Management of money flow is always an issue for companies. Small, medium and big companies alike include this matter in their top priorities. After all, it keeps the business going. Without the right fiinances, the needs of a business cannot be sustained.
hese things can happen over time. After all, there is nothing permanent. Things change, so as the practices. Economy change and what looks good now may be on the downslope tomorrow. This is the reason why preparedness matter a lot. And one important kind of preparation for businesses is in the form of insurance archaeology.
When one has been working in the industry for years, there is a huge tendency for them to change insurance policies from time to time. This allows them to get better services than their first choice. However, this can also be risky in the long run especially if the company does not keep records of their previous insurance transactions.
Keep in mind that your choice will matter big time when unexpected situations such as legal complaints are filed against you. Therefore, you need to have a clear file of all the insurance services you have applied to. This will make your work easier and less costly later on.
One thing you can do as of now is to start creating a separate file exclusive for this type of document. Ask the help of those people who are tasked for record keeping and delegate jobs to them. Dig as far back as necessary. The longer you are in business, the more papers you will need to find. Be patient on this one. If you do not find what you are looking for few years back, be ready to extend your search as early as your first year of operation.
Companies invest on this kind of process because they find the effort worth it . Compared to spending big amount of money for the cost of investigation, the insurance companies you have been with can shoulder the expenses. You will reap the money you sow with them for all those years.
You might find it quite a hassle to keep tons of papers and documents in a stash for future references. An alternative could be scanning these documents and placing the soft copies in a secure hard drive. After seven years, you can dispose the hard copies if you want. Just make sure to review all the documents to make sure things are all scanned.
It is fine to shift to different insurance policies. In fact it is recommended if your situation demands it. Just make sure that before you do, you have already examined the nature of the insurance policy. Different services may have different modes of operations. Pick one that is more convenient for your setting.
Money is hard earned. It does not just come. You worked for it. Be sure to protect your company and your cash flow by investing on the right services. Be ready for the worst case scenario and secure all relevant records ahead of time.
hese things can happen over time. After all, there is nothing permanent. Things change, so as the practices. Economy change and what looks good now may be on the downslope tomorrow. This is the reason why preparedness matter a lot. And one important kind of preparation for businesses is in the form of insurance archaeology.
When one has been working in the industry for years, there is a huge tendency for them to change insurance policies from time to time. This allows them to get better services than their first choice. However, this can also be risky in the long run especially if the company does not keep records of their previous insurance transactions.
Keep in mind that your choice will matter big time when unexpected situations such as legal complaints are filed against you. Therefore, you need to have a clear file of all the insurance services you have applied to. This will make your work easier and less costly later on.
One thing you can do as of now is to start creating a separate file exclusive for this type of document. Ask the help of those people who are tasked for record keeping and delegate jobs to them. Dig as far back as necessary. The longer you are in business, the more papers you will need to find. Be patient on this one. If you do not find what you are looking for few years back, be ready to extend your search as early as your first year of operation.
Companies invest on this kind of process because they find the effort worth it . Compared to spending big amount of money for the cost of investigation, the insurance companies you have been with can shoulder the expenses. You will reap the money you sow with them for all those years.
You might find it quite a hassle to keep tons of papers and documents in a stash for future references. An alternative could be scanning these documents and placing the soft copies in a secure hard drive. After seven years, you can dispose the hard copies if you want. Just make sure to review all the documents to make sure things are all scanned.
It is fine to shift to different insurance policies. In fact it is recommended if your situation demands it. Just make sure that before you do, you have already examined the nature of the insurance policy. Different services may have different modes of operations. Pick one that is more convenient for your setting.
Money is hard earned. It does not just come. You worked for it. Be sure to protect your company and your cash flow by investing on the right services. Be ready for the worst case scenario and secure all relevant records ahead of time.
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