Why NOW is actually a great time to start a business

There is a lot of talk right now about economic struggles, but sometimes a downturn is the best time to dive in and start something. General Electric, Netflix, and Microsoft are are all companies that were born during a downturn (U.S. Chamber of Commerce). 

The pandemic has changed everything in ways no one could have predicted. The ways people interact with each other, how they socialize, where they find dating partners, where and how they dine and shop--all of these shifts open new opportunities for entrepreneurs to take advantage of new trends. Another exciting component to the new business landscape is that you don’t always need an army of employees to start something (Forbes).

Among the list of reasons that now is a great time to start a business includes your potential employees. In the current changing landscape, talented individuals may have experienced layoffs and may be available for hire (Entrepreneur). And if you are looking to hire, you are not limited to local talent if your business is able to operate with remote employees.

Opportunities for resources also abound. At this time, many business resources can be accessed at discounted rates. Vendors, online advertising companies, email marketing companies, and others who provide services to help your business succeed are cheaper than they were in the past (Forbes).

In many places, real estate costs are down. Those looking to find commercial space to rent are often finding landlords willing to include office renovations and flexible leases (Entrepreneur). 

Current loan rates also make this a good time to start a business. “If you want to get a small business loan, interest rates have remained low and the fed doesn’t plan to increase them in the next few years” (Forbes).

For innovators with drive and imagination, now is your time to start a business. Whatever your idea, be sure your business has the proper insurance to keep it afloat and minimize risk. Some types of insurance are required by law. Though others are optional, it is essential that you talk with your insurance agent about available policies and risks associated if you consider forgoing various types of coverage. 

If you currently own a business, it is important to meet with your insurance agent regularly to update your coverage, especially if your business has changed the way it operates, and thereby avoid paying for any coverage you don’t need. You can also avoid getting caught by surprise if your current policy doesn’t cover any changes in the way you operate or changes in the laws. 

At Waitte’s Insurance Agency, we are always ready to talk to you about your business insurance needs. Give us a call at insert current phone number here..

Business Insider
U.S. Chamber of Commerce

Saint Patrick’s Day

woman in leprechaun hat wishing you a happy St. Patrick's Day!

More than just shamrocks, leprechauns, bagpipes, and beer!

Saint Patrick, the inspiration for our celebration, was born in the early fifth century in Britain. At age 16, Saint Patrick was taken to Ireland and enslaved there for six years (britannica.com). Forced to work as a herdsman and often on the verge of starvation, Saint Patrick relied heavily on his faith for the will to survive. 

Following his captivity, Saint Patrick returned to his family and believed he was called to spread the word of god. However, he was reluctant due to his lack of education. Ultimately, Saint Patrick heeded the call and “journeyed far and wide, baptizing and confirming with untiring zeal” (britannica.com). Saint Patrick was known for his humility, giving gifts to rulers and other men in powerful positions (britannica.com). Unwilling to receive gifts from those in power, which prompted their suspicion, Saint Patrick at least once was cast in chains (britannica.com).

Legends around Saint Patrick include stories of him banishing snakes from Ireland, raising men from the dead, and using the shamrock as a symbol to teach the holy trinity (britannica.com)

Saint Patrick is believed to have died on March 17, 461, and people in Ireland began celebrating a feast day in his honor on March 17 some time during the ninth or tenth century (history.com).

According to the United States Census Bureau, 3.4 million United States citizens claim Irish ancestry–that’s 9.2% of our population. On March 17, each year, whether we truly have Irish blood or no, most of us enjoy some form of celebration. 

To show its Irish spirit, Chicago first began dying its river green in 1962 (“St. Patrick’s Day Chicago”). Originally pouring enough dye into the river for the color to last a week, the city has switched to more environmentally friendly methods that only last a few hours but still contribute to the festivities. 

First held as a unified event in 1848, New York City’s Saint Patrick’s Day Parade is the world’s oldest civilian parade (history.com). (Prior to 1848, several smaller parades took place in various areas of New York City.) Typically lasting over 5 hours and involving over 150,000 participants and 3 million spectators, it is the largest parade in the United States (history.com). Boston, Chicago, Philadelphia, and Savannah are also known for their festive parades, some of which may still be held this year, although on a smaller scale than usual. 

At home, Americans often celebrate Saint Patrick’s Day listening to traditional Irish music, wearing green to avoid the pinch of a  leprechaun, consuming corned beef and cabbage, and downing large quantities of Guiness. According to USA Today, “On a typical day, Americans drink about 600,000 pints of the Dublin-based beer. But on St. Patrick’s Day, about 3 million pints of Guinness are downed.”

