December, 2016

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Vendor Management Services Provide Viable Options

vendor management services (VMS)

The purpose of vendor management services (VMS) is to provide clients with one primary point of contact for all their staffing needs. This service is designed to control the flow of job orders to and from an approved supplier community, giving clients in the temporary staffing services industry the ability to track and control spending. It can also benefit you to invite the vendor to participate in strategic meetings that involve the products and services they’ll be working with.

Enlisting these services can help to improve the quality of any workforce while organizing the on-going assessment process. It not only brings visibility to your workplace but also closes workforce gaps and improves results in the entire human resources cycle. Using a management services team will likely help to control risks and ensure compliance.

Remaining competitive in a crowded field

By properly managing your agency you can build better relationships with your suppliers and service providers and this will help to strengthen your business. Constantly working with vendors and forming agreements will be mutually beneficial to both companies with the emphasis on supporting the operations of your business.

Your main goal should be to gain their trust by allowing them to use their expertise and knowledge to help give you a competitive advantage in the marketplace. Managing vendor risk is an ongoing process and as your organization continues with this process you’ll be able to get the most benefits from the program and also ensure that the information you learn is used organization-wide to help make better decisions moving forward.

The point of this relationship is to receive the commitment of your vendors to assist and help in growing your business. There a several of these business models to choose from so it’s always a good idea to get several competitive bids before making a final decision on which service provider you choose to partner up with.

Seeking long-term relationships and commitments can only strengthen both parties and make your job easier. Choosing the right vendor management services firm will have a positive impact on the quality of your services in the staffing industry.

Getting a Handle on Business Interruption and OC Insurance

OC insurance

Running a small business in the US sometimes involves a significant investment, and the loss of an important piece of machinery, a fire, or anything causing major delays or a cease in productivity can be devastating. Having OC insurance can help protect investments and soften the blow by minimizing the financial risks associated with any unexpected events, including a natural disaster.

Running an enterprise is a risky venture

As an owner of a company, should you experience a major claim that requires six months or more to rebuild your business, what would be the fallout? You may lose vendors and suppliers, along with many of your customers. Your employees may also be forced to look for other employment opportunities. In essence, you would be back at square one. You can see just how badly this loss of revenue would affect the company.

Avoiding claims whenever possible is always preferred, but having purchased the right coverage in the first place (before any claim situation occurs) is the best move you could ever make. No one can foresee the future, but this scenario is much better than realizing that the resources aren’t available to get back to being profitable again. Making the wrong decision about coverage might end up forcing you to close down permanently, as well as be left with a substantial deficit.

Most business interruption claims can be filed that will allow for the recovery of some of the losses incurred during the days the business was forced to close down. You’ll need to contact the insurance carrier and discuss the specific areas of coverage and determine the limits on property damage, and also put the insurer on notice that a claim will be filed. They will assign a claim number and establish a record of the claim.

You will need to identify areas of loss, including wages paid to employees, loss of sales, disruption to on-line sales, inability to obtain product from suppliers and additional expenses incurred to get back up and running, and gather documentation to support lost sales and additional expenses, including payroll records, historical sales and expense records and invoices for additional expenses incurred.

You can take solace in the fact that you made the right decision to purchase an orange insurance business interruption policy to help facilitate the situation.

An Introduction to Surety Bonds

surety bonds in Pennsylvania

Hiring a contractor to execute a project can be anxiety-inducing, as there is no way of being absolutely certain that everything will go according to plan. Human beings have been dealing with this particular kind of anxiety for some time now, with the first sign of a suretyship emerging in Mesopotamia in 2750 BC. Flash forward to the present time and you can still see a need for surety bonds in Pennsylvania.

Finding the Right Bond

Of course, there is not just one type of surety bond but many kinds, as every job has its own set of concerns. The following are just a few of the types of bonds you may want to consider as you move forward:

  • Maintenance Bond
  • Payment Bond
  • Performance Bond
  • Labor and Materials Bond
  • Bid Bond

Finding the right bond will depend on your particular situation. Iffor instance, you wish to cover yourself in the event that your contractor fails to pay for equipment or materials of any kind then you will want to purchase the labor and materials bond. It would probably be best to consult a surety company before making any decisions.

