HOPSON POTTER BUSINESS

In 2011 American insurance industry is likely to enter the record books as one of the most expensive. The unprecedented range of natural disasters the whole world faced the last year resulted in its destructive effect on the supply chains too. And you shouldn’t thik it has nothing to do with people living in safe ans stable regions as the catastrophic floods in Thailand have been producing a direct effect on what people in other countries, includng the US, are able to buy and at what the prices. These are the laws of global trading when wishing to get savings in low-cost labor and manufacturing, we take the work away to other countries. While different parts of a product often are often supplied from multiple manufacturing sites and assembled at the domestic factories – there are many businesses when the whole product is fabricated and assembled at the plants and factores abroad. And under these laws everything arrives “just in time” and we find everything we want when we want it when the world is at peace. But at times of cataclisms which can follow one by one as this year (a big earthquake and a tsunami in Japan ,Hurricane Irene and the extraordinary tornadoes in the US, followed by the floods in Thailand) the economics and businesse seem just to stop functioning and there could be terrible losses and emerging financial, social and other related problems.

Putting all these together, 2011 pushed a serious disruption onto the supply chains. The claims on Business Interruption Insurance has been more than seventy billion dollars globally. The problem for the insurance industry is simple. Suppose one factory in Thailand owned by Toyota suddenly finds itself several meters underwater. That may be only one factory out of action, but suppose it supplies parts to fifty other factories around the world. Now there are fifty-one claims for business interruption. We know Thailand is the world’s second-largest producer of hard-disk drives, has Honda and Toyota manufactures, and many other factories and offices. The disruption in case of such tremendoius nature disasters especially at World Economic Giants can affect of every major manufacturing economics all over the world.

So owning a business in manufacturing, distribution or logistics which depends on moving complete products or parts around the country or internationally , it is of the first importance to review the corresponding conditions of your insurance cover for events that could affect your supply chain. Your exposure depends on where you are in the value added chain and how easily replacements can be found. Insurers are now going to ask for a lot more transparency – meaning this is both direct and contingent interruption. This type of insurance was lately underwritten with little information, but this year’s experience caused insurerance companies to ask more for a business owner’s detailed disaster plans to see wether you can react adequately in case your key suppliers cannot supply on time due to objective reasons. If you fail to set forthsuch a plan you could expect a refusal of cover or with many providers your business insurances rates would be significantly loaded.

As we can see the climate cahnges canot be denied anymore and in terms of approaching winter and costs in business insurances are raising too so to cover to cover possible business interruptions and property damage. Theses factors are to make you take appropriate measures and ensure you are getting appropriate business insurances coverage. Strat planning early to get affordable insurance and ready to face natural disasters in US or elsewhere in the world.

Are you tired of feeling like you’re paying too much for your insurance plan? Do you feel like you could be getting a great deal on your insurance but you don’t know where to start? There are thousands of people out there who feel just like you and believe they’re paying far too much for their auto insurance. When it comes to getting the best deal and saving money, there are some steps you can take to make sure you’re covered. Find out everything you need to know about saving money on your car insurance premiums right here.

Ask for Discounts

When it comes to your auto insurance, you may think you’re stuck with the price you’ve had for years. This couldn’t be further from the truth. Whether you realize it or not, there are multiple discounts available out there for your auto insurance premiums. Good students, senior citizens and members of the military could all be eligible for great discounts on their auto insurance rates. While each company has different types of discounts and policies, it never hurts to ask. Speak with insurance providers when getting quotes to find out what discounts they offer that you may be eligible for.

Be a Safe Driver

It may sound too obvious, but believe it or not some providers appreciate your good driving record. In some cases, if you maintain a clean driving record, you’ll be given benefits such as accident forgiveness and lowered rates.

Additionally, in many states, certain providers offer a discount to those who take classes to help them drive safer. These classes can be for anything from learning to drive in inclement weather more efficiently to defensive driving courses. While you’ll need to discuss these with insurance providers when you get your car insurance quotes, you may be really surprised at the savings you could be getting.

Shop Around

One of the best ways to save money on your car insurance is to shop around for the best prices. Nowadays, doing this is much easier than you might think. Through the help of the internet, you can locate great prices and amazing savings on your car insurance in as little as minutes. Many people also find that shopping around also helps them get a better policy. This means by taking just a few more minutes of your time, you could get a better policy that costs you less in the long run. You owe it to yourself to get the best policy for your dollar and using these easy and cost efficient tips are a great place to get started.

