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General liability insurance is the type of insurance that covers your business from lawsuits regarding personal injuries. If you are just starting your journey as an entrepreneur, you might be wondering: How much is this going to cost? The finances of your business are at the core of your operations. Each decision that you make affects the expense and profit that your business encounters. Let’s get into the details of general liability insurance, so that you can begin to understand how it will affect your finances.
What Is General Liability Insurance?
As a business owner, you may have to buy several separate kinds of insurance. Some plans will protect your products, others will be related to theft and equipment damage.
One of these policies will be titled “General Liability Insurance”, and it is in place to help you in case an individual makes a claim against your business. Claims can be unexpected. Do you think the McDonald franchise ever thought someone would sue them for having coffee that was too hot? They can also be outrageous.
A claim can be related to bodily injury that was sustained on your property, property damage that has occurred, or personal injury which can include psychological and emotional damage.
Whatever the claim may be, general liability insurance’s purpose is to pay for the fees associated with taking the claim to court. The insurance could pay for investigating the case, hiring a lawyer, and even part of the medical bills if your business is found at fault.
How Will My Insurance Policy Affect My Finances?
The rate that you pay for your insurance will depend on the type of business that you are, the number of employees that you have, and your location. One helpful survey, conducted by Hiscox, found that for small businesses with ten employees or less, the average cost of general liability insurance was thirty dollars per month.
As with many financial decisions, it is smart to consider in this case risk and reward. An inadequate policy carries the risk of financial disaster for your business if a claim is issued against you, and you do not have the financial means to defend yourself. The risk of spending more than might be necessary comes with a reward of being well taken care of when it comes time to mount a legal response or contend with an accidental injury.
Experts can help you decide what policy is right for you, or you could continue to do research online and get quotes from several companies and weigh your options. Some areas have higher risk for personal injury than others. The personal injury attorney Tampa community also finds that personal injury claims go up around certain times of the year. Consider speaking to a personal injury attorney so that you can learn about the kinds of claims that your insurance will be protecting you against.
The finances of your business will be the factor that decides whether it will continue to run or not. Budget concerns are very important. As you figure out your monthly and yearly budget, be sure to include general liability insurance in on your calculations.
Regardless of the kind of products your business offers, it is necessary to accurately measure employee productivity. Achieving productivity in the workplace could prove challenging if the measures applied are not conversant with the kind of work the employees handle each day. According to a 2013 Gallup survey, at least 70 percent of workers in the U.S. are disengaged while at work. Some of the reasons quoted to cause this include distractions from uncontrolled use of smartphones, personal emails, social media and other demands in life, thereby making it difficult for the employee to focus on their work. Lack of interest often leads to mediocre productivity.
Accurately measuring the productivity of your employees allows you to gain insight into how productive, skilled and engaged they are. Below are some of the methods you can apply to achieve high levels of accuracy while measuring employee productivity.
Quantitative assessment of productivity
The first method of measuring employee productivity that you can embrace is the quantitative evaluation criterion, which highlights the number of parts or products produced by any employee within a specified period of time, say a day or one hour. This formula works perfectly for small businesses, but you could as well use it to manage a large group.
It is simple and time saving and delivers high levels of accuracy that can allow you to make vital decisions. It allows the use of technology like spreadsheet data to complete the calculations and to make comparison of data for different periods or seasons. While using the quantitative method, you should first come up with a baseline average of each worker against time then measure productivity basing your facts on this average.
Management by objectives
Using management by objectives offers accurate results, but you must explore ways that measure productivity based on how well the output of each employee is contributing to the achievement of your company’s targets and goals. If the goal is to achieve higher customer retention within a year, you might need to come up with training incentives that will motivate employees to help you achieve the goal. During annual evaluations, Brian Speier explains that you should note a reduction in the number of complaints from customers and a rise in compliments and notes of appreciation.
Time management productivity
Time losses impact the growth of a business a lot and unless this is regulated, it could prove impossible to achieve the goals set by the business. Using the time management method of measuring employee productivity, you can determine the productivity of each employee by coming up with records that show how much time they use in their work.
Accuracy in this process reveals the amount of time spent on meaningful projects as well as the amount of time lost due to things like negligence and sickness. With the results one gets from this goal, it is possible to come up with strategies that help to reduce time losses. Using time management is highly recommended for small businesses since there are fewer employees to monitor.
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