Category: Industry Insights

Dude, where’s my office! There’s been a fundamental shift in where people are working today. The water cooler is still there, but the people around it don’t all work at the same company. With this shift in where we are all working, it begs the question – Do I have business insurance for that? We all think of insurance needs based on fire or flood events. But business insurance is so much more than that regarding coworking spaces for small business owners. At this point, you may be asking yourself: “What business insurance coverage does my business need at coworking spaces?”

Insurance Coverage Needs for Coworking Spaces for Small Business:

• General Liability – Does your business use contracts to provide its services or sell products? Operating from a flexible office space won’t save your business from the risks associated with those business activities! Obligations under client contracts or the risks of selling a product, do not disappear just because your business utilizes a coworking space. General liability a foundational business insurance coverage for any business typically provides product and contractual coverage. So, whether your business operates out of a brick and mortar or at coworking spaces, general liability is where all business owners start thinking about business insurance.
• Business Owners Policy – Picture this, you are at your coworking space having a productive day. You get up to go grab a cup of coffee and when you return your laptop is missing! If your business does not have property coverage, the costs to replace that laptop will have to come out of your pocket. Combine the coverages of general liability and property and make life a bit easier by purchasing a business owners policy (BOP).
• Worker’s Compensation – Now that business owners can work anywhere, the people they hire can too! Technology has allowed us to have video chats and be connected as seamlessly as if we were sitting beside one another. If you have employees or hire 1099 contractors to do work on your behalf, worker’s compensation is a must have coverage. Worker’s compensation is mandatory in most states, even if your employees operate remotely or in a coworking space.
• Professional Liability/Errors & Omissions – Don’t think that the possibility of a missed deadline leading to a dissatisfied client only happens if you own the building. If advice or expertise is your job, then professional liability is an essential coverage!

What Other Business Insurance Does My Business Need?

• Cyber Insurance – Free WIFI at coworking spaces may be a great amenity, but it is not without risks. A shared or public network may increase your business’ Cyber Insurance can provide you with coverage in the event of a breach. Data security losses can be extremely expensive. Many victims are often forced to consider paying a ransom to regain access to their systems and/or information. Cyber coverage can be purchased on its own. But often times, it can be added in a cost-effective manner to a business owners policy.
• Hired Non-Owned Auto – Do you hire or rent cars for your business? If you have employees, do you ever have them run an errand for the business in their personal vehicles? This is a common ask of small business owners who do not have owned business autos. Non-Owned Auto is the coverage needed to help protect your business in the event that employee running the errand has an accident.

As you can see there are many insurance coverages that will be needed no matter where you work. Go enjoy that view at your local coworking space. Drink the free coffee and put the cup in the sink without washing it. But before going tomorrow, make sure you have the proper insurance coverage to protect you against things that could happen. At Gild Insurance, we can help you with that!

To learn more about coworking risks, check out:

Considering a Coworking Space?

The Highlights of Business Insurance For Remote or Hybrid Businesses.

Take care of your business insurance needs by booking time with a Gild Agent or receiving a digital quote!

Most small business owners rely on traditional marketing methods to grow their business. Think print ads, community events and word of mouth. But, if you feel that your business isn’t scaling as quickly as you desire, it may be time to invest energy into online marketing. The great thing about online marketing is that you can implement most of these strategies with little to no upfront cost. Below is our guide to online marketing: small business edition. Let’s explore several different internet marketing strategies that you can use to help scale your small business.

Create an Email List

The first step is to create an email list to reach your customer base. Do you have an email list comprised of warm leads? Are you using it to reach out to prospects to drive your sales? Once you’ve created an email list, here are some strategies to leverage it to better position your business to customers.

• Create a pop-up box on your website – have you ever gone to a retail website to start shopping and been greeted by a pop-up box promoting you to enter your email address in exchange for something? “Sign up to receive free alerts”, “be the first to know” or “join our newsletter” are commonly used phrases. Customers love to be part of something bigger. Entice them to give you their email address by providing the allure of exclusivity. Alternatively, you can offer a free PDF, downloadable guide, or video that ties in with your business.
• Use ads to direct prospects – Similar to a pop-up box, a more elaborate version consists of using targeted ads to direct prospects to a landing page. Remember, pop up boxes hold limited amounts of information. Imagine being able to direct your potential clients to page that will hold as much material as you would like. The ability to grab the customers attention with pop ups is the start while the landing page is meant to offer more information.
• Collect email addresses in person – Heading to a local small business networking event? This is the perfect opportunity to try and collect some email addresses. You can use low tech options like a clipboard and paper or track emails on an iPad. Including QR codes on your business card are also a popular option.

Create Email Funnels 

After you have your list of contacts, start reaching out to them with a series of email flows. You can write the emails yourself and use software, like Marketing 360 to automate the send-outs. Or you can hire a professional copywriter or agency to do it for you. Start small and see what works for you!
 
