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Business

Building Your Business Credit: A Friendly Guide to Financial Success

Let’s dive in to the exciting world of building your business credit. It’s like giving your business a financial high-five and opening doors to new opportunities. So, let’s chat about the nitty-gritty of how you can build a stellar business credit score.

How To Build Business Credit

Register Your Business: like planting a seed, you need to have a solid foundation. Make it official – register your business, get the necessary licenses, and create a separate business bank account. This step is like setting up the roots for your financial tree.

Get An EIN (Employee Identification Number): think of this as your business’s social security number. It’s unique to your business and is crucial for separating your personal and business finances. It’s your business’s way of saying, “I’m independent!”

Open A Business Bank Account: this is where the magic happens. Having a dedicated business bank account not only makes you look professional, but it also helps in keeping your business finances organized. It’s like having a tidy room – everything is in its place.

Secure Business Insurance: Credited by Gild Insurance helps build your business credit score with on-time business insurance premium payments.

Pay Your Bills On Time: this one’s a golden rule. Just like meeting deadlines, paying your bills on time boosts your business credit score. It shows that you’re reliable and trustworthy – qualities everyone loves in a business partner.

Apply For A Business Credit Card: a business credit card is your financial sidekick. It helps you make necessary purchases while establishing credit for your business. Remember, responsible credit card use is the key here – it’s like having a trusty sidekick who always has your back.

Building A Business Credit Score Fast

Building your business credit is a journey, not a sprint. Stay consistent, be responsible, and watch your business credit score soar. Remember, it’s not just about the numbers; it’s about creating a financial legacy.

To learn more on how your on-time insurance payments can contribute positively toward your business credit check out “Credited by Gild Insurance” or our blog article “Exploring the World of Business Credit and Your Business Credit Score”

Remember, if you need help with your business, your friends at Gild Insurance are never more than a click away. We combine the latest technology with experience to provide business options that fit your business!

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Business

Exploring the World of Business Credit and Your Business Credit Score

Let’s chat about something essential in the business realm, business credit and the ever-mysterious business credit score. You may be wondering, what is the difference between my personal credit score and a business credit score?

What Is A Credit Score?

A personal credit score assists lenders to determine what sort of credit to offer you and on what terms. This score considers many different personal factors including credit card balances, timely payments and length of credit history. Basically, the higher your score, the better credit opportunities you will be offered. This type of score is tied directly to an individual.

Now, think of your business credit score as your business’s financial reputation, completely separate from your personal one. It’s the measure of how reliable your business is when it comes to meeting financial commitments. Similar to your personal credit score, a business credit score gives lenders and suppliers a quick snapshot of the risks involved in doing business with you.

Here are the basics of how a a business credit score is calculated:

  • Your Bills: timely payments build a strong business credit profile.
  • Credit Utilization: the amount of available credit on business credit cards.
  • Credit History: the more transactions on your credit profile, the more reliable you appear to lenders.
  • Public Records: legal issues, liens, or bankruptcies related to your business.

Where Is My Business Credit Score?

Similar to a personal credit score, there are business credit bureaus. These credit bureaus aggregate data about businesses to determine their creditworthiness. The main bureaus related to business credit are the following:

Is My Business Credit Score Important?

Yes! A business credit score allows your business to secure business loans, lines of credit, or trade accounts. Creditors or trade partners will likely access your business credit score in order to determine whether your business is creditworthy. A higher business credit score will lead to lower interest rates and better contractual terms for your business.

To learn more about business credit scores, check out the Gild Team’s article “Building Your Business Credit: A Friendly Guide to Financial Success”.

There you have it, a friendly guide to business credit and business credit scores. If you haven’t heard, Gild Insurance is the first insurance agency to leverage business insurance premiums to help build your business’ credit score. Credited by Gild Insurance uses on-time insurance premium payments to help build your business!

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Insurance

The Most Common Liability Claims for Clothing Boutiques

What You Need to Know to Protect Yourself, Your Staff and Your Business

The new winter line is here! Just in time for that falling snow outside. But with that snow comes customers with wet shoes that create puddles. Did you get those mopped up as soon as you saw them? Did you have a sign to warn customers of the potential danger? In the ever-changing retail industry, it is critical that you remain up to date on your top hazards and risks.

The Most Common Liability Claims

A liability claim occurs when a customer is harmed physically or otherwise due to the fault of the boutique. Did a customer fall and hit their head when they slipped on one of those puddles from earlier? According to NIOSH , retailers’ must begin to think about correlating their sales and the cost of an injury to other aspects of their business together.

  • Slips, Trips and Falls – This is one of the most common injuries that occurs in a clothing boutique. While slips and falls can undoubtedly happen during training inclement weather, they can be just as common while people are simply walking around the store. Don’t forget to dry your feet on the rug!
  • Falling Objects – Your new display of bags just arrived! Did you secure the display correctly? Unsecured displays or incorrectly installed fixtures can cause injuries. Watch out below!
  • Employment Practices – If you have employees, this exposure is ever present. Should a current or former employee accuse you of wrongful termination, discrimination, or workplace harassment and retaliation, it can prove to be very costly.

