Professional Liability Insurance Group - 4th Quarter
The PLIG Professional’s PULSE
4th Quarter
6 Things You Must Do to Future-Proof Your Business Today!
Invest in employees. Key employees are the lifeblood of your business.You might have one employee who has a specific skill you can’t function without. Don’t let that person be the only one. Ensure you are cross-training your staff so there’s an overlap of skills and knowledge. Otherwise, if that one key worker is suddenly unavailable, you’re missing a huge skill that will take a long time to replace, something that can cost you dearly. Set up processes. A good business is one that runs automatically. Process one leads to process two, which leads to process three, and so on. Everyone in the business should know these processes, so if someone has to leave for an emergency or is interrupted, another person can quickly step in to finish off without pause. A clear set of processes reduces the time to complete tasks and reduces costs. Do regular reviews. Another key aspect is to ensure you regularly review your products, services, suppliers, and/or processes. Look for a part of your business that costs you money and doesn’t add value. Eliminate those from your business and look for alternatives, if applicable. Sometimes, you might be able to renegotiate rates with your suppliers, but be prepared to switch. Get insurance. There are numerous ways a claim could weaken your business financially.The risk just isn’t worth it.That’s why you need to speak to a professional insurance expert to ensure you are covered for anything and everything.You might not ever need to use your policy, but it’s best to have and not need than to need and not have. -Shayne
Your business is your livelihood.Without it, you’ll have no income and nothing to show for your hard work. Consider what would happen if your customers all suddenly disappeared or if you were hit with a massive, unexpected bill.What would happen to your business then? Being reactive to situations will only help you so much.You need to be proactive with your business to ensure you’re preventing future problems.This is one major reason why small businesses go under:They are hit by an unexpected problem and they can’t react fast enough, or well enough, to respond. One good example is how small businesses handle (or don’t handle) cybersecurity. A report put together by Cisco and the National Center for the Middle Market revealed that 60% of small to medium businesses go under within six months of a cyberattack.They go under because they’re not ready to handle a major issue like this.They’re reactive, not proactive. Here are six things you can do today to be proactive and future-proof your business: Have a backup fund.
A backup fund is essential against any unexpected costs or when sales are poor one month. In theory, you should be saving at least three months’ worth of wages for when your sales are poor. Don’t let marketing go. One of the first things that business leaders cut is marketing activity, especially when times are good and there’s no more work capacity. However, it’s always better to turn potential clients away than to desperately search for them if you’ve lost numerous customers quickly. Continuous marketing is critical.
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Professional Liability Insurance Group • www.ProtectUsBetter.com
Is Your Business Prepared to Respond to a Data Breach?
Data breaches are a significant problem. In 2017, there was a record number of breaches in the U.S., with 1,537 known breaches and 179 million records stolen.This was a 50% increase from the previous year, and this number continues to climb. While some small businesses believe they are too small to be targeted, this is not how cybercriminals think. In contrast to popular beliefs, cybercriminals prefer to target smaller businesses.This is because they generally have poorer security than larger corporations. Some businesses don’t invest in security solutions at all, and that’s a huge mistake that can destroy a business. KnowingYou’ve Had a Data Breach One of the biggest challenges you will have with data breaches is knowing when one has happened. Unless information has been corrupted, it can be difficult to know when a data breach has occurred. There are cases when cybercriminals will encode data and demand a ransom before releasing it back to you; this type of attack is becoming
increasingly common. Alternatively, the hacker may tell you they will release the details of your customers, suppliers, or business information unless you pay up. But sometimes, the crimes do go unnoticed.This can be the case when credit card information has been stolen. A hacker can sell this data to other criminals.
Developing a Data Breach Response Plan
If you don’t already have a data breach response plan, you need to create one, as there’s a very
On top of this, check your insurance.There are specific policies that need to be in place before an incident happens. Make sure your business is covered in the event of a cyberattack.Then, when you realize that you’ve had a data breach, it’s your insurers you should contact first. Depending on the extent of the attack or data theft, this insurance can be the difference in whether or not your business will survive a breach.
high chance that your small business could be targeted. Never assume your business is safe just because you haven’t been the victim of a cyberattack. In reality, it’s a matter of when, not if.You need to have security in place: firewalls, malware protection, secure cloud storage, etc. You need to put as much security between your business and the outside digital world as possible.
