Insights and ideas to help your business grow


Issue No. 13, November 2014
Contact Us

Foundation Insurance Group

803 West Broad Street

Suite 500

Falls Church, VA 22046

703-988-3750 (phone)

800-203-2811 (toll free)

www.foundationinsurancegroup.com

info@figva.com 

 





















 













































4 Painless Ways to Save Your Business More Than $2000 This Year

 

There are plenty of big steps you can take to save your business a lot of money, from going paperless to outsourcing labor. But there are also some quick, easy ways to add a little extra to your bottom line right now.

 

Turn off computers:

 

It may seem like leaving computers on overnight and on weekends is a good move, minimizing the time your employees have to wait around while booting up. But computers use a lot of electricity, even when they're "asleep." Turning off a single computer and monitor for the sixteen hours it's not in use saves $200 a year on your electric bill. With ten computers shut down at the end of the day, you've saved a cool two thousand with just a click.

 

Buy used:

 

Companies pop up and then go out of business all the time. That's an unsettling fact, but those failed companies leave behind plenty of pre-owned computers, copiers, furniture, or anything else you might need to outfit your office. Used equipment costs up to 60 percent less, a lot of it is fairly new and in great condition, and you don't have to dumpster dive or spend your weekends at tag sales to outfit your office.

 

Do a lot of printing? You can also easily find remanufactured printer cartridge suppliers near you (or online ) and save about $10 on each one - and that can really add up.

 

Go paperless:

 

Lots of companies have been going completely paperless, saving big on printing, storage, and postage. That's a big change, however, and can be daunting. But going even partially paperless can add up. For example, you can offer electronic invoices to customers (which many will go for, considering the convenience), and scan and email documents to share information without all of those hard copies. Over 65% of all bills are now paid electronically, and those customers who epay do so about four times faster than those who receive paper bills.

 

Storing information on the Cloud can also save paper, ink, space, and the money you'd pay an employee to do all of your filing. File cabinets and Clouds serve the same purpose-a central storage space where employees can share access to the specific information that they need. (It's also easier to search for a lost or mislabeled document on a computer than it is to find a misfiled folder in your file cabinet.) For a mid-size business, going paperless in just a couple areas could save a couple grand. If it seems daunting, just start with one aspect of your business.

 

Empower employees to share cost-cutting ideas:

 

There are plenty of other little steps you can take to save your company money, but the best one might be encouraging employees to come up with ways to save. You can even set up a formal rewards system: Achievers, formerly I Love Rewards, is one of a few companies that provide web-based systems to keep track of money employees save - and when its own employees find ways to reduce expenses, they're rewarded with 10 percent of those savings. When everyone's eye is on the bottom line, they're bound to find the kind of improvements you're looking for.

 


With Insured Livestock, Timing is Everything


From champion racehorses to Thanksgiving turkeys, livestock (or equine) mortality insurance is just as vital as good feed. But many livestock owners wind up making mistakes that prevent them from receiving compensation when an animal is injured or dies.

 

Livestock/equine mortality insurance covers the loss of a valuable animal from any number of causes, from disease to predation, and even euthanasia - as long as the proper steps were taken beforehand.

 

It all comes down to keeping the insurer up to date on the health of the animal - and there are no excuses for not doing so.

 

That's what the owner of a horse used for jumping competitions - and insured for $80 thousand - discovered a few years ago. The horse became lame while it was leased out, and wasn't returned to the owner for more than a week. Five days later, a veterinarian confirmed the horse was lame. When the owner tried to file a claim the next day, a full 15 days had gone by since the injury, and the claim was denied.

 

Even though the horse was in another individual's care when it went lame, a US District Court upheld the insurer's decision - illustrating just how broad an insurer's rights are when it comes to livestock/equine mortality. In fact, an insurer even has the right to intervene in an insured animal's care, including removing the animal to put it in the care of a veterinarian.

 

To make sure you don't end up losing money if you lose an animal, always take the necessary steps to keep us in the loop, so that we can make sure that you'll get fair compensation. Tell us immediately if an animal becomes injured or seriously ill. And if you lease an animal, include a clause in the lease agreement that says the lessee must immediately notify you if anything happens, so you can inform us. Livestock/equine mortality insurance is vital - but it's all in the timing.

Are Your Employees Safe From Tarantulas? (Probably.)

Which little arthropod is more likely to kill you at work, a brown recluse spider or a bee? If you've ever had an allergic reaction to a bee sting, you probably know the answer already. Oddly enough, an August report from the U.S. Bureau of Labor Statistics found that, of the 83 insect, arachnid, and mite-related occupational fatalities which occurred between 2003 and 2010, well over 60 percent could be blamed on bees. And of those 52 cases of death by bee, 39 were a result of anaphylactic shock.

 

The other 31 decedents encountered unfriendly wasps (8 deaths), venomous spiders (7 deaths), hostile ants (4 deaths), and angry yellow jackets (3 deaths). 9 died in attacks by unidentified insects; the Bureau of Labor's forensics team is currently looking through AFIS (the Ant and Flea Identification System, of course) in an attempt to identify the killers.

 

Not all fatalities were a direct result of stings or bites. An unlucky few were distracted by or attempting to avoid insects to such an extent that they tumbled from a roof, crashed a car, or fell off a tractor. Lesson learned: check the field for wasps' nests before you plow, pull the car over and roll down all the windows as soon as you see a bee in the rearview, and slather on the insect repellant. Though workplace death-by-insect is as rare as it is peculiar, it is a risk, and all risks need to be considered.

Slash "took pottery classes" from your résumé. Replace it with "retribution paladin."


Résumé padding is a creative skill unto itself, one that a job candidate might list between "effectively worked with other employees from multiple departments" and "I dance at a freestyle boogie twice a week." But is it really padding if the proficiency mentioned is, while unusual, somehow relevant to the task at hand? The Wall Street Journal recently reported that participants in the role-playing video game World of Warcraft are garnishing their real-life résumés with gaming accomplishments, and hiring managers are taking them seriously.

 

Françoise LeGoues, former VP of innovation at IBM, believes that gamers make great hires because "[t]his capability to engage in strategy-building, team-building, knowledge-sharing and problem-solving remotely is really important." Furthermore, research done at the University of Southern California seems to show that skilled participants in huge multiplayer online games carry their strategizing and team-building abilities with them into everything they do. Just be sure to extract a promise from your new hires that they'll leave the actual gaming at home.

 

 

 

 

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All content © 2014 Professional Marketing Associates, Inc. This newsletter is not intended to provide specific legal or insurance advice. Please consult your individual agent for further information on the topics covered.