Whether you plan to celebrate out in your community or quietly at home, the staff at Waitte’s Insurance Agency wish you a happy and healthy Saint Patrick’s Day. Give us a call when you are ready to discuss your unique insurance needs. 

britannica.com “Saint Patrick”

history.com “History of Saint Patrick’s Day”

“The NYC St. Patrick’s Day Parade”

“St. Patrick’s Day Chicago”

United States Census Bureau

USA Today “7 Saint Patrick’s Day Traditions”

Home Inventory

Female Hands Holding Computer Tablet In Room with Photo on Screen.

Have you ever thought of doing a home inventory? Most of us don’t spend much time thinking about all of the stuff we have in our homes, but if we stop and consider what it would be like if some of our possessions were stolen or, worse yet, if a fire or other major disaster occurred and we lost everything, we realize how valuable such documentation could be. 

Documentation could take a variety of forms, and it may be best to use a combination. First, you could just make a list of everything that you feel is valuable. Having your list in digital format, preferably stored in the cloud, makes obvious sense. Be sure to keep it in a file that will be easy to locate. 

Taking pictures as a way to document your possessions could be more helpful than just a list. Even better–consider using BOTH methods. You could also videotape your home. Walk from room to room inside and continue the video as you walk out the door and around the perimeter of your home–this proves that the items are really in your home, and you might be more likely to remember important things that could slip your mind if you are just making a list. Your video does not have to be professional quality–just good enough that the images are clearly visible. 

Consider, especially for items of significant value, adding details such as make and model numbers, purchase dates, serial numbers, receipts (if you still have them), and an estimated value. 

After you have gone through the effort of creating your documentation, being sure it is in a place you will be able to use it is worth the effort. Put it in your fireproof safe if you have one. A safety deposit box, a relative or close friend’s house, or your insurance agent if they offer storage for you are all good ideas as well. 

If you are ready to do a more thorough job or are looking for assistance to guide you through the process, consider using a home inventory app such as one found in the link below.  You can also just search “home inventory apps” and find a variety of options with reviews. Most of these apps are affordable, and some are even free. 

At Waitte’s Insurance Agency, we care about the health and well-being of our community because we are part of the community. Give us a call when you are ready to discuss your unique insurance needs. 

TheBalance.com “The 7 Best Home Inventory Apps of 2020”

Business Health

Business Health

Business Health

Business owners have so much more to think about than just what they sell or provide and how much to charge. While owning a business is gratifying and empowering, your business can be vulnerable. “There are over seven million small businesses in the U.S., ranging from construction firms to grocery stores to home-based businesses. All have one thing in common: Without the right insurance coverage, each could be wiped out by a disaster or a lawsuit” (Insurance Information Institute).

Burglary and theft are the most common small-business insurance claims (“Fit Small Business”). Since lighting is a strong deterrent to burglary, be sure you have adequate indoor and outdoor lighting. Be sure windows are not obstructed, and allow a clear view into the building. Unfortunately, outsiders are not the only ones business owners need to be concerned about. According to CNBC, employee theft costs American businesses approximately $50 billion annually.

To help prevent employee theft, business owners should restrict access to computer data, inventory, supplies, keys, and merchandise. It is also a good idea to maintain a rigid inventory tracking system, divide duties between employees to establish checks and balances, and periodically review your company’s theft-prevention tactics (“The Balance Small Business”).

Another concern for business owners is protecting the safety of customers and vendors. “As a business owner, you are responsible for the safety of any individual who enters your establishment, whether or not you own the premises'' (Business.com). To avoid what is commonly known as a “slip and fall” lawsuit, business owners are advised to avoid or notify customers of poor lighting, cluttered aisles, torn carpet, wet floors, or other spills indoors (Business.com). Outside, steps should be taken to remedy or notify customers or visitors of ice, snow, rain, cracked sidewalks, or any other spills, obstacles, or other hindrances in the parking lot or the surrounding premises (CNBC).

Even with adequate precautions taken, a business must maintain insurance coverage. According to “Fit Small Business,” 40% of businesses will make an insurance claim over the course of a ten-year period. If you are thinking of starting a business or considering updating your existing business-coverage, give us a call at Waitte’s Insurance Agency.

The Balance Small Business
Fit Small Business
Insurance Information Institute
U.S. Small Business Administration

The History of Black History Month

Black History Month

In September of 1915, historian Carter G. Woodson and minister Jesse E. Moorland founded the Association for the Study of Negro Life and History (ASNLH) known today as the Association for the Study of African American Life and History (ASALH) (History.com). This organization was “dedicated to researching and promoting achievements by black Americans and other peoples of African descent” (History.com).

