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Learn How To Save Big Bucks On Business Insurance

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Business Insurance

Individuals going into the realm of business are deeply concerned with the potential profits that they barely wonder about the possible losses.

This risk factor is embedded into any business initiative: one has to be careful on all fronts for this reason. Beginning entrepreneurs can manage and minimize probable business hazards with the help of a low-cost business insurance policy.

Business Insurance

Business Insurance

It is necessary to note that every insurance provider is unique since each provides varying coverage and prices: this often leaves business enterprises in a dilemma with regards to how to handle their budget.

Listed below are the top five tips for saving money on business insurance that are the tricks of the trade that an upcoming business or an established one should now and follow:

1- Keep Individual Business Requirements in Mind:

All businesses have particular insurance requirements based on their risk factors and other concerns. What is fit for one enterprise may be exactly the opposite for another organization, irrespective of the size or area of operation.

It is for this reason that prior research is essential so that low-cost business insurance can be selected and paid – for instance, in most areas establishments with a proper workforce have legal requirements for provisions such as employee compensation and even disability insurance.

Read More: 5 Reasons Why Email Marketing is Important for Small Business

2-  Shop Around for Insurance:

Since insurance costs vary from provider to provider, shopping for low-cost business insurance can be one of the greatest hacks for saving insurance money.

Contacting the multiple brokers and/or companies specializing in the type of business helps one not only contrast prices but also gauge an estimate regarding the kind of services offered by these providers.

Additionally, it is also crucial to select a financially healthy insurance company – this can be checked through rating companies.

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 3- Close Contact with Broker/Agent:

Unforeseen business perils can be easily avoided with the help of the valuable guidance of the insurance policy professional.

If the businessperson keeps him/her constantly in the loop regarding any and every significant business decision: this is inclusive of serious expansions, purchases, or transitions in a manner of operation.

The counsel of the insurance agent becomes especially vital in the case of disaster planning, such as measures to ensure risk reduction in work-centric accidents and even in the possibility of a great business catastrophe.

The correct coverage and a detailed disaster plan (such as business insurance Anaheim) save not only money, but they also save the business.

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 4- Evaluation of Protection:

It is important to carefully read through the insurance policy to ensure that one has not signed up for unnecessary coverage.

For example, if there is no vehicle involved in the business, there is no need for auto insurance, or if there are no employees in the business, employment liability insurance is also not needed.

Get risk assessment done to know the challenges your business is more likely to face. Avoid insuring for risks that the business does not face – this will consequently end up saving a lot of money as it is akin to opting for low-cost business insurance.

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5- Maximize the Deductible:

Most policyholders are ignorant of the fact that the link between deductibles and premiums is inversely proportional. Yes, indeed: the lesser the deductible, the more the premium.

Naturally, the best way of minimizing premiums is by maximizing deductibles. However, there is still the disadvantage of having to pay that particular deductible before getting any aid on a claim, so it is always wise to fix it at an amount which can be easily raised.

Ultimately, there is also the advantage that the increased deductible detracts businesses from filing for lesser claims.

Read More: 7 Growth Strategies Sure to Spur Fresh Success

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Are You Losing Business by Only Accepting Cash and Checks?

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Many mobile business owners and professionals struggle with payment options. While on the road, moving from one job site (or client) to the next, it can be difficult to keep things organized. Most small business owners have the luxury of a storefront, cash register, and credit card processing terminal. For them, there’s no guesswork or potential “run-around” involved – either the card has funds, or it doesn’t.

Mobile business owners, such as landscapers, trades people, merchants at craft fairs, and others simply do not have these luxuries. Most are limited to accepting cash or check; the latter with no guarantee that there are funds in the account. It can be difficult for them to find a payment method that is convenient for both them and their customer, especially for big-ticket items. Unfortunately, this may often mean that the sale goes instead to the brick and mortar merchant, simply because they accept credit cards and/or provide a financing option that doesn’t involve some sort of collection arrangement.

(In other words, the credit card company acts as the “creditor” for them, in a sense, and gives the customer a self-directed financing plan on their own terms.)

Are you losing sales because you don’t or can’t accept credit cards? This is a problem shared by many mobile business owners. Imagine the sales you might have had at your last trade show or job fair, if payment of a large sum had been easier and more convenient for your customer.

Customers are carrying less and less cash around. We are quickly becoming a plastic consumer society and few people like to bother any longer with the hassle of cash or check books. They prefer the ease and convenience of their credit or debit cards. Are you losing valuable sales because you don’t accept this most convenient method of payment?

Many business owners also prefer credit cards. They offer the advantage instant approval. There is no waiting for days for a check to clear and money to be deposited in your account. Credit cards provide 24-hour payment in a 24-hour world. Payments can be processed quickly, on demand.

What if there was a way for you to accept credit cards from your mobile office or job site? This would enable you to build your business from anywhere, any time. Why should brick and mortar businesses get all the customers?

What would this do for your business? Your business could potentially grow by leaps and bounds – and you’d be making life a lot easier for both your customers, and yourself.

Here’s the good news – you do, in fact, have options. Here are two solutions you should consider:

1. Use a Wireless Credit Card Terminal.

If your typical business day consists of a large number of smaller sized transactions (for example, a pizza delivery business with an average of 40 sales under $30 a day), then you should seriously consider getting a wireless credit card processing machine.

