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You Need Insurance Regardless of Your Business

While it might be comforting to think that insurance is something that only the big companies need to worry about. Insurance is something that all businesses need to worry about. Indeed, the smaller you are as a business, the more vulnerable you are to a wide array of risks that can only ultimately be dealt with by adequate business insurance protection.

When you run your own business, you take on obligations and responsibilities above and beyond that of the average citizen. In fact, it can be seen as somewhat of a double-edged sword. On the one hand, you probably go into business hoping to make a profit doing something you love while providing a benefit to others. On the other hand, all those others are affected by what you do — good or bad. It’s the latter that can get business owners into trouble if they don’t seriously think about serious business insurance protection.

Let’s take small business liability insurance as an example. Without this form of insurance protection, a business owner is putting themselves in unneeded and unnecessary financial risk.

Small business liability insurance is that which essentially protects a business from the threat of a lawsuit. It differs from other kids of protection many individuals might already be familiar with because it covers assets from the risk of being attacked by a claim of misconduct carried out by you or your business. If somebody decides to sue your business, not only could you be on the hook for the damages awarded, but the legal fees involved can often be staggering, even if the lawsuit is frivolous. Things like small business liability insurance, as part of a comprehensive business insurance package, are meant to deal with just such instances.

If you don’t think that your business is at risk like this, you might want to reconsider. No business is too small or irrelevant to be untouched by the risk of a lawsuit. In fact, the smaller you are, the less you’ll be able to count on your own resources to address the crisis of a legal proceeding, or the damages awarded as a result.

Perhaps for no sector of business is this reality more apparent than with small offices providing services of various sorts. While the amount of resources at your disposal is tight, the extent to which you may have an impact on the public is very considerable. And the extent to which that same public can come back and bite you can be similarly considerable, too. This goes for real estate professionals, management consultants, tax preparers, lawyers, doctors, and so on. No one is immune from the threat covered by business insurance that includes things like small business liability.

No matter how competently you think you run your business, how much emphasis you place on customer satisfaction, how well thought of you are in the business community, or the lengths to which you strive for excellence and achievement in your profession, you can be hit by a lawsuit. And, very often, you won’t even have seen it coming. Even some service provided as a sub-contractor for someone else can be seen as having done harm to someone. If that someone decides to sue, there are costs that have to be covered. Good business insurance will cover it. More specifically, good small business liability insurance will cover it.

Let’s take the management consultant industry as an example of where business insurance that includes small business liability is necessary.

The duties and responsibilities associated with the job of being a management consultant are considerable. In such a capacity, you use your expertise in the field of management to advise people professionally on a whole range of matters related to the proper running of a business. This can includes things as simple as staffing to something more sophisticated like public relations. Good management consultants provide a professional service noted for the extent to which comprehensive solutions are offered to meet challenging business environments.

This is precisely why management consultants need to be covered by good business insurance that includes small business liability insurance.

The extent to which their advice and solutions impact people can be almost limitless. In fact, if you tried to figure out who might sue you for advice you gave a client, you might never be able to do it. There will always exist people who simply perceive themselves to have been hurt by something you did. And they’ll sue you for it.

Alternatively, even the best management consultants make mistakes. Sometimes they could have legal ramifications. Other times, they could have professional ramifications. Indeed, things like errors and omissions insurance or professional liability insurance exist because professionals make mistakes. Not only do they make mistakes, but they make mistakes that violate the professional principles involved in their industry. It happens. It’s why even management consultants need good business insurance and liability protection.

Of course, whether you’re a management consultant, real estate agent, tax lawyer, or healthcare specialist, the specifics might be different, but the insurance risks are much the same. As small business owners with offices that need to be protected from the threat of financial loss, business insurance and small business liability insurance is simply a smart solution to that end. They literally help protect the small guy and gal from the swamp out there that could digest everything they’ve worked for. And that swamp could include the unwanted lawsuit.

The Number 1 Greatest Marketing Tip of All Marketing Tips!

All business owners should be continually searching for marketing tips to better their business. You might have a great system set up, and you know everything there is to know about your industry. This still doesn’t mean your business is going to be a success. It’s sad that is a reality for some business owners because they will never make it. They can get past this by either learning about how to promote or hire someone else to do it.

Out of all the strategies, tricks, and tips to make an effective marketing campaign, there is one thing that stands above the rest. The marketing tip of all marketing tips. Want to know what that is? It’s establishing your business apart from it’s competitors. It’s branding your message. It’s your unique selling proposition or USP.

Your unique selling proposition is exactly what it sounds like. It’s the very reason why people should buy from you and not someone else. What makes you special? What can you offer that every other company in your industry can’t? Why are you so different?

A lot of you are probably saying ‘oh well, we have a low price…‘ or perhaps ‘we provide the best quality…‘. Well I’ve got bad news for you. These things don’t matter to the public anymore. These exact differentiations have been used since the ’70s and buyers have already heard them a thousand times. So, you provide the lowest price…do they sell it at Wal-Mart?….Then, you don’t have a buyer anymore. We all know you can’t beat Wal-Mart’s prices.

You have to really grab the prospects attention with your USP. It has to be different…and I mean really different. The word unique is in the phrase. Be one of a kind. Things like integrity, loyalty, honesty, best service, most quality, longest time in business, and lowest price are all ineffective USPs in today’s market.

This is one of the greatest marketing tips you can hear. Sometimes finding the right USP can be very difficult though. It can take time until you find something absolutely perfect. Once you have it though, you wouldn’t believe how much more business you will get.

Ask yourself these questions to help find your USP:

  1. How is your product/service better or different then your competitors?
  2. What physical or emotional needs does your product/service supply?
  3. What is your ideal buyer (age, gender, demographic, etc) and what do they like?
  4. In what ways does your customer service excel?
  5. What is special about your staff?
  6. What do customers say about you?

These 6 questions will help you focus into the right USP. Once you have your USP created, you need to brand your company around that sentence. Not only do you need to create why you are different, you have to live it. Fulfill the promise you make with your USP and people will know why they should buy from you more then anyone else.

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