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Finding The Right Policy For Your Business

In any business, success will depend on dedication and hard work of the staff. The fact that it takes just one disaster to ruin all your efforts cannot be ignored. If you have a large corporate business or your enterprise is small, you will need to insure against financial ruin.

Some insurance companies will have a package deal to suite your particular situation. This can include a combined policy, or you have the choice of a separate cover.

A larger business may purchase a commercial package while a smaller company will most likely choose a business owner’s policy.

This will give protection for any business equipment and buildings you may own.

The disruption to the business and loss of income occurred can be covered by the Business Interruption Insurance depending on its terms.

A business owner’s policy, or BOP, will not cover health or disability insurance or workers’ compensation. It will cover vehicles and employees along with professional services. Business insurance will not generally cover flood, earthquake, or terrorist attacks.

You will need to inquire if your office in a flood zone area and if this is the case, ensure you have the right policy to cover you.

You may be eligible for reimbursement, with a Business Interruption Insurance for any income which you may lose, when the business cannot operate. In the rare case of earthquakes you will not be covered under this policy. You would need an earthquake coverage policy.

Always try to avoid taking the first quote that becomes available to you, as it is important to get at least four companies to give a quote to compare prices. All pros and cons must be taken into consideration and you must insist on receiving a clear idea of what is being offered.

It is imperative to choose a reputable company as the wrong choice could end in bankruptcy, so crucial is the decision to deal only with a professional company.

A professional company will answer any questions you have with patience and clarity. The will have the ability to offer alternative suggestions and policies to help you all they can. Testimonials and references will be a helpful guide to your final decision.

The importance of finding then signing with an insurance company will be one of the biggest decisions you will have to make. Be informed: All insurance companies need to be registered with the Financial Services Authority (FSA)

To cover computers and other equipment, for people who travel on business, Business Travel Insurance can be the solution. Any injury or disastrous event during a trip can be covered with a policy and would be a necessity for any damage that may occur. Baggage loss, flight delays, and medical emergency will most certainly be included in most policies.

These are among many events to take into consideration and remind the business owner of the importance of the right insurance policy for their business.

Model of Business Negotiation in China

Business negotiation techniques differ all around the world, but no major arena is quite like China for western businesses. The more holistic approach to the deal that the Chinese business people use on a regular basis, is much more involved than the more technical approach that is preferred by most of the western business community. While negotiations in China still rely on the technical information, as the western business negotiations do, they also take into consideration Guanxi, renqing, and mianzi, which can slow the pace of the negotiations in comparison. By getting more involved and integrating the personal lives of the negotiators, there is a believe and development of a new layer of trust. The biggest variation in business negotiation in China as compared to North America or Europe, is that they view the signing of the contract as merely a component in negotiations, and not the conclusion. Realizing these differences and working to understand why and how the Chinese business people tend to negotiate, can help your business to be more success in the approach and process as a whole.

The increased complexity of negotiating in China can be navigated by taking an understanding for the reasons of each of these impeding factors for “efficient” negotiations, as the western business have become accustomed to. The political and legal framework that is present, and has been around for several decades, creates an environment of distrust and lays down the reason for getting to know someone on a personal level. Beyond the personal vetting and sense of reciprocity that Guanxi imposes on the relationship, the negotiations in China are unique because of the adaptations that had to be made during all of the political turmoil. The resulting model of business negotiation, is not specifically different, just that there are more steps to take to reach similar results. The Chinese businesses realize that they are in a unique position and want to ensure that their business is not negatively impacted by the deal. Negotiating within these rules will allow your firm to navigate the “preliminary” negotiations and get the contract signed, but then the real negotiations start.

Where negotiations in the west, and throughout most of the world, end with the signing of a contract, the Chinese business people see the signing of a contract as the beginning of further negotiations. While this may seem sneaky or manipulative to businesses that are not familiar with this environment, it is not done in malice and is done to improve the deal. Remembering this key piece of information, and planning to re-negotiate even after the deal is signed will give your organization the competitive advantage over your peers that do not keep this in mind.