Finding a Bond With Limited Time

It is often the case that these types of bonds are time sensitive. It would, therefore, be good to find a company that can help you sort through the surety bonds in Pennsylvania quickly and with minimal monetary impact. When the process is over you will be able to move forward with a reduced level of stress.

Transportation Concerns Related to Inland Transit Insurance

inland transit insurance

Unfortunately, there are entrepreneurs that neglect to evaluate their insurance needs at all times and they might not have the protection they require without even realizing this fact.

You probably provide insurance solutions for a wide range of clients. If you help to manage those in the transportation industry (and they can be held liable for any damage to a shipment in their care, custody and control while in transit), then they should be directed to purchase inland transit insurance to help mitigate any losses that could occur.

Transportation of goods requires specialized coverage

There may be some uncertainty about the type of protection required for those goods being transported by rail, truck, or vessel from one destination to another. But as anyone responsible for the goods of others understands, before misfortune happens, having the right coverage in place can make a big difference.

As a business grows, it takes on more customers, more goods, and more responsibility. Any number of things can go wrong, some uncontrollable, such as weather issues, and some that could be prevented, usually the result of human error. The need a guarantee that any goods in transit insurance in place meets the necessary requirements, as this is crucial to their success. Regardless of what line of business they may be in, as a broker you have to consider what constitutes sufficient protection as an essential part of your job in helping with their business planning.

Many of your clients are taking care of goods for many different individuals and organizations and this can cause quite a lot of issues. Those hauling perilous items or dangerous materials have major concerns to address in order to protect their business resources and stay in compliance with liability prerequisites.

Don’t allow your clients to wait until a claim or disaster happens to discover if they have the type of protection they require. When you are assessing the necessities of their growing company there are numerous variables that you may need to consider with regards to which inland transit insurance policy will best serve their individual needs.

Drive Safe on the Road With Comprehensive Insurance

car insurance in CT

Connecticut is subject to brutal snow and rainstorms. Combined with the usual risks of intoxicated drivers, animals and congested highways, its no wonder that thousands of people every year are victims of car accidents. The best way to protect yourself and your loved ones is to purchase car insurance that will compensate for any medical or auto damages. There are many different types of car insurance in ct. that you can purchase; while only a licensed insurance expert can provide you with a comprehensive breakdown of each type of plan, the following options are nonetheless good to research.

Liability Coverage

This type of plan is legally required. It compensates you in the event that you caused an accident that resulted in property damage or physical harm. There is a minimum coverage limit, but you can always purchase more for better protection.

Uninsured and Underinsured Motorist Coverage

You shouldn’t be penalized if the driver who hit you doesn’t have a good enough plan to cover damages. There are many uninsured drivers on the road. With uninsured motorist coverage, you won’t have to worry about being penalized for somebody else’s mistake.

Finding high-quality car insurance in CT. can give you peace-of-mind when out and about in the world. Keep yourself, your family and your friends safe by getting the best auto insurance possible.

Fights, Accidents and Liquor Liability for Nightclubs

liquor liability for nightclubs

Nightclubs are known as a business that serves alcohol to their patrons as a way of ramping up the good times. Any fallout from negative activities that may develop, including fights, traffic accidents, or incidents where alcohol could be determined to be the cause, can be a great concern for a proprietor of one of these establishments.

If you’re in the business of selling, serving or providing alcohol to patrons or guests, everything you’ve worked hard for could be at stake unless you are carrying a policy specific to liquor liability for nightclubs. This should certainly top your list of business insurance purchases and you should also know that this type of liability insurance could be offered as an endorsement to a commercial liability insurance policy, or acquired as a stand-alone policy.

