Straight From The Source Blog by Higginbotham Insurance

What is a Values Statement?

Values statements, or value statements, are the core, guiding principles of an organization; they define what a company believes in and how people in the organization are expected to behave—with each other, customers, vendors and other stakeholders.

It’s easy to plan for good times. When everything goes as it should, you can focus on growing your business and meeting your corporate objectives. But what happens when things don’t go as planned? Maintaining business continuity through disruptions takes careful planning.

In a word: Yes, prepaid insurance is an asset. Anything that is owned by a company and has a future value that can be measured in money is considered an asset. This includes cash, accounts receivable, inventory, real estate, buildings, equipment, supplies, vehicles – and prepaid expenses, such as insurance premiums and prepaid rent.

No matter what products or services you sell, the simple act of opening for business each day exposes you to a multitude of liability risks. A customer could slip and fall in your store. One of your employees could accidentally cause damage at a customer’s home or business. Another business could sue you for defamation for speaking negatively about it in your ads.

There are many unknowns in business, but one event is guaranteed and universal: every business will have a succession, whether the incumbent retires, resigns or is removed by fortune or fate.

Insurance coverage is a smart purchase. Sometimes it’s even a necessary expense. When cash flow is low, however, paying for premiums up front can present a problem. For some businesses, premium financing might be the solution.  

In our fast-paced globalized world, the age-old adage of "time is money" has never rung truer. While recent advances in telecommunication have enabled remote collaboration beyond what we ever imagined possible, digital meetings often aren’t nearly as effective as communicating in person.

Even under the best circumstances, there’s no way to predict whether an accident or oversight involving your business will injure others or damage their property. That’s why you carry commercial general liability (CGL) coverage to protect assets and cash in the unfortunate instance that a court finds your business liable for damages to another party.

Strategic planning is an organizational process designed to define a company's overarching mission and vision, clearly identify measurable, actionable goals and implement control mechanisms to maximize the likelihood of achieving them. 

Business insurance is one of the most integral parts of any modern organization. From natural disasters to job site injuries, theft and more, this crucial protection can spell the difference between success and failure. Most small business owners need business insurance because their personal assets are more closely aligned with their business assets.