Category: Commercial

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.

3 Reasons to Get Businessowners Policy

Hey guys! I’m Gary Winters, an OKFB Insurance agent in Custer County. Along with being an insurance agent, I serve on several committees for my church in Weatherford, OK. The joy I get teaching and helping others is incredibly rewarding. It’s also how I feel about having the privilege to protect and cover small businesses in Custer County, OK. There are an array of coverage options and features, and having been an agent for more than 30 years now, I have learned a thing or two about how to best help our Oklahoma businesses in their insurance needs.   

That being said, let me break down why and how the Businessowners Policy (BOP) could be a great fit for you.

1. BOP is Customizable

Because Commercial Insurance policies cover small and large businesses, a standard policy may include some features your small business does not need. The BOP on the other hand, includes coverage options that are necessary for an Oklahoman small business owner. Also, the coverage features can be customized into a policy that works best for you and your business. 

2. BOP Works Best for a Range of Small Businesses

From barbershops and convenience stores to restaurants and artisan contractors, there are lots of small businesses that can benefit greatly from a BOP. As an Oklahoman and insurance agent for OKFB for almost four decades, I understand Oklahoma’s business landscape. I can help in deciding what coverage options may be worth obtaining for your business. At OKFB Insurance, we want to provide business owners with the right, tailored insurance coverage.

3. BOP Could Offer a Lower Premium

Because BOP caters to small businesses and offers a customizable policy, the premium could be lower than a typical Commercial Insurance policy. Commercial Insurance policies can cover a lot, and your business may not need every piece of coverage. In selecting the coverage necessary for your business, your premium could decrease. Reach out to your agent to discuss options.

These are just a few reasons why the Businessowners Policy could be better for your business. At the end of the day, Oklahoma is my home, and I know it wouldn’t be what it is without the hardworking small business owners. At OKFB, we work hard to protect these prominent community businesses. Reach out to me or another local agent if you want to talk through anything or need to review your Businessowners or Commercial Insurance policy. 

Thanks!

-Gary Winters

Top 5 Commercial Insurance Myths

There are many operations and assets that come with running a business. To support our Oklahoma business owners, we provide a range of coverage for large and small businesses with our Commercial Insurance and Businessowners Policy. When looking to insure your business operation, it’s helpful to be aware of a few common Commercial Insurance myths.

Myth 1: My Business Is Too Small to Need Insurance

  • Insurance helps keep your business covered. This includes the physical building, employees, inventory and more. It serves to protect against any risks your business could face. For instance, Commercial Insurance could help if someone steals your work laptop or if an accidental fire burns inventory and supplies. Most businesses, regardless of size, will find Commercial Insurance beneficial. 

Myth 2: My Homeowners Insurance Covers My Home-Based Businesses

  • Homeowners Insurance covers your physical home and its contents. However, OKFB may not cover business assets related to your home-based business. Obtaining Commercial Insurance will ensure that any inventory, assets, and more pertaining to your business are protected in case of the unexpected. 

Myth 3: My Auto Insurance Covers The Personal Car I Use for My Business

  • This is similar to the myth above. Since company vehicles could include items pertinent to your business, these items may not be covered under a typical Auto Insurance policy. For example, if an accident ruins your inventory or if someone steals it. Instead, a Commercial Auto policy would cover your business vehicle, and it would include other features like auto liability and uninsured motorist coverage that could provide protection for the vehicle and extra coverage. 

Myth 4: Commercial General Liability Insurance Has Me Covered 

  • Commercial General Liability coverage serves to keep you and your business covered if operations lead to injury or property damage. However, there are limitations. Contact your agent to discuss if Commercial Liability does not cover some parts of your operation. Also, see if it could instead be protected under a Commercial Umbrella policy or Commercial Property policy. 

Myth 5: I Don’t Need Workers’ Compensation Insurance if I Don’t Have Many Employees

There are many aspects to think about when ensuring sufficient coverage for your business. Reach out to your local OKFB Insurance agent if you have any questions or want to discuss any of these Commercial Insurance myths.

Small Business Vehicle Fleet 101

Expanding a small business can be exciting. It signifies growth and an increase in demand for your product or service. However, with an increase in demand comes an increase in supply. If you are looking to start or manage a vehicle fleet to keep up with demand, keep these tips in mind.

Leasing vs. Owning a Vehicle Fleet

If you identified a need for a vehicle fleet, the next thing to consider is the type of vehicle. Additionally, you should consider whether to lease or own the fleet is in your best interest. There are pros and cons to both options. 

When leasing, there could be a mileage limit, a need to be more mindful of damage, etc., and that could potentially restrict business offerings and means of efficiency. A benefit of owning a fleet is increasing your business’s resources and control. However, with owning you also have the responsibility for regular maintenance and upkeep.

vehicle fleet of cars parked for the nearby small business

Vehicle Fleet Coverage 

1. One of the first things to do when buying a fleet of vehicles is to have it insured. Unlike a personal vehicle that would fall under Auto Insurance, a business vehicle fleet may be best protected under a Commercial Auto policy. In the event of the unexpected, it can help ensure employees and vehicles are covered.

    • Remember to discuss coverage options with an insurance agent. Having the right amount of insurance coverage is critical. Some coverage options may cover vehicle damage and loss, but not the personal property inside. See if purchasing additional coverage to cover personal property could be beneficial to your business.

2. Keeping the policy updated is important once coverage is obtained. Consider scheduling calls with your insurance agent to ensure your policy matches your changes.

    • For instance, adding a newly hired employee to the policy or even removing an employee could be easy to forget and costly if overlooked.

3. To keep your policy premium cost down, it’s important to highlight safe driving practices with your drivers. Additionally, emphasize the importance of having and maintaining a clean driving record. Multiple accidents from an employee could impact a policy premium. See how tickets could impact an auto policy.

man putting boxes in the back of a truck

As you prepare to expand and grow your business, let us focus on ensuring it is covered for your business’s needs. Contact your local OKFB agent for more information on the Commercial Auto coverage options available.