Archives January 2020

Overstaffing a Bank Leads to Increased Risk

Banker Productivity

An overstaffed bank is not only inefficient but can actually increase the risk for the business. While not every bank will experience the same increase in risk, here are a few things to watch out for.

Profit Squandering

Overstaffing a bank leads to money loss through employment wages. When you have too many people available, the bank loses money. Not to mention the lack of productivity that negatively impacts financial health. By squandering profits on overstaffing, the bank can affect its ability to last through troublesome times.

Branch Performance

Too many people do not work efficiently. They can get in each other’s way or spend too much time chatting resulting in a loss of productivity. Understanding the staffing needs of the branch can help your bank better meet the needs of customers. This can have a positive impact on customer retention and the bank’s reputation.

Avoiding Overstaffing

The insurance firm FGIB recommends managing overstaffing by incorporating schedule preferences, avoiding scheduling conflicts and managing peak times. By knowing when to schedule and how many are needed during times of the day or year can help the bank avoid overstaffing a location.

Avoiding an overstaffed bank can have positive impacts on the bank. Lowered risk of profit loss and decreased productivity can highlight a brighter future for the business.

Vans Drive Differently than Normal Cars

Volunteer Van

Volunteers who drive a normal car most of the time and a van some of the time should be aware of a few key differences. Each vehicle has its purposes. Before you institute volunteer van driving safety tips, they need to know what to look out for.

Braking Distance

As seen on visvolunteers.com, volunteers should be aware of the braking patterns in a van versus a normal car. Stopping in a van requires the driver to calculate the stopping distance based on the length and size of the van along with the weight. An empty van may be faster to stop than one loaded down with cargo.

Wide Turns

Because of their height, vans may tip over if the turn is taken too quickly. Unlike a car, vans require a wider right turn. Allow more time to turn and double-check that nothing is in the way of the wider mirrors.

Blind Spots

Every vehicle has blind spots. However, due to their height and length, vans may have larger blind spots than a volunteer may be used to. Reversing can be particularly dangerous due to large rear blind spots. Have the volunteer check the back of the van prior to backing up.

Keep these volunteer van driving safety tips available for all new drivers. Make sure that drivers brush up on their understanding periodically.

Selecting the Best Insurance for Your Business

Program Business

Protecting your business and its assets is crucial for your continued success. Unfortunately, there are plenty of dangers that can cause you financial issues down the line. To meet the demands placed on your business, you need proper insurance. Selecting insurance involves more than simply browsing a directory of insurance agents. There are several key factors that play into picking insurance that works for your company.

Important Insurance Considerations

According to the experts at Program Business, there are several areas to focus on when looking for an agent to meet your insurance needs. First, it is essential that you assess the risks of your business. This will give you an idea of the areas that require the most attention. Additionally, areas to focus on when selecting an agency include:

  • Agency’s licenses
  • Specialty programs
  • Competitive offers

Update Regularly

What’s more, you might currently have insurance and feel unhappy with the coverage you are being offered. It is normal for a business to reassess insurance needs on an annual basis. When you get into this habit, it helps you select a provider that meets your unique needs.

Finding the perfect insurance agency for your company is a journey that requires a little bit of work. Give yourself time to weigh out your options and find a fit that makes the most sense.

How Workplace Safety Benefits Your Business

Program Business

Operating a business can be an involved endeavor. To see continued success, it is important you focus on key aspects of your company’s operations. Above all, you need to think about workplace safety. Recent reports have stated that The New York State Insurance Fund has distributed over $173 million in dividends to businesses exhibiting safety in the workplace in exceptional ways. To see benefits like this from NYSIF, you need to take action.

Simple Safety Steps

Reports by Program Business state that the funds distributed to policyholders will be used to help invigorate businesses, create jobs, and aid with expansion efforts. Taking advantage of these opportunities starts with understanding basic workplace safety. Educate yourself on OSHA standards and try to target areas in your work environment that pose risks to employee safety. You can also see improvements by:

  • Educating employees on proper safety protocols
  • Having your business assessed by an insurance specialist
  • Invest in newer equipment to reduce accidents

A More Secure Environment

Workplace safety has a way of paying off down the line. Not only does it help you increase the odds of benefits from your insurance provider, but it also makes your employees feel more secure while at work.  This morale boost might serve to create a more positive work environment all around.

Safety should always be a top priority for your business. Discover how you can create a more secure environment and do your part to make a difference.

Crime Insurance for All Risks

Axis Insurance

Cybercrime is one of the most threating areas of any business relying on technology, software, and internet connection. While most companies are worried about potential hacks, not all threats come from data that is stolen. According to the information presented by Axis Insurance, approximately 13% of cyberattacks come from cyber deception.

What Is Cyber Deception?

Those looking to steal information or data don’t have to be excellent hackers to get the job done. Criminals are now disguising themselves as vendors, employees, or clients and tricking company employees into authorizing payments of fund transfers into the criminal’s account. The loss of funds can be devastating to a company’s business, requiring that a cyber deception insurance endorsement be added to crime policy.

Risk Management

Unlike a hacking attack, there are no software designs or firewalls that can prevent an employee from falling victim to one of these scams. Most employees aren’t aware of the security protocols of their vendors or clients, making it harder to decipher between legitimate requests and deceptive tactics. The best way to prevent this form of cyberattack is through risk management practices.

  • Keep accounting functions limited to one department
  • Deal with just one individual at vendors or clients
  • Inform your employees of deception techniques

In addition to your proactive efforts in risk management, use a comprehensive crime policy to address the financial concerns that arise from the lost funds for you and your clients.

Benefits and Drawbacks of Virtual Reality Technologies

G.A. Mavon

Virtual reality is a form of technology that has been gaining popularity in recent years. Defined as a simulated experience that can mimic reality or deviate from it completely, virtual reality is often used for both educational and entertainment purposes. If you utilize virtual reality technologies for any reason, here are the main benefits and drawbacks that you need to know about.

The Benefits

The increasing popularity of virtual reality isn’t without good reason. Many leaders in business, education, and entertainment have been making use of this technology to reach their goals more efficiently. Some of the main benefits of virtual reality include the following:

  • Enhanced operational efficiencies
  • Reduced training budget
  • Improved safety
  • Better learning strategies

These benefits can apply to almost all uses of virtual reality, from training purposes in business to learning methods in the classroom.

The Drawbacks

Naturally, virtual reality comes with its own set of limitations. As stated by the experts at G.A. Mavon, some of the major drawbacks of virtual reality include cyber risks, privacy concerns and liability risks associated with possible motion sickness in clients who use virtual reality. It’s crucial for those who utilize virtual reality technology to be aware of all the risks of virtual reality in insurance.

While virtual reality is an innovative form of technology, it also poses various risks. Be sure to invest in proper insurance to stay protected from the many dangers of virtual reality technologies.