Insurance Insights: The Cleary Insurance Blog
The Cleary Insurance blog covers insurance, risk management, and financial planning for New England businesses and individuals. Our team of licensed advisors and specialists publishes regular articles on commercial and personal coverage, employee benefits, life and financial planning, and insurance compliance. Browse recent articles below, or use the category filters to find topics relevant to your business or personal situation.
3 Tips for Building your Startup
The first step is to come up with your business idea – now it’s time to build! In order for your new startup to be a success, you need spunk, determination and a strategy.
But where to begin?
From product, to employees, to clients, the responsibility can be overwhelming. We’ve put together a few of our tried-and-true tips to help you begin to successfully build your startup.
Networking is key
Identify your professional community and engage with it. Nowadays, you can successfully and efficiently network via social media platforms like LinkedIn. While this is a manageable day-to-day tool, we also suggest taking advantage of professional networking events for face-to-face interaction.
Networking also entails meeting the right people who can help you launch your business. The benefit of having strong connections is that they can turn into powerful allies.
When you interact with people who are already running a successful business, you may be able to gain a better understanding of the funds and number of shares to authorize that can satisfy investors, and you can offer to your future employees.
Find a balance
A startup is very demanding and can eat up the bulk of your time; however, it is important for you to give yourself (and your employees) a break. There is a reason Google’s offices have Ping-Pong tables, basketball courts and rock climbing walls. These activities help people expand there minds and think outside the box.
Moreover, bonding with employees outside the office can be essential to a company’s success. Mutual respect outside the office will transfer to exist inside the office and ensure that everyone feels safe in the work environment.
Ask questions
Even though you’re the boss, don’t feel like you need to have all the answers right away. Ask questions to people you trust.
People love to share their own experiences. Particularly at Cleary, we are happy to help with your startup questions and provide information about the various types of coverage that would be most beneficial for you.
The Ins and Outs of A Successful Employee Benefits Strategy
Most business owners prefer to recruit employees with proven talent in their fields. This instinct often encourages entrepreneurs to hire top talent quickly, offering competitive salaries and benefits—especially for employees with specific technical skills that may result in direct growth for the company.
But is paying high always the way to attract the best employees? After all, no business can pay its workers more than the value added to the business. At least, not long term anyways.
In order to maintain an ideal benefits strategy, business owners should have a clear picture of the type of employee they want to hire, as well as a firm understanding of their business’ needs. They should also keep in mind that if the compensation level is perceived as low, it will negatively impact both talent attraction and retention.
Again, offering high benefits makes sense in situations where the skills and ability of an employee has a direct impact on the revenue and success of the business; however, for businesses focused on customer intimacy or operational efficiency, a high compensation may neither be affordable nor required. Here, employees make the most impact through process excellence, teamwork, service orientation and discipline—rather than through individual innovation.
It’s also important to customize a benefits plan based on how the employees perceive value. Owners should therefore have a clear understanding of the demographic of its employees (age, skill level, etc.). Making the plan tax-friendly and having the right mix of fixed pay and variable (performance) pay will also bolster a high-performance culture.
Have any questions? Feel free to contact a Cleary representative and we’ll help you build the best benefits strategy for your business.
The Skinny on Life Insurance
If you have any dependents that fall under your responsibility – children, spouse, a special needs adult – it may be time to have the life insurance policy conversation. It’s not always a pleasant thought, but it’s certainly necessary to consider if you are the primary caregiver to another person. In the event of your death or serious illness, the money needed to support loved ones comfortably in your absence can hard to come by and having a policy in place beforehand will make it easier.
At Cleary, we make sure that a life insurance policy is tailored to your specific wants or needs. The two most common types of insurance are term and whole life insurance, both of which can benefit you and your loved ones in a variety of ways.
Term Life Insurance, often regarded as the simplest and least expensive plan, provides coverage for a fixed period of time and typically may be renewed after the initial contract term expires. However, this offering does not provide savings.
On the other hand, Whole Life Insurance provides life insurance protection for as long as you live. Whole life policies also provide for the accumulation of cash value on a tax-deferred basis which can be used when you need it, to help with life’s opportunities.
Again, we know it’s not the prettiest thought, but it can be a comfort to know that the money afforded through these plans can help your family’s daily living expenses, the mortgage of your house or debts, and so on.