Beauty Store Business

DEC 2017

Beauty Store Business provides solutions for better retailing! New products, industry news, savvy business moves and important trends affecting both brick-and-mortar and online retailers are included in each issue.

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58 December 2017 | beautystorebusiness.com Again, talk to your agent about anything you don't understand. Effective agents are there to help you, not just collect premi- ums from you. NEGOTIATE A BETTER POLICY The old adage that everything is nego- tiable definitely applies to commercial insurance. Your agent has the ability to change amounts and deductibles to either increase your coverage or lower your premiums. And other insurance agencies are eager to offer a proposal to you so they can get your business. It's smart to get a few proposals to consider. As with any other business expense, you should try and spend the amount of money that is right for your operation. One way you can easily and quickly lower your premiums is to increase the deductible. Insurance is a gamble and if you're betting that no claims will be made during the coming policy period (typically a year), then having a high deductible will mean lower monthly or quarterly payments. However, if a claim is made, make certain you have the funds available to pay an exorbitantly high deductible. Just like how bundling your car, boat and house with one insurance company saves money for your personal insurance, commercial insurance can also be accom- modating. Talk to your agent about adding more services and see what he or she can do about your rates. Be sure to mention other types of insurance that you might add, such as employment practices liability insurance, business identity theft insurance, flood insurance or terrorism insurance. All of these are very affordable (often, less than a few hundred dollars) and may help decrease your overall cost of insurance. Finally, work with your agent. As men- tioned already, professional insurance agents should be willing to come to your store and help you with your business— almost like a business consultant. Many will make annual or semi-annual visits to your store and walk around with you to improve your facility. They can help you identify causes of concerns, and they can save you money. As an example, your agent may have a program that lowers your premiums if you install cam- eras or monitored fire alarms. And with workers' compensation insurance, you may be able to lower your premiums if you conduct safety training courses or establish a safety committee. If your agent doesn't do this, start get- ting quotes from other agencies. Tell them what you would like and seek out those who will be partners with you, not just an expense on your profit-and-loss statements. Is all this worthwhile? Of course. Obviously, labor and inventory are your greatest expenses. But, insurance is a noticeable line on your P&L statement. If you could lower it by 20 percent, wouldn't you take just a few minutes to make a couple of phone calls? It would be time well spent—and money saved. ■ Dr. Steven Austin Stovall is professor at Wilmington College, a small business owner, consultant and trainer on all aspects of management and marketing. The old adage that everything is negotiable definitely applies to commercial insurance. Butter Babes Organic Body Butter www.butterbabesinc.com This vitamin-rich body butter will nourish your skin from head to toe, with all its ingredients sourced from nature. The blend of raw butters and oils are deeply hydrating and full of antioxidants to regenerate and heal your skin. Packed full of potent, healing ingredients and beautifying properties while remaining 100% pure and chemical free for you babes! We have always planned to keep the product raw, and in its purist form! Our product was created with the belief that what you put on your skin is just as important as what you put in your body. We are completely raw, organic, vegan and never tested on animals.

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