4 COMMONLY OVERLOOKED COVERAGES FOR BUSINESS OWNERS

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It’s that time of year again. Time to renew the commercial insurance policy for your business. When it comes to commercial coverage, liability and property coverages are common but sometimes they’re not sufficient to protect your business from common risks.

We’re seeing several claims from business owners who incorrectly assumed that their traditional policies covered them for things like cyber breaches or employee theft, says Brittney Passini, commercial lines product director with Acuity Insurance. “Unfortunately, that’s not always the case.”

With 2022 Acuity data showing commercial claims at a five-year high - up about $3,000 per claim from 2021 and record inflation squeezing businesses tighter - it might be beneficial to put more thought into your commercial coverage this year.

As you think about renewing your insurance policy, consider these four commonly overlooked coverages:

Cybersecurity

With larger businesses investing in cybersecurity tools, hackers are increasingly targeting small and medium-sized businesses. In 2021, the FBI’s Internet Crime Complaint Center received 847,376 complaints about cyberattacks and malicious cyber activity with nearly $7 billion (about $22 per person in the United States) in losses, most of which targeted small businesses.

Cybersecurity insurance typically packages cyber liability and data breach coverage. Cyber liability coverage pays if you’re liable for unintentionally spreading malware, and data breach provides coverage to respond to accidental loss or release of customers’ personal and identifying information.

Business Income And Extra Expense

After a fire, windstorm or other property loss, a business owner’s immediate focus is usually on repairing buildings and replacing lost inventory. Until those repairs are made and customers start coming back in the door, retailers also may suffer loss of income. This loss of income is not normally covered by a basic business property policy. Business income coverage helps bridge the gap, and extra expense coverage pays for added costs needed to resume operations. Without these additional coverages, businesses that endure a property loss may not have enough capital to keep their business running. While property insurance covers the physical damage, business income and extra expense coverage helps bridge the gap by providing funds to replace the income that is lost while the physical property damage is being restored as well as cover additional expenses, such as rent.

Peak Season

While these busy seasons can vary depending on your industry, most businesses experience a few months each year that are busier than most. While some businesses carry extra inventory or have extra staff on hand during these busy months, many business owners overlook these times when setting limits on their property policies. Peak season coverage increases the limit of your business personal property during these times, without needing to carry a higher limit all year.

Ultimately, Passini recommends a collaborative approach to ensure your business is adequately covered.

“Don’t fall into the trap of making assumptions about coverage,” Passini says. “Work with an independent insurance agent who’s dedicated to understanding your business and can provide the right coverages, limits and discounts to fit your business’s needs.”

Source: BrandPoint

Old Folks Saying

A Hit Dog Will Holler

Employee Dishonesty

A recent study from Zippia shows that 75% of all employees steal at least once, including cash, merchandise, and business property. The same study shows that an average of 5% of an organization’s revenue is lost each year due to employee theft, which isn’t covered in typical business property policies. Employee dishonesty coverage protects you against employee theft of money, securities, or property.

Often, we are not fully knowledgeable of a person’s trigger points or defense mechanisms. So, whenever we hear the phrase, “a hit dog will holler,” it’s a telltell sign that whatever has been said or action has been done, only the affected ones will respond with the loudest roar.

ARE YOU APPREHENSIVE ABOUT ASKING FOR A RAISE AT WORK? CHECK OUT THESE RECOMMENDATIONS TO EASE YOUR FEARS

other hand, if the company is thriving and has recently achieved success, it could be a favorable time to discuss a salary increase.

ANNUAL REVIEWS AND PERFORMANCE EVALUATIONS: Take advantage of annual performance reviews or evaluations as a natural opportunity to discuss your salary. These reviews often serve as a platform for discussing career progression and compensation. If your company follows a structured review process, it’s advisable to align your request with these evaluations.

SIGNIFICANT CONTRIBUTIONS OR ADDED RESPONSIBILITIES:

If you have taken on additional responsibilities or made significant contributions to the company, it can be a suitable time to ask for a raise. When you can clearly demonstrate the increased value you bring to the organization, it strengthens your case for a salary increase.

POSITIVE WORK ENVIRONMENT AND OPEN COMMUNICATION:

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When should you ask your employer for a raise? The timing for asking your employer for a raise can vary depending on several factors. Here are some considerations to help you determine the right time to approach your employer:

PERFORMANCE AND ACHIEVEMENTS: Evaluate your performance and accomplishments within the company.

It’s important to have a track record of delivering exceptional work and achieving significant results before asking for a raise. Demonstrating your value and contributions can strengthen your case for a salary increase.