Business Insurance is Your Friend

If the scenarios we mentioned above made you more than a little concerned about all your potential risks, don’t fret. Everything we listed above was simply meant to outline the most common claims we see in the retail industry so that you can do your best to prepare yourself for them.  

To learn more about the risks of operating a small business, check out “The Gild Guide: Most Common Small Business Insurance Questions”
 
Remember, if you need help preparing yourself, your friends at Gild Insurance are never more than a click away. We combine the latest technology with experience to provide business insurance options that fit your business. We help clothing boutique owners like you find the business insurance coverages they need!

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Insurance

The Most Common Liability Claims for Coffee Shop Owners

What You Need to Know to Protect Yourself, Your Staff and Your Business

Running a coffee shop is fast-paced, requiring balance between beverage craftsmanship and customer service. Coffee trends are constantly evolving and it can be hard to please coffee lovers across generational and regional interests.

Are your customers looking for ethically sources beans? Have you been pricing out a nitro machine to adapt to the increased popularity of nitro coffee? Research shows nitro coffee and cold brews were basically nonexistent in 2015 however, now 1 in 5 Americans under 40 years old consume at least one of these beverages every week. This is just one example of a possible exposure change in your operations that could present challenges.

The Most Common Liability Claims

A liability claim occurs when a customer is harmed physically or otherwise due to the fault of your coffee shop. What happens if a customer accidentally spills their fresh beverage and someone else slips on it before you get a chance to clean it up? Ouch! It sounds like she may have twisted her ankle.

  • Slips, Trips and Falls – This is one of the most common injuries that occurs in a coffee shop. Remember that slip from earlier?
  • Falling Objects – The new merchandise you ordered has arrived! You think you carefully stack all those new coffee cups and beans nicely for your customers. Crash! The display falls over on top of one of your customers. Are they hurt?
  • Employment Practices – If you have employees, this exposure is ever present. Should a current or former employee accuse you of wrongful termination, discrimination, or workplace harassment and retaliation, it can prove to be very costly.

Business Insurance is Your Friend

If the scenarios we mentioned above made you more than a little concerned about all your potential losses, don’t fret. Everything we listed above was simply meant to outline the most common claims we see in the coffee industry so that you can do your best to prepare yourself for them.  

To learn more about the risks of running a coffee shop, check out the Gild Team’s article “Sip With Confidence: Navigating The World Of Coffee Shop Insurance“. 

Remember, if you need help preparing yourself, your friends at Gild Insurance are never more than a click away. We combine the latest technology with experience to provide business insurance options that fit your business. We help coffee shop owners like you find the insurance coverages they need!

Sources

“NCA Releases Atlas of American Coffee.” NCA We Serve Coffee. Accessed 19 Nov 2023. https://www.ncausa.org/newsroom/nca-releases-atlas-of-american-coffee

Categories
Insurance

The Most Common Liability Claims Bakery Owners

What You Need to Know to Protect Yourself, Your Staff and Your Business

Yum! Who doesn’t love baked goods? According to bakemag.com, the most popular items sold in bakeries are cakes at 24%. For full line retail bakeries, these cake products can be found in their traditional form, by the slice and as cake pops. With new bakery innovations comes new equipment and training which can present new risks and exposures. Running bakeries can be demanding enough, so we at Gild Insurance decided to take researching the most common types of liabilities you do face off your plate.

The Most Common Liability Claims

A liability claim occurs when a customer is harmed physically or otherwise due to the fault of the bakery. A part of owning a bakery is experimenting with new tastes and textures but what you shouldn’t experiment with is protecting your business interests and assets. It starts with being informed about what could happen. Below are some examples we’ve prepared for you:

  • Slips, Trips and Falls – This is one of the most common injuries that occurs in a bakery. What a beautiful, freshly mopped floor. Jill, your employee, did an amazing job getting it done right before open and the morning rush. Who needs an old “Slippery When Wet” sign? The doors burst open with customers flooding in and one takes a tumble due to the wet floors. What now?
  • Falling Objects – With no shortage of shelving in your bakery to show your beautiful pastries off nothing could go wrong, right? Especially since you’ve leaned in to the open shelving trend! As a customer reaches for the top shelf piece they sturdy themselves on another and all comes tumbling down on top of the customer causing an injury. Was this your fault? Either way this is heading to trail, cost of defense can be crushing even if you win.
  • Employment Practices – If you have employees, this exposure is ever present. Should a current or former employee accuse you of wrongful termination, discrimination, or workplace harassment and retaliation, it can prove to be very costly.

Business Insurance is Your Friend

If the scenarios we mentioned above made you more than a little concerned about all your potential losses, don’t fret. Everything we listed above was simply meant to outline the most common claims we see in the baked goods industry so that you can do your best to prepare yourself for them.  

To learn more about business insurance risks for small business owners, check out “The Gild Guide: Most Common Small Business Insurance Questions”.
 
Remember, if you need help preparing yourself, your friends at Gild Insurance are never more than a click away. We combine the latest technology with experience to provide business insurance options that fit your business. We help bakery owners like you find the insurance coverages they need!