Setting Up Your Small Business For Success

With Small Business Saturday and the holidays rapidly approaching, many business owners are gearing up for a busy season ahead. Running a company takes dedication and preparation, no matter your experience. One thing to set your business up for success is to make sure you have the right coverage.

Why is Commercial Insurance Important?

Every dollar counts when it comes to small businesses. For example, you can take every precaution possible, but when the unexpected strikes, it’s important that you have the right coverage. If you haven’t secured coverage, an unforeseen event can cause significant financial damage. The bills can add up fast without the right level of coverage for your business. The right policy could help save you money when accidents happen. Taking steps now means peace of mind for you and a helping hand from OKFB when life’s unexpected moments happen.

What Options are Available?

With commercial insurance, there are many policies that can help build out the best level of protection for you. Some common policies are ones that protect the business property and equipment you’ve invested in. Commercial property insurance and commercial auto policies are here so you can rest easy knowing these assets are protected in the event of an accident. 

There are also broader options to protect your business from things like expensive liability lawsuits. A commercial general liability policy can help mitigate the financial impact of a liability claim if there is injury or property damage to a third party in the course of your business. For some companies, commercial umbrella plans are a good option to provide an even higher level of financial protection and excess liability coverage. 

Plus, there are plans specifically designed for small businesses! A businessowners policy is tailored to the needs of small businesses like retail, restaurants, apartments, artisan contractors and more. For example, these policies combine different coverage types, fill in the gaps of traditional coverage, and can be custom-fit to your needs. No matter your business size or age, there’s a policy to protect what you’ve worked to build. 

We’re Here to Help

You’re the expert at your business, but you don’t have to be an expert at insurance to get the right level of protection for your company. If you have questions or concerns that you want to discuss, connect with your local OKFB agent today. If you have any insurance-specific questions, we would love to help you find the coverage that best meets your home, auto, commercial and life insurance needs.

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Protect Your Business From Shoplifters

With the holiday rush, the risk of encountering shoplifters increases. As a business owner, your primary focus is on your customers and on ensuring they have a good experience with your business. However, there are a few things you can implement before the holidays to minimize the risk of shoplifting. 

Manage Inventory

Although you might think your only shoplifting threat comes from potential customers, company employees actually pose a considerable risk. The Association of Certified Fraud Examiners reported that small businesses are the most vulnerable to employee fraud and abuse. Since there is a risk of employees shoplifting, consider developing and following a solid inventory process. Also, ensure that any employees managing inventory are trusted and trained.

woman preparing inventory to help stop shoplifters

Train Employees

During your business’s peak season, it can be hard to watch for shoplifters and manage customers. To help with this, it could be beneficial to train employees on what signs to look for and how to mitigate risk. You should have employees check in with customers frequently. Posting signage also lets customers know they are being watched. Additionally, having a greeter at the front door provides not only a friendly experience, but this person can also monitor for any suspicious activity from people coming in and out. 

coworkers engaging in a training that helps prepare for shoplifters

Hire and Schedule Appropriately 

If you believe you’ll need additional help during your busy season, consider hiring part-time employees. Shoplifters tend to notice where employees are and how many are around. Having just a few more people on the store floor can help customers find what they need. It also adds an extra layer of security by deterring possible shoplifting. 

young man giving a young woman a handshake

As the holiday season approaches, consider reaching out to your local OKFB agent to discuss any needed changes or updates to your Commercial Insurance or Businessowners policy.

3 Ways to Prevent Small Business Fraud

Having a small business can be a rewarding experience, yet it comes with many challenges. Fraud can not only affect individuals, but it can also affect small businesses, which ultimately can impact the bottom line and future success. To help protect your business, check out these tips to help you minimize the risk of fraudulent activity.

Conduct Internal/External Audits

Internal and external audits can help ensure your assets and finances are not being impacted by outside parties, as well as provide other helpful financial information and advice. External audits are typically done by certified public accounting (CPA) firms to review financial statement accuracy. Meanwhile, internal audits can be performed by an outside certified firm or self-assessed. They serve to evaluate operational, managerial and financial policies and procedures.

woman conducting audit to ensure there is no fraud occurring

Sign up For a Business Fraud Training Course

Enrolling in fraud awareness training could help you identify fraudulent activity. The Association of Certified Fraud Examiners (ACFE) reported, “the presence of anti-fraud training programs are associated with lower fraud losses and quicker detection.” The ACFE hosts webinars and offers online training courses. Additionally, the Federal Trade Commission (FTC) provides resources on best practices that could help in mitigating fraud.

woman taking cybersecurity training to help prevent fraud

Implement Cybersecurity Best Practices

Hackers, or even employees, can commit fraudulent activities on work computers. To protect your business data, set up strong passwords and consider using an antivirus program. It is also important to be aware of phishing attempts that often come through email. Additionally, it could be beneficial to back up your files on a frequent basis. This way if something does happen, your business data can be restored.

two hands pointing at a computer screen

Fraud could happen at any time during the year, and we are here to help keep you protected. Check in with your local OKFB agent and take some time to review your Commercial Insurance policy to ensure everything is updated and covered.