You also may be wondering what the magic number is for the amount of emails you should send. That will vary depending on your business, your preferences, your customers, and your budget. If you are an online or brick and mortar store that sells physical goods, you may want to write several emails a week detailing discounts, promotions and giveaways. Maybe you are a fitness studio and are more interested in sending biweekly or monthly newsletters to keep your clients engaged. Remember, marketing starts as trust building and educating.

Consider Paid Advertising

Though commonly expensive, paid advertising can be the single most effective way to attract new customers to your business. The average cost for small to medium size business is approximately $2500 to $12,00 a month. It’s important to note that paid advertising isn’t the same as using a social media page to promote your business. While you can certainly post content on your business’s Facebook or Instagram to help promote your business, paids ads can extend your business’ reach!

Conclusion

The above guide to online marketing: small business edition, is just a sample of the many ways you can generate revenue through internet marketing. Many business owners find the rabbit hole of internet marketing is actually quite deep, and the rewards can be profound.

At Gild Insurance we always like to say that having insurance is the best way to prepare your business for future scalability, and in many ways, internet marketing is very similar.  After all, that’s one of the great things about the internet era: the next best thing is never more than a click away!  

Gild Insurance is here to help protect what you’ve built and support what comes next. Schedule a call or get a quote online today. We help clothing boutique owners like you find the business insurance coverages they need!

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. Here’s 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. It 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 makes you look professional. It helps keep your business finances organized. It’s like having a tidy room – everything is in its place.

Buy 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 can help make necessary purchases and establish 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.

Gild Insurance is here to help protect what you’ve built and support what comes next. Schedule a call or get a quote online today.

Let’s chat about something essential in the business realm: business credit and the often confusing business credit score. Additionally, you may be wondering, how can I build business credit without using personal credit? It’s a question many small business owners ask as they seek to keep their business and personal finances separate.

What Is A Credit Score?

A personal credit score helps lenders determine what products to offer you and on what terms. Personal credit scores consider factors like credit card balances, timely payments, and length of credit history. Therefore, the higher your score, the better credit opportunities you’ll have—on a personal level.

But when it comes to your business, think of your business credit score as your company’s financial reputation. Unlike personal credit, your business credit score shows how reliably your business makes payments and manages credit. This score gives lenders a quick snapshot of your business’s financial health.

How to Build Business Credit Without Using Personal Credit

The good news is, you can establish and grow your business credit without relying on your personal credit. Here’s how:

1. Incorporate Your Business: The first step is to legally separate your business from yourself. Subsequently, incorporating your business or forming an LLC can help you create a distinct credit profile for your business.
2. Get an EIN (Employer Identification Number): This is essentially a Social Security number for your business. It’s used for tax filings and to establish business credit accounts without using your personal SSN.
3. Open a Business Bank Account: Separate your personal and business finances. Start by opening a business bank account and using it for all business-related transactions.
4. Apply for a Business Credit Card: Once your business is set up, apply for a business credit card. Make sure the card is only tied to your business and not to your personal credit. Use it regularly and pay it off on time to build a strong business credit score.
5. Establish Trade Credit: Many suppliers will offer your business trade credit, allowing you to purchase products or services on credit and pay later. Make sure these accounts report to business credit bureaus, which helps grow your business credit profile.

What Affects Your Business Credit Score?

To grow your business credit without using personal credit, it’s important to understand what factors affect your score:

• Your Bills: Timely payments build a strong business credit profile.
• Credit Utilization: Keep your business credit card balances low compared to your credit limits.
• Credit History: The more financial transactions on your credit profile, the more reliable you appear to lenders.
• Public Records: Legal issues, liens, or bankruptcies related to your business can negatively impact your business credit score.

Where Can You Check Your Business Credit Score?

Just like with personal credit, there are business credit bureaus that track your business’s financial health. Comparatively, these bureaus aggregate data about businesses to determine their creditworthiness. Here are the main business credit bureaus:

• Experian
• Dun & Bradstreet
• Equifax

Why is Business Credit Important?

Your business credit score allows your business to secure loans, lines of credit, or trade accounts. Creditors or trade partners may check your business credit to determine if you are creditworthy. A higher business credit score can lead to lower interest rates and better terms, helping your business save money in the long run.

How Gild Insurance Can Help You Build Business Credit

One unique way to build business credit without using personal credit is through Gild Insurance. Gild Insurance is the first insurance agency to use business insurance premiums to help build your business credit score! With Credited by Gild Insurance, your business can use on-time insurance premium payments to help improve its credit profile.

To learn more about business credit, check out our guide: Building Business Credit Fast: A Friendly Guide to Financial Success.

Gild Insurance is here to help protect what you’ve built and support what comes next. Schedule a call or get a quote online today.