Many business owners feel business insurance is an expense they cannot afford, or is a luxury for more established businesses. Although it is true business insurance can be expensive, it is an expense every business, regardless of the industry, size or length of time in existence, needs to include in its budget.

Catastrophic Loss

Business insurance protects a business from closing due to a catastrophic loss. Fires, floods, hurricanes and tornadoes have been the end of many businesses in Texas, as elsewhere. When a company carries insurance against these types of losses, closure and loss are only temporary instead of permanent. Companies shoule always consider business interruption insurance, a rider on their business insurance policy, to ensure continued cash flow for the duration of a closure due to a natural disaster.

Liability

If a customer slips and falls while on your business premises or your product has a defect that injures a customer and you do not have insurance, this could spell the end of your business. If a company car is involved in an accident and someone is injured, that could be disastrous as well. Business liability insurance covers accidents that occur on the business premises, product defects and mishaps that occur during normal business operations on and off premises.

Theft

A new business is a big target for thieves. New computers, furniture and other office equipment is worth more at a pawn or chop shop than older equipment. Even older businesses that have just undergone renovations and upgrades are a target. Replacement insurance protects a business in the event equipment is stolen, replacing the missing items and paying for repairs from damage caused by the invasion.

Litigation

We live in a litigious society. Even with the Texas tort reform legislation passed in 2003, which capped judgments and sought to eliminate frivolous lawsuits, businesses are sued by individuals and other businesses for a variety of reasons, legitimate and otherwise. Even the most frivolous lawsuit can be costly to defend; and in the event a business ends up on the losing end of a lawsuit, the awarded damages could exceed the business’s capabilities to pay. Depending on the business entity structure, not only the business assets, but also the owner’s personal assets could be at risk. Business liability insurance, malpractice insurance or professional liability insurance will cover at least part, if not all, of any damages.

Personal Injury or Illness

Business owners should have personal insurance as well. Medical insurance will ensure medical bills incurred due to an illness or injury will not wipe out a business’s assets. Considering Texas has some of the highest medical costs in the country--costs per person are over 24 percent higher than the national average--going uninsured could potentially bankrupt a Texas business owner if he were to become ill.

Level of Coverage

How much insurance to carry will depend on your industry, the business structure and the amount of assets your business has. The location of the business within Texas, such as coastal or rural, and whether the building is leased or owned will also be a factor. For example, a law firm partnership that owns the building in which it is housed might need more insurance than a jewelry designer operating out of her home.

There is an adage in business that states, “If you are not growing, you’re dying.” Thus, the underlying concept is you have to be big to succeed. While being “big” may work in a variety of industries, many in the printing industry (today and future) need to think about being nimble – and that often means you have to be “small.”

Of course, that leads to the question of what is “small?” The Small Business Administration defines a small company having less than 500 employees, which is practically 98% of the printing industry. I’m thinking of small being a company with less than 25 employees. Why 25? There are a lot of reasons, including that multitude of state and federal mandates affecting businesses with more than 25, but it’s about management and technology.

Whether we like it or not, technology will continue to affect print (visual communications) and how it’s distributed and used throughout the rest of this decade. The strategy of buying “bigger” presses to grow a business is no longer a viable one. That may have worked in the days of growing mass printed communications, but that market is shrinking, and there is too much capacity in the market. All one has to do is look around in today’s landscape and you’ll note that the companies which are struggling have a lot of iron on their floor, while those that are succeeding have focused on the newer technologies and expanded the types of services/products they produce. And that brings me to the management issue.

Managing a larger company has always been tough – but with today’s massive changes and more and more state and federal mandates – the road is littered with obstacles. Larger companies can succeed, but they must have extraordinary vision and management skills. While managing a small company isn’t a piece of cake, managing its future is much simpler. There are no shareholders or stakeholders (management team, sales team, bankers) which have a discernible effect on the company’s direction. Yes, there are stakeholders (key customers and employees), but those stakeholders tend to have more loyalty (relatively speaking) and commitment to the success of the company.

So, next time a talking head says that the only way to succeed is to grow “bigger,” give consideration to the concept that there’s nothing wrong with being small and as Goldilocks said that could be “just right.”

As the U.S. health care system continues to evolve, industry demand for more highly educated nurses is growing. Data from the American Association of Colleges of Nursing shows current and prospective nurses are responding to rising education requirements: enrollment in all types of programs at nursing schools across the country increased from 2010 to 2011.

Some nursing schools offer graduate certificates that allow nurses to expand their expertise and meet critical areas of need in the nursing profession. Offered to nurses with a Master of Science in Nursing (MSN) degree, graduate certificates are designed to enhance nurses’ professional competencies and prepare them to apply for national certification in specialized disciplines.

“As the patient population becomes more diverse, and the delivery of care more complex, nurses with advanced knowledge and skills can influence the quality of care that patients receive,” says Carole Eldridge, director of graduate programs for Chamberlain College of Nursing. “With expertise in in-demand disciplines, nurses can also expand their current scope of practice and increase their professional marketability.”

Chamberlain offers online Graduate Certificate Programs for MSN-prepared nurses to hone their expertise in either education or informatics, with or without practicums; practicum is optional for students with practical application experience in their area of study. Graduates of the Graduate Certificate in Nursing Education Program will be prepared to take the National League for Nursing’s Certified Nurse Educator (CNE) exam, and graduates of the Graduate Certificate in Nursing Informatics Program will be prepared to take the American Nurses Credentialing Center Informatics Nursing exam.

Graduate certificate programs help meet the Institute of Medicine’s recommendations for nurses to achieve higher levels of education and for nursing schools to find new ways to prepare nurses to better meet evolving patient needs. They can also help nurses respond to areas of need in the health care workforce.-

One such area is nursing education. U.S. nursing schools turned away more than 75,000 qualified applicants from baccalaureate and graduate nursing degree programs in 2011 due, in part, to insufficient faculty. Without enough educators, the industry cannot prepare enough incoming nurses to respond to the growing national shortage.

Health care informatics is another fast-growing field. A 2012 report by Jobs for the Future and Burning Glass Technologies measured online job postings from 2007 to 2011 and found that health care informatics positions grew by 36 percent, while total online job postings for that same period grew by only 6 percent.

The modern health care setting is dependent upon nurses with the specialized knowledge to oversee implementation of innovative information technology, such as electronic health records. Nurses with a graduate certificate in nursing informatics can be prepared for a variety of related roles, including clinical informatics analyst, informatics nurse specialist or chