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Maintain adequate lighting throughout your apartment
premises. Saving money on electricity just to pay it out
on claims and customer ill will is a short–sighted
policy.
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Keep electrical wiring, stairways, carpeting and
flooring in good repair. Make managers and/or employees
responsible to report any problems. Remember that people
who see” shabby” premises relate that image to the rest
of your operations.
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Keep good records of your inventory, accounts
receivable, and equipment purchases. Keep duplicate
records off site. When you have a loss, you must prove
the value of the damaged property. A loss causes other
pressures that might cause you to cheat yourself out of
money you deserve.
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Take some of the risk yourself, and raise your
deductibles to save money. You know your financial
tolerance, and you know how often you suffer a loss. The
money you save with higher deductibles can go to protect
other risks or into your “self-insurance account” to
enable you to continue to assume more risk and pay less
premium. How much would you have earned and saved on
your insurance if you had invested that money in the
past 10 years?
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Hiring great employees is better than trying to train
mediocre ones. Develop a hiring expert so you get the
best possible employees. There is no substitute for
hiring great employees.
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Have a backup plan in case a disaster strikes.
Prepare for the worst.
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Work hard to maintain a spotless insurance image. Know
what risks you must cover and what risks you want to
cover; what disasters will wipe you out and which you
can endure. List what would be a devastating loss, like
loss of income because of illness or accident, and what
would be a tolerable loss, like damage to your car. Are
you protected against devastating losses?
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Are you in compliance with all Federal, State and local
employment laws? An employee lawsuit can be one of those
devastating losses in time spent, money spent and loss
of morale. We’ll help you stay in compliance.
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Since the laws governing employee benefit
plans are so complex, and you’re acting as a fiduciary
and can be personally sued, your benefit plan decisions
must be prudent and in the best interest of your
employees. Do you know what your fiduciary duties are?
Let us help. |
