Why you should take your banker to lunch Is it time to start using ...

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EXPOSURES THAT COULD IMPACT YOUR CONTRACTORS' INSURANCE Member Article We all know insurance is a necessity, but do we actually understand the exposures that could impact our insurance premiums/rates? Sometimes we can be so wrapped up in our business operations that we may not have considered how our commercial insurance exposures can be impacted. Whether you are a general, mechanical, HVAC or an electrical contractor, there are a variety of exposures that could impact your insurance. Here are just a items to consider: Have you thought about your employees‘ tools and who is responsible for insuring them? If you rent equipment, do you have adequate insurance if the equipment was stolen or damaged? Would you be in a position to cover the cost of replacing the rented equipment? When you are asked to provide a certificate of insurance, or you are requesting a certificate of insurance, your insurance broker can also serve as a consultant to review the certificate request or the contract and determine whether your insurance coverages are compliant. We know that in the course of a job, contractors can sometimes be requested to move a piece of machinery or hoist an apparatus with a forklift or crane/scissor lift. However, if you drop or damage that machinery, do you have Crane Operators Legal Liability to protect yourself? If you have commercial vehicles, do you have a customized fleet management strategy in place to mitigate your auto exposures? Implementing driver selection criteria, health and safety operations manuals, training requirements, vehicle accident reporting or even quarterly reviews on your CVOR reports can assist with reducing and minimizing potential losses from occurring. Your qualified insurance consultant can look after all your risk management and insurance needs so that you do not have to think about them, and you can focus on what is most important, running your business operations smoothly. Article submitted by Jennifer Stewart-May, Commercial Producer at H.L. Staebler Insurance. If you have any questions, please feel free to contact Jennifer at 519-743-5228 ext 262 or via email jstewart@staebler.com. BOARDROOM RENTAL Did you know that the Chamber office board room that seats 10 people comfortably? It is a perfect spot to host a meeting or seminar! Full or Half days | Weekend and MEMBER Rates available 6 | w w w . c w c h a m b e r . c a Call today! 519-843-5140
WHY YOU SHOULD TAKE YOUR BANKER TO LUNCH Many small-business owners shudder at the thought of getting a call from their bank. Inevitably, they think there is something wrong. Our commercial banks are key partners in our businesses. They shouldn‘t be avoided. Rather, you should invite your banker out to lunch. I like to see my banker and his or her superior about twice a year, whether I need to or not. Usually, I will have lunch brought into our office once a year so they can see the shop, feel the energy and meet the staff; once a year, I take them out to a restaurant. It‘s important to me that they understand my business because I consider it unique; the differences need to be understood if they are going to be appreciated and factored into any of our dealings. Some banks like to mix up their account managers regularly to keep the relationships from getting too close (that, at least, has been my assumption; maybe it‘s me?). That is all the more reason to keep in touch and all the more reason to invite out the account manager‘s superior, who seems to move around less often. What may surprise you is that I place as much value on what I learn at these lunches about what it takes to be a good small business banking customer as I do in sharing updates about our business. Banks are smart. They make very good money and manage risk extremely well. If I‘m not going to change them, which I am not, I might as well find out how they work and how they look at my business. If I can do something to make myself more attractive to my bank, I‘m probably doing something good for me and my business as well. So, I make it a point to spend equal parts of our lunch time together sharing news about my business and asking about theirs. Among the questions I seek answers to: 1. What ratios are important when they evaluate my financial statements? 2. What new products or services have they recently launched that can benefit my business? It‘s not all about credit facilities, maybe they have online banking features or products that can streamline our office admin tasks. 3. What types of loans and values are approved at the local branch versus ones that are approved at head office or a district office? 4. What trends are they seeing in the business community in general and, in banking practices, in particular (they are ears to the ground with businesses from all industries and in all shapes and sizes so they are likely exposed to way more than you are) 5. Do they know of any individuals or businesses that would complement mine (call it networking) T h e F o c u s S P R I N G 2 0 1 2 | 7
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