following are some things a business owner should consider when shopping for such coverage.

Know the Value of the Business

Any business owner needs to know what his or her business is worth and what it costs to run it on a monthly and yearly basis. This ensures that the right amount of coverage is bought. No one wants to undervalue the business or ask for too little. It is best to cover all aspects of a business to ensure that it can survive a crisis or a lawsuit.

Consider the Costs
When it comes to looking for insurance, one needs to consider all of the expenses linked to a liability lawsuit. For example, a person may need to step away from a business and have a manager take over daily responsibilities. Additionally, highly experienced and respected lawyers will need to be hired. It helps to have coverage that helps a business deal with such expenses.

With the right liability options, one can fight lawsuits and receive support during times of need. This is a chance to stay afloat even after hiring lawyers or paying out settlements. A business does not have to go under because of these things. Instead, there is support for a group. Survival is possible with the help of an insurance provider.

You work for a company that has been going through a lot of changes and upheaval. Word is going around about lay-offs and you worry you will be next. If you’ve been an exemplary employee and the lay-off is not because of anything you’ve done, be sure you ask these three questions as you are being handed your Pink Slip:

1. Ask for a Letter of Reference. You can use this to help you land that new job because it will be beneficial to have a letter that praises you and your accomplishments. This will show future employers that your termination was a business decision and not because of any wrong-doing on your part. Most people forget to ask about this, and it is difficult to try to go back later and ask for one.

2. Ask about severance pay. You are not automatically guaranteed this unless it was stipulated in your employment contract when you were hired.. Typically, one week of severance is given for each year of service to the company, but this can be negotiable. And, especially if you’ve recently finished an important project, been honored or achieved a major goal, be sure to remind them. It may buy you another week of severance pay they weren’t planning on giving.

3. Are you entitled to unused vacation pay? In most cases, the answer is no. Some companies allow you to roll over your unused time from one year to the next, while others have a use it or lose it policy. Most companies will explain their rules in the employee handbook, but asking to be paid for your unused vacation pay just may earn you a few extra dollars you could use right now.

You may not get any severance or vacation pay, and you especially won’t if you don’t ask for it. Don’t forget, this is a very difficult situation for your boss, too, so he or she may be willing to give you more than had been planned on. You’ll never know unless you try, and the worst they can do is say no. If the moment passes, chances are you won’t have another opportunity to ask these questions again. Knowing ahead of time what to ask for may give you the confidence to speak up for yourself at this difficult time. Good luck!