5 Business Insurance Myths, Busted

If you want to own and run a business, at some point, you’ll have to take out business insurance. Not only is it a necessity from a financial perspective, more often than not it’s the law. The problem is that the insurance market can be rather difficult to navigate, especially if being a CEO is new to you.

This complexity has meant that a lot of myths have crept into the business insurance market. Today, we’re going to bust some of those myths so that you can get the insurance you need.

Myth #1: You Don’t Need Business Insurance Because You Work From Home

Many people starting up a business believe that just because they work from home, their business is covered by their home insurance. They have this quaint idea that business cover is just cover for business content and nothing else.

Of course, business insurance isn’t just about insuring your business laptop, just in case it gets damaged or stolen. It’s also about protecting you from other threats you face when you start your own company. One of the risks you face is being sued by your clients for selling them a faulty product or giving them bad advice. Sometimes, lawsuits of this variety can wind up with you paying damages amounting to thousands of pounds. Obviously, you don’t want to have to pay that out of pocket so practically every business these days buys public liability insurance to protect it from such claims.

Give Your Business the Competitive Edge It Needs with These Tips

In a sense, business is all about competition. Even if you don’t feel very much like you need to focus on your competition, the truth is that you are competing with others at all times, and it is in your interest to try and ensure that you end up on top. Giving your business the competitive edge is something that you will need to learn to do well if you want to succeed in the long run, so it is well worth taking a look at the following points. Here, we are going to look at some of the major things that can help in giving your business the edge in its practices. Follow these guidelines, and you really can’t go far wrong.

Mastermind Group

This is a relatively new practice which has been gaining a lot of coverage in the world of business in the past few years, and for the very good reason that it is a highly effective way to beat the competition in a short space of time. What’s more, it is something which gives you an ongoing support system, and that is always going to be useful in any kind of business environment. What is it? A mastermind group is a group of people – your best people – who get together on a regular basis to brainstorm all the possible ways that you might be able to improve your business. You can approach this in a number of ways. If you like, you can have a focus for each session, or probably more effectively you can let it be a free-for-all each time. Getting your best brains together in this way is always going to prove effective, so make sure you set up your own mastermind group today..

8 Common Accounting Mistakes Most Small Business Owners Commit

There is nothing better than building a successful business. The kind that enables any entrepreneur to deliver superior services than all of his competitors. While passion may energize you, there is another side of the business that can equally drain you… accounting! There is hardly any business owner that wakes in the morning, excited by the idea of balancing transactions. Needless to say, accounting is key to business success. Every business owner should monitor their accounting closely in order to avoid making these common mistakes:

1. Hiring the Wrong People

Many small business owners often hire the wrong people for the job. Even though hiring a highly experienced accountant may not be affordable for new business owners, it is still important to hire an accountant who can competently handle the job. While cheaper hires may be tempting, always remember that garbage in, garbage out. Do not make this common mistake and put your business credit at risk.