Business Is Business

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It is meant to protect your business against accidents and disasters that are out of your control.

What is Business-to-Business (B2B)?

Extra Expense Coverage is an additional optional coverage that can cover extra expenses to keep your business running after an accident or disaster. It is valuable for businesses that need to operate right away after a disaster, or who can move to a temporary location to avoid a shutdown. For example, your business sells office supplies, operating out of a warehouse you own. A windstorm damages one wall of the warehouse. In order to continue to service your customers without interruption, you rent a temporary warehouse.

You also pay a moving company to move your inventory from your normal warehouse into your temporary warehouse. The extra expense coverage would provide coverage for these expenses. Extended Business Income coverage is an optional coverage that can cover lost profits that occur after the business has reopened but has not yet gotten back to its pre-loss sales level.

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The core business income insurance coverage only covers lost profits during the period of restoration. Once the business is reopened and able to operate at the same capacity as its pre-loss level, the period of restoration and business income insurance coverage ends. However, it may take some time before customers realize that a business has reopened, and the business may not immediately get back to its sales level before the loss occurred.

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  6. Extended Business Income coverage can compensate the business for the difference between the actual profits the business is earning after reopening and the profits the business earned before it closed. The term of this coverage can be elected by the policyholder, with longer terms requiring higher premiums.

    Several other coverages can be added on to your business income insurance that can provide protection against additional risks that can interrupt your business operations. These coverages require the payment of additional premium.

    What is Business to Business Marketing?

    Service Interruption coverage can protect against direct physical loss or damage to utility lines that service your business. These utilities include electrical, gas, water, sewer and other types of utilities. If physical damage to these utilities causes your business to have interrupted or impaired operations, your income losses can be covered under Service Interruption coverage. Contingent Business Interruption provides coverage if your direct suppliers or customers suffer a physical loss to property caused by a peril listed in your policy which causes a reduction to your business income.

    For example, you have a manufacturing business that relies on custom precision parts from a ball bearings company, and their factory burns down.

    You cannot manufacture your product without their parts. Contingent Business Interruption would cover your business for the income losses you suffer while the part is not available. Leader Location coverage protects your business if a direct physical loss occurs at a neighboring business that draws customers to your business. For example, you own an ice cream store at a shopping mall which is next to the anchor tenant, a major national department store chain. A fire at the department store closes it down for several months, causing your foot traffic and profits to suffer.

    Even though your property did not experience any damage, leader location coverage would cover your lost profits. Interruption by Civil Authority covers your business if the government prohibits access to your business due to physical damage or destruction of neighboring or adjacent properties. For example, if a wildfire burns down properties near your business and continues to burn, the local government may not allow you to access your property for safety reasons.

    This coverage would compensate you for your income losses in this case. When making claims on a Business Income Insurance policy, your company will need to provide records to substantiate the profits in the claim. The insurer may request records including financial statements, sales receipts, income tax returns, and rent and payroll records. It is important to store a copy of these records off-site or in the cloud so that they are not destroyed when a disaster occurs.

    Business Is Business | Definition of Business Is Business by Merriam-Webster

    AdvisorSmith is your trusted business insurance resource, providing the expert research and advanced tools you need to help your business succeed. Learn More. Adrian Mak. Get Quote. Subscribe to Our Newsletter. A lot of local business is still done on a handshake basis, and the best way to network with other local business owners and entrepreneurs is through business groups. The most important skill for effective business networking is listening ; focusing on how you can help the person you are listening to rather than on how he or she can help you is the first step to establishing a mutually beneficial relationship.

    Business networking is about cultivating relationships - you're not going to be able to do that if you're trying to be an active participant with five or six different groups. And you need to be an active participant in whatever networking group you join. It's contributing that will bring you the benefits of networking you're looking for, such as more business.

    You need to not only attend the meetings of your networking group regularly, but go prepared to offer something of value to the group. A strong contact referral group such as BNI , whose purpose is for members to find and exchange referrals , operates very differently than a community service club such as Rotary International whose primary purpose is to serve the community. In North America the largest business group is the Chamber of Commerce. The U. Chamber of Commerce was formed in and the Canadian CoC soon afterwards, in According to the Canadian Chamber of Commerce website, the CoC's primary mandate is to "advocate for public policies that will foster a strong, competitive economic environment that benefits businesses, communities and families".

    Typically, in addition to other member benefits such as discounts from corporate members the CoC regularly holds luncheons, workshops on business topics, and other networking events, providing members with many opportunities to connect with other organizations. Look also for local groups such as Downtown Business Associations, Home Business Associations and Women's Networking Associations, just to name three of the most common.

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    Ivan Misner to find ways to increase clients for his personal consulting business in California in , BNI has become a worldwide phenomena. The purpose of each BNI group is to provide referrals for its members. Only one person from each profession specialty is allowed to join a chapter of BNI, which eliminates the possibility of competition among members of the group. Paul Harris formed the Rotary Club of Chicago on 23 February , so professionals with diverse backgrounds could exchange ideas, form meaningful, lifelong friendships, and give back to their communities.

    Groups such as Rotary can be ideal business networking groups for those who enjoy mixing service to their community with networking. Membership in such groups can also boost your professional standing. If you're a business professional, you definitely want to be on LinkedIn. Other than that, once again pick the networking group or groups that are the best fit for your business and your goals.

    Going to a networking event soon?