In 1925 the group conceived the idea of Negro History Week, which was first celebrated in February 1926 during the week that included the birthdays of Abraham Lincoln and Fredrick Douglass (February 12 and 14 respectively) (Africanamericanhistorymonth.com). The occasion prompted celebrations and events recognizing contributions of African Americans in schools and communities across the nation.

By the time Woodson passed away on April 3, 1950, celebration of Negro History Week had grown. The Black Awakening of the 1960s and the Civil Rights Movement increased our nation’s appreciation of the contributions of African Americans, and in 1976, the celebration was expanded to include the full month of February (Africanamericanhistorymonth.com). At the nation’s bicentennial celebration, President Gerald Ford called on Americans “to seize the opportunity to honor the too-often neglected accomplishments of black Americans in every area of endeavor throughout our history” (Africanamericanhistory.com).

In the spirit of celebrating the contributions of African Americans, we would like to recognize a few individuals and their accomplishments:

Elijah McCoy was born in 1844 and worked as a fireman and oiler for the Michigan Central Railroad. McCoy’s examinations of the inefficiencies of oiling axles led him to invent a “lubricating cup that distributed oil evenly over the engine’s moving parts” (U.S. Department of Transportation). This invention enabled trains to run for long periods without having to stop for maintenance. McCoy patented this invention in 1872--just one of the sixty patents McCoy received during his lifetime (U.S. Department of Transportation).

George Washington Carver is estimated to have been born in 1864, though no definitive date of his birth was ever established. The first African American to earn a Bachelor of Science degree, Carver also earned a Master of Agriculture degree in 1896 (History.com “George Washington Carver). As a scientist and inventor Carver developed hundreds of products using a variety of crops including peanuts, sweet potatoes, and soybeans (History.com “George Washington Carver). Carver also introduced the idea of crop rotation to the Rural South, allowing farmers to avoid depleting the soil of nutrients and increase yields over the long term (History.com “George Washington Carver).

Born in 1942, Patricia Bath became the first African American to complete a residency in ophthalmology. In 1986, Bath invented the Laserphaco Probe for cataract treatment, becoming the first African American female doctor to receive a medical patent (Biograhpy.com “Patricia Bath”).

At Waitte’s Insurance Agency, we are proud to celebrate the wonderful diversity in our community and nation both past and present. Give us a call when you are ready to discuss your unique insurance needs.


Biography.com "Patricia Bath"

History.com "Black History Month"

History.com "George Washington Carver"

Library of Congress "African American History Month"

U.S. Department of Transportation

Home Based Business Insurance and What You Need To Know!

Home Based Business Insurance and What You Need To Know!

Having your own business is a great reflection on you. This means you had a goal, worked diligently, and achieved your dream of business ownership. Many people choose to run their business out of their homes. It’s conveniently located, cuts down on overhead costs, and is a comfortable place to be. However, when operating your business out of the home, there are certain risks that need to be addressed. One issue that is often overlooked is that of business insurance for your home-based operation. While you may have your homeowner’s insurance, that will not suffice for the business.

Most people do not plan for emergencies – or even expect them, until it’s too late. Understanding home based business insurance and what you need to know! Preparing in advance for the unexpected mishaps that could occur will save you money and added misery in the end.

What if your home catches fire?

Did you know that the National Fire Protection Association reported there’s an average of 358,300 home-based fires per year? Fortunately, many fires are brought under control before people are hurt. Yet, the physical damage to the home often takes months to repair. If you have a business in your home and a fire occurs, you not only risk damage to the home, but loss of important business equipment. That’s why it’s so important to have business insurance coverage that will protect your assets in case of a fire.

What if your home gets robbed?

No one likes to think about someone robbing their home, but the Bureau of Justice claims that, on average, 3.7 million burglaries occur every year. This number is startling especially when your entire livelihood is contained in your home. We typically think of someone breaking in the home when we’re not there or at night, but theft can occur in other ways too. For example, if you have employees working for you and accessing financial data, embezzlement is a concern. Thieves may also steal equipment you have on your property such as business vehicles. Business insurance helps protect what means so much to you.

What if your home gets damaged?

Many things can potentially damage your home. Ferocious storms often cause tree limbs to fall on homes. Fierce winds or tornadoes result in damaged or lost roof shingles, and torrential rainfall sometimes causes flooding. You cannot predict the problems weather or other accidents may cause. That’s why it’s best to have business coverage before anything occurs.

In short when it comes to understanding home based business insurance and what you need to know! Accidents occur everyday but you can be prepared by investing in business insurance for your home. Don’t let your home-based business be at risk. At Waitte’s Insurance our team has written numerous home based business policies and can advise you on what type of coverage is need.

If you have a home based business and would like to discuss your insurance options please contact our agents by clicking here.

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