Your monthly fees for the merchant account (and equipment, if leasing) will be average, as will the discount rate per sale, but the convenience factor in addition to the potential increase in sales from customers who don’t necessarily have cash on hand will likely more than make up for the monthly fees, and then some.

2. Accept Credit Cards by Phone

Now, if you run a business where you’re only closing on a few sales a day, but at a higher ticket ($x00 – $x,000), then you’ll want to minimize your merchant account costs because your credit card transactions will be more of an occasional occurrence – even though it will certainly impact your business in regards to convenience, efficiency and potentially even sales.

For example, if you own a landscape business where the average transaction is $600, you’ll find that quite a few clients will want to take advantage of either their card’s built-in rewards points (like “air miles”), the flexible financing – or in most cases, both of these added benefits combined.

The benefit for you is that credit doesn’t “bounce” and in most cases, you’ll have access to the funds much faster than with a check.

Now, here’s the best part – you can accept credit card payments on the spot from any touch-tone phone, including your cellular.

Also, the leading “pay by phone” services available have very low monthly fees and operate in more of a “pay as you go” fashion.

This is the perfect solution for a mobile business – or professional – where occasional credit card transactions are necessary (and profitable), but don’t quite warrant the hassle of using a traditional terminal.

Some services cost as little as a few bucks a month at about 4% per sale.

So there you have it – two very viable options for mobile business types that would otherwise have to remain stuck in the “dark ages” of cash and check payments.

Do your due-diligence to see what service might be best for you and your customers.

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Secure Credit Card Processing: Choose Your Service Provider Wisely

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These days, e-commerce is on the rise and people are using different ways to provide their customers convenient and easy ways to shop. Credit card processing is the best way to take your online business forward. It not only helps your business to grow but also entice customers to buy products or services from your business.

If you want to expand your small business and aspire to become a business giant, it is crucial to find a trustworthy payment gateway for your credit card. If you fail to do online sales management, hit the brake and ask yourself – ‘What’s stopping to do it properly?’ May be you cannot manage your online sales because of the inefficiency of the service provider you have chosen. But, you still have time in your hand and it’s better to change your service provider before any mishap. When your service provider is genuine, it will ensure you secure credit card processing. All you have to do is to ask some simple questions while picking your service provider. Check out the questions you should ask.

What are their fees? The fees of the merchant services for website are inclusive of the application and set up fees, monthly statement fees, interchange fees, and early termination fee. Your service provider should clear all the doubts regarding the fees and check whether they have any hidden cost.

What are their types of accepted payment? If you are an owner of a retail business, you will want to ensure that your chosen payment processor accepts all kinds of cards such as Visa, MasterCard, etc so that none of your customer has to face any problem during the payment.

How long will they take to complete the entire process? Many service providers of online merchant accounts complete their job within a quick turnaround time. Ask them directly how long they will take for your account set up and for the installation of the equipment so that you can chalk out your plans. If you have selected the right service provider, they will assist you with patience in every step.

There are dozens of credit card processing companies, some of which includes major players. However, you have to be very critical while choosing your processor. Look for a company which provides solutions to low-risk and high-risk merchants. Moreover, companies that provides onshore and well as offshore services can be a good option to make a choice.

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Simple Ways To Save Yourself From Identity Theft

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Identity theft is something that has affected millions of people and has someone assuming your identity in entirety. It is a serious problem that can ruin your reputation, finances and even credit score if you are unlucky to be a victim. The truth is that you may not have your identity stolen yet, but you may know someone who has suffered under such crimes. Just like any other problem, it is best to take precautions to keep yourself protected than trying to fix the situation when it has already happened. And fortunately with identity theft, there are simple to do things that can help keep you protected.

1. Carry only what you need in your wallet or purse. The majority of people have a tendency of stashing all valuable items in their wallets and purses. Whereas it may be a convenience, you risk a lot in case you end up losing the wallet. Avoid carrying important items such as social security cards and their security numbers in your purse and instead keep them safe at home. It also helps not to carry all your credit cards and to never carry PIN numbers for any credit or ATM card you have.

2. Shred all documents with sensitive information before disposing them. Financial paperwork and documents should not be left lying around or disposed in perfect form. This is because many identity thieves use such to steal your personal information. If you have no control over disposal like in an office setting, then make sure that you use the paper shredder to keep your details protected. Documents that you should be very careful disposing include bills and invoices, tax forms, credit card solicitations and loan applications.

3. Keep an eye on your credit scores and report. This is one of the best ways of getting warnings that you may have had your identity stolen. New credit cards and loan accounts you did not open as well as addresses and names, multiple credit inquiries from companies you are not associated with are all clues that you may have become a victim. You can get credit reports free from relevant credit bureaus and monitor credit scores just as easily to pinpoint anything fishy and take action before the situation takes a turn for the worst.

4. Choose strong passwords and usernames for your online accounts. It is something most people do not pay attention to, yet it can go a long way in keeping your identity safe. It is actually advisable that you avoid using the same password and username for all online accounts you have. Regularly changing passwords and choosing strong ones every time is also very helpful in making it harder for the thieves to crack and gain access to your accounts.

5. Review bank statements and credit card statements. Identity thieves are usually after your finances and hence keeping a close eye on your statements can help you manage a situation before extensive damages happen. Even though professional thieves can easily open new accounts and have statements mailed elsewhere, it is still a move that can protect you from petty thefts.

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