What Some of Our Clients Are Saying
“Wow! The relationship established over the years and service we’ve received from your office is excellent!” –Simon Wolfe
“Professional Liability is accurate, prompt, and responsive in their service. I feel like you know me personally, and I especially appreciate your sending the certificates before I had asked!” –Joseph LaCavera III
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How it works All you have to do is tell a friend, colleague, or any professional you know about us and make sure they tell us you sent them — that’s it! Remember, protecting professionals is our specialty! You can refer commercial businesses of any size, big or small, including accounting or law firms, physician’s practices or health care facilities, architecture or engineering firms, or even your local restaurant or dry-cleaner. What you win 1. For each referral, we will automatically send you a $10 Wawa gift card! 2. Each referral automatically enters you into the quarterly drawing for a $50Visa gift card! 3. Each referral also enters you into the annual drawing for your
choice of an iPad Mini or an Amazon Kindle Fire HD. 4. For each referral we receive, we will also donate $20 to a charity * of your choosing. *Charity must be a registered 501(c)(3)
Remember, without your referrals and much-appreciated testimonials, we would not be where we are today.Your words encourage us to do our best and help other professionals decide to do business with us.You can call 856-692-7702, fax 856-691-0059, or email your referrals and kind words to info@ProtectUsBetter.com. And, as always, we want to say “Thank you!” for the professional relationships we have with each of you!
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You don’t have to be a client to receive your freeWawa gift card.
congratulations to last year ’ s annual referral contest winner , D r . N ayar !
There is absolutely no limit to how many times you can enter.
• Our contest is not in direct relation to any insurance sales.You’ll be rewarded simply for the lead. • You do not have to be present at the drawings to win. • Your referrals do not have to become our client for you to claim your prize. • We are not responsible if the law says you can’t win due to age or any other restriction.
The PLIG P u z z l e Challenge At the Professional Liability Insurance Group, we know just how bright and intelligent our newsletter readers are, which is why we are happy to challenge you with this puzzle! All you have to do is answer the puzzle challenge correctly and send your answer to us. Email your answer to info@ProtectUsBetter.com, fax it to 856-691-0059, or call 856-692-7702 to read off your answer.The winner will be selected from a random drawing of all correct responses submitted prior to printing our next newsletter and will win a $20Wawa gift card! Good luck!
BRAIN TEASER
I come in a cone but I am not food; I will be skewed if you screw with my hue; I come by the millions but you can probably only
name a few. What am I?
LAST EDITION’S PUZZLE AND ANSWER:
Q:You have me today; tomorrow you’ll have more. As your time passes, I’m not easy to store. I don’t take up space, but I’m only in one place. I am what you saw, but not what you see.What am I?
A: Memories
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FROM OUR FAMILY TO YOURS
1138 E. Chestnut Ave. Suite 5A Vineland, NJ 08360 www.ProtectUsBetter.com 856-692-7702 INSIDE
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6 Things You Need to Do Right Now to Future-Proof Your Business
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DoYou Have a Data Breach Response Plan in Place?
Hear From Our Clients
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Referral Contest: Check Out These Prizes
Puzzle Contest: Get It Right andWin!
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Tips for Women Climbing the Business Ladder
A Woman’s Guide to Corporate Success ‘Women,Work & the Art of Savoir Faire: Business Sense & Sensibility’
While Mireille Guiliano is best known for “FrenchWomen Don’t Get Fat,” her book on healthy eating and balanced living, authorship is actually her second career. Before she took up the pen, Guiliano was president and CEO of the French Champagne brandVeuve Clicquot. She developed Veuve Clicquot’s reputation in America almost single-handedly over a 20-plus year career, and now she has chronicled that success in her 2010 bestseller “Women,Work & the Art of Savoir Faire: Business Sense & Sensibility” — a guide to climbing the corporate ladder geared specifically toward women. Just as “FrenchWomen Don’t Get Fat” upended the typical diet book format, “Women,Work & the Art of Savoir Faire” leaves the usual business book style behind almost immediately. As Guiliano writes in her introduction,“This isn’t another business book that tells you how to ‘succeed’ or ‘get the corner office.’Yes, of course, you’ll find advice on getting ahead and getting promoted … but more than that, you’ll find advice on being happy and living a good life, even while you are making the biggest contribution you can to the workplace. That’s why I dare to talk about style, and clothes, and food, and wine, and entertaining, and LIFE in a business book.We don’t work in a vacuum.”
for a business dinner, dressing for success, and putting together an effective presentation. Guiliano has plenty of experience to back up her counsel and shares amusing anecdotes about the food and beverage industry, French culture, and her own journey along the way.There are no easy three-step solutions here, only long- term goals and strategies. What really makes “Women,Work & the Art of Savoir Faire” unique is that it caters specifically to women in pursuit of high-powered CEO or CFO jobs. Guiliano covers circumventing prejudice right alongside choosing a
dress and tips on being the perfect lunch date. Still, both men and women will come away from this book with ideas about how to achieve success without sacrificing the pleasures French women hold so dear.
Guiliano is true to her word. Between the covers, readers will find advice on topics as far-ranging as developing the perfect handshake, choosing catering
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