TIMING AND COMPANY PERFORMANCE: Consider the financial health of your company and its recent performance. If the company is going through a difficult period or experiencing financial challenges, it might not be the best time to ask for a raise. On the

MARKET RESEARCH AND SALARY COMPARISONS: Conduct thorough research on the market rates for your role and industry. Look for salary guides, industry reports, or websites that provide salary benchmarks to understand the average compensation for similar positions. This information can give you leverage when discussing your salary expectations with your employer.

It’s beneficial to work in a positive and collaborative work environment that fosters open communication. If you have a supportive and approachable relationship with your supervisor or employer, it becomes easier to discuss sensitive topics like salary. Building trust and maintaining open lines of communication can contribute to a more productive conversation about your compensation.

Remember, each situation is unique, and the timing for asking for a raise can vary. Assess the factors mentioned above and choose a moment that aligns with your accomplishments, company performance, and open communication channels to maximize your chances of success.

Source: StatePoint

3 Ways People Of All Ages Can Make The Most Of International Youth Day

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August 12 is International Youth Day, a United Nations effort to celebrate youth activists, combat ageism and help bridge gaps between generations working toward the same change.

No matter your age, it’s likely you’ve questioned your ability to make a difference. Research from the global nonprofit Points of Light shows that 73% of people believe that volunteering is more important than ever, yet 66% think they can’t make a big impact in their communities. Activists on the ground prove otherwise. That’s why Points of Light, which is dedicated to inspiring and equipping people to act, has recognized thousands of volunteers for their contributions to their communities through The Daily Point of Light Award.

of thousands of in-persons and virtual volunteer opportunities.

The power of volunteering is apparent when considering Daily Point of Light Award honoree Nate Buescher, a high schooler who prepares food for a local food pantry and distributes home-cooked meals to tent cities around Chicago. Buescher began fighting food insecurity at age 7 with the Honeycomb Project. Today, he mentors younger volunteers while maintaining his own service projects.

Voice

The youth voice is vital, pointing us to which concerns are most important to future world leaders and helping broaden perspectives. Use your voice to advocate for causes you care about by posting on social media, attending a rally, or contacting a government leader. Adults can amplify youth voices by sharing with their

Points of Light’s research found that Gen Z is the most civically engaged generation to date. Our youth honorees demonstrate that people of all ages can strengthen communities and solve persistent problems, says Diane Quest, interim CEO, Points of Light.

To inspire you to action this International Youth Day, the organization is sharing the stories of youth honorees, along with three elements from The Points of Light Civic Circle®, a framework for helping individuals get civically engaged:

VOLUNTEER

Nonprofit organizations and NGOs need volunteer power to deliver support to the communities they collaborate with. If you’re an adult wanting to facilitate youth volunteerism, consider organizing a youthspecific event or helping transport the young people in your life to an event. To find a volunteer opportunity that aligns with your interests and availability, check out Points of Light Engage, a database with hundreds networks or organizing forums for youth to be seen and heard.

Seventeen-year-old Daily Point of Light Award honoree Maanit Goel used his voice when organizing a rally of fellow activists on the Washington State Capitol steps to support legislation protecting the Chinook salmon and orca populations. He also regularly addresses state legislators, and travels statewide to speak to K-12 students about environmental issues.

LISTEN AND LEARN

Social justice and environmental issues are nuanced, involving many people with different perspectives shaped by their own experiences. Listening and learning is one way to honor others’ lived experiences and get a fuller scope of an issue.

Young people can commit to thoroughly researching causes they care about, talking to those working toward solutions and holding space for those impacted. Adults can connect with the young people in their lives, inviting dialogue that allows for sharing different perspectives and finding common ground.

These are the driving ideas behind the work of high schooler Kristie To, who became a leading force in Asian American racial justice when she founded Hearts Against Hate. Among the initiatives of her nonprofit is distributing Asian history and Asian American Pacific Islander civil rights curriculum to children.

“Cultural sensitivity starts with exposure, and that’s what we’re trying to do with these elementary schoolers,” says To.

To learn about other avenues for social engagement, check out the Points of Light Civic Circle by visiting pointsoflight.org/civic-circle.

“There are many formal channels for civic engagement, but simple actions make a difference too,” says Quest. “Whether it’s carrying groceries in for a neighbor or donating books to the library, the important thing is to get started when you see a need in your community.”

Source: StatePoint

Future Bankers At Tsu Achieve 100 Percent Pass Rate On Industry Exam For Third Consecutive Semester

“This is a commendable academic achievement,” said Dr. David Yen, dean of TSU’s Jesse H. Jones School of Business.