Economists and those federal government folk who justify their existence by putting together a picture of economic activity say it takes at least two years for the effect of a recession to show up in national statistics and trends. This has nothing to do with the real-time counting of unemployment or the national debt. When there’s a downturn, some market sectors actually improve their performance. So, for example, when the international value of the dollar falls, exports become more competitive and sales rise. To see a national pattern emerge therefore takes time as all the different state and federal agencies put together their numbers, and then send them up the line for a national picture to be drawn.

One of the numbers we have been waiting for is national healthcare spending. You will remember there are few controls on spending included in the Affordable Care Act, and those that will have an impact are not due to come into force until 2014. Despite this, there was only a marginal increase in 2010. In fact, it was the second-smallest increase over the last fifty years. So what factors have brought us to this point? Obviously, the consistently high levels of unemployment have reduced family incomes. Add in the fear of unemployment and those still in work have been paying down their debts and refusing discretionary spending. To maintain their profitability, insurers have been passing on more costs to us through higher deductibles and co-payments. More employers have been cutting their health benefits and passing on more of the cost to their employees. The net effect has been a significant reduction in the use of medical services. We have refused to consult physicians as often. We delay going to hospital until our conditions are too serious to ignore. We have been asking for fewer prescriptions. The result is the spending per head of population was $8,402 in 2010.

The effect of this on the healthcare services sector and the health insurance industry has been profound. Faced with declining revenues and knowing that families do not have the cash or savings to spend freely, they have held their costs. The pharmaceutical industry has been hardest hit. Many drugs have now run out of patent protection and generic drugs mean big savings to us. Big Pharma is also struggling because fewer new drugs are coming through the pipeline. Unless there are some scientific breakthroughs soon, the profitability of drug manufacture will decline dramatically.

The result for us at a national level is mostly good news. The rise of insurance rates has slowed significantly. Although you may have seen increases in your last renewal notices or your employer may have passed on more of the cost to you, the trend is in your favor. Should the trend continue, you will see your costs falling. Why so? Because almost 6 million people fell out of private insurance in 2009. A further 3.7 million discontinued insurance in 2010. This is not sustainable and, to counter the trend, the health insurance quotes for 2012 will moderate if not fall. This is not to raise false hopes with the promise of cheap health insurance tomorrow. But simply to reflect an economic reality that, when we are a stone, we cannot be forced to give up blood to the insurance industry.

Do you have trouble getting referrals (or clients)? You may want to deploy some winning entrepreneurial strategies.

Here’s the first major strategy: go back to the basics. Have you ever properly defined your target niche? If so, maybe you’ve been watering it down, and it’s time to review whom you’re targeting with your marketing efforts. If you haven’t, it’s about time to get started.

Here are 5 factors you should consider as you define or re-define your target niche — and all of them deal with analyzing what types of clients you already serve.

Begin by thinking of your current client list or the clients you serviced this last year.  What type of clients do you most enjoy working with?  Who are they?  What is special about them and why do you enjoy working with them?

The second factor -  What types of clients are most profitable for you to service?  Not everyone is.  Some sectors of your business, and maybe even some specific product lines or service lines tend to be more profitable than others.  Aim for those.

The third factor to consider is what types of clients are easiest to service.  Which ones are the low maintenance ones?  Which ones are in and out really quick?  Which ones can you find easily and service easily?

The fourth factor is the type or types of customers you most successful in servicing.  Who do you do your best work with?  Once again, it could be a product line.  It could be a service line.  It could be the nature of the client.  It could be where they are at when they come to you.  What specific problems they have that you can solve.

The fifth factor to consider is what unique skill set, industry experience, or expertise you have that aligns you with your customers.  What’s your background?  For example, my background is small business – I started an employment agency from startup and turned it into a $ 5 million company – and that helps me figure out who my niche is.  I love working with startups.  I love working with people who have been in business for five years or less.

So think about your background.  What skills do you have?  What experience do you have to align you better with your clients?  What type of clients would that align you with?  And those clients will be your ideal target clients.  Focusing on them is another key entrepreneurial strategy.  It ensures that you’ll enjoy your work — and will get many more referrals.