The policy is designed to cover a variety of risks and costs associated with inebriated patrons, or staff, depending on the type of coverage you choose. Assault and battery liability will address anyone injured by another patron or employee and addresses bodily injury or you can also buy employee use liability (substance abuse by workers not only poses a threat to thembut to their colleagues and customers, which can open a company up to liability issues). These policies will help cover legal defense costs as well as any property damage that is a result of alcohol abuse.

Whether an incident occurs on your property or not, if it can be determined that the action was the result of alcohol that was served by your establishment and was directly responsible for any injuries or damage sustained, you can be held liable in a court of law. It is important to monitor the selling of alcoholic beverages, ensuring that the person being served is neither drinking excessively, in which case they can become a danger to others or to themselves, nor are they below legal drinking age.

Alcohol is meant to liven up any social event for those participating that do not abuse it. Unfortunately, it only takes one person permitted to drink to excess to turn a fun occasion into a nightmare, and this could easily end up in litigation. Liquor liability for nightclubs, bars, and restaurants, is the best coverage money can buy.

3 Ways Your Company Benefits from Employee Liability Insurance

employee liability insurance

Your business is only as good as the people who work in it. Employees are now commonly referred to as Human Capital, because businesses are realizing that their staff is one of their most important investments and probably the most crucial element in their businesss success. Protecting your investment with Employee Liability Insurance therefore directly benefits not only your employees, but your company too. Heres how:

Legal Protection

As an employer, you have a legal obligation to provide employee liability insurance. It may seem like this is mainly to protect your staff, but you will see as you read on that it is made to benefit employers as much as employees.

Financial Protection

In the event that a member of your staff is injured and your company is at fault, you could be facing crippling costs for court expenses, medical expenses and settlement claims. Many companies never recover from this loss. Liability insurance covers you in the case of an incident, helping guarantee the financial security of your company.

Employee Security

Employee satisfaction has been directly linked to productivity. By providing your staff with comprehensive liability insurance, you help build trust and establish a positive relationship and work environment.

Employee Liability Insurance is how you show your employees that you have their back, while making sure that your back is covered at the same time. Its a win-win, so contact an insurance specialist today.

NJ Business Insurance Protects Your Interests

NJ business insurance

It only takes one minor disaster to ruin a lot of hard work performed by a lot of dedicated individuals. Meanwhile, a company faced with a major disaster may be forced to close its doors permanently. There are many types of NJ business insurance designed to provide coverage for a slew of risks and exposures. Business property insurance helps to protect companies from everything from a minor event to a serious financial loss when damages do occur.

Consider the fact that a fire could destroy the building housing your company and the all the contents inside, or a burst water pipe could damage documents, drawings or other valuable papers. And this is just the tip of the iceberg. When setting up a company you need to make sure that the business is properly insured. Here are a few tips for getting the proper coverage for commercial property insurance.

Make sure to properly inventory all assets

Consider everything used to run and operate your company, such as computers, fax machines, printers, and other electronics like kitchen appliances, and even the furniture. There may also be storage facilities that house equipment not currently being used. Remember that any physical item used to conduct business can likely be insured. You need to research different insurance agencies in order to help determine just what can and cannot be insured.

Many types of coverage may be required

There are various options when it comes to purchasing commercial property insurance, all of which your insurance agent can help to provide you with the knowledge of what your actual current needs might be. For example, in instances where a piece of business equipment breaks, just as in cases of a theft, there is coverage available for both scenarios.

You’ll also need to determine whether its better to purchase ACV (Actual Cash Value) versus replacement cost. ACV will repay the actual cost of any depreciated assets that were stolen or damaged, Some companies offer replacement cost as this will provide the funds necessary to buy similar assets at current market prices. ACV usually comes with cheaper premiums.

There are many steps you can take that have the potential of lowering business insurance premiums, like installing alarms, fire extinguishers, fire and smoke detectors, etc. This can help in reducing the cost of nj business insurance coverage. Ask an agent about any available discounts. Some insurance companies will provide discounts to business owners purchasing both personal and business insurance from them.