It represents the teaching excellence of our faculty and our student learning abilities. This achievement will certainly enhance our students’ future success in the financial industry. The RMA certification puts our students a step ahead of others, and it will stand out as they are considered for employment – banks and other financial institutions look for individuals with this certificate.

a formal curriculum, interaction with executives and industry mentors, and commercial banking internships.

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Students in Texas Southern University’s Future Bankers Leadership Program (FBLP) achieved an impressive 100 percent pass rate for a key professional certification exam – giving them a distinct advantage as they pursue careers in the finance and banking industry. This marks the third consecutive semester the entire FBLP cohort has passed the exam.

The Risk Management Association Credit Essentials Certificate (RMA CEC), which is tied to the program’s curriculum, helps students immediately distinguish themselves in a highly competitive field. The exam covers a variety of subjects, including cash flow, financial statements, projections, management, strategy, customer relations, credit, documentation, and tax returns.

The students earned the RMA CEC by scoring an 80 or higher on the rigorous 80-question test.

ARE YOU DOING ENOUGH TO MAKE YOUR WORK ENVIRONMENT A HAPPY ONE?

The Future Bankers Leadership Program began in fall 2021 and has received significant financial support from a wide range of partners within the banking/ financial industry and foundations.

One of the strategies for student success is to have industry-recognized credentials such as the RMA CEC embedded in select courses of the program, making graduates very attractive to potential employers.

For more information about the FBLP program, please visit the program web page or contact Muriel Funches, executive director of advancement at the Jesse H. Jones School of Business, at Muriel.funches@tsu.edu.

Source: TSU

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Amid the Great Resignation, the pandemic-era phenomenon of employees leaving their jobs, new research studying employees in the United States, the United Kingdom, and Ireland are shedding light on how employers can retain their staff and keep them happy.

UNLEASHING THE HUMAN ELEMENT AT WORK

Transforming Workplaces Through Recognition,” a new research report by Gallup and Workhuman, reveals that currently, only about one-third of employees say their employer has a formal recognition program, and 81% of senior leaders say recognition is not a major strategic priority for their organization. Industry experts define a culture of recognition at its most basic level as one in which gratitude, praise, and appreciation are freely given and regularly received in an authentic and equitable way throughout the organization.

The data suggests that not embracing this ethos is a missed opportunity. Indeed, Gallup’s analysis of the study data shows that an organization of 10,000 people with an already engaged workforce can save

The FBLP gives TSU students direct exposure to commercial banking and introduces them to the industry through up to $16.1 million in turnover annually when they make recognition an important part of their culture.

What’s more, employees who feel recognized are more likely to be engaged and feel loyal to their organization.

“The data clearly shows that when recognition is genuinely embedded in workplace culture, people feel its full impact – they feel seen, valued, and motivated to put in a little extra effort,” says Dr. Meisha-Ann Martin, senior director of People Analytics and Research at Workhuman.

Employee recognition doesn’t just have an impact on work performance though, it also has an insulating effect that can help shield employees from burnout and support their overall wellbeing.

More than 70% of employees who have good recognition experiences at work rate their lives more positively overall and are more likely to be “thriving” in their everyday lives compared to those who are not being fully recognized.

But Dr. Martin advises companies to consider how they go about recognizing their employees. The study found that more than half of employees who say the recognition they receive at work is not authentic or equitable are actively looking or watching for new employment opportunities. Further, two in five employees say they are not receiving enough recognition from leaders at their organization – only a few times a year at most – when the bare minimum for positive impact is at least a few times a month.

Recognition of employees is not only useful for retention, but it can also assist with recruitment too, say, analysts. “In today’s competitive talent marketplace, the power of employee referrals cannot be understated. Yet, only 28% of employees in this study strongly agree they would recommend their organization as a great place to work. Organizations that acknowledge employees through strong cultures of recognition can boost this figure to 68%,” says Ed O`Boyle, Gallup’s global practice leader.

When organizations celebrate employees’ successes and contributions, those employees pay it forward and become brand ambassadors.

“Recognizing employees is a simple way organization can demonstrate their commitment to their employees and inspire them to feel connected, confident, and cared about, and in today’s climate, it’s no longer a nice-to have program but rather a business imperative,” says Dr. Martin.

To read the full report and learn more about Workhuman, a leading global provider of technology solutions, analytics, expertise, and services to build humancentered workplaces, visit workhuman. com.

Source: StatePoint