Concerns for Business Owners

Business owners in general are concerned with two things outside capitalization: their labor force and their security. The labor force is often the lifeblood of any business, be it a force of one or one million. It is the employees who do the actual work, and it is important that they are qualified for what they are tasked to do. In terms of security, the business owner has to protect the assets of the business from theft, natural calamity, and other outside forces. For the former, pre-employment screening will go a long way towards finding the right person for the job, and for the latter, the appropriate insurance cover will take care of any unforeseen contingency.

Pre-employment screening should be scientific and objective, using standardized tests to identify risk factors that may impact on performance and attrition. Employees who satisfy the functional needs of the work are less likely to have problems with absenteeism and work-related injuries, both of which have a significant effect on productivity. There are companies that offer this service to forward-thinking employers who want the best possible labor force driving their business.

Business insurance represent a considerable cost for the company, but it is necessary to secure coverage in case of theft, property damage due to storms, floods and fires, and business income losses due to natural calamities or other adverse events. The savvy business owner will not skimp on full insurance coverage, and will also guard against insurance bad faith when they do not get the coverage they paid for in a timely manner. They know that insurance companies will try to minimize their exposure, especially in the event of hurricanes when numerous claims may all come in at the same time.

These two concerns of business owners should be included in the business model. This will ensure that productivity is high and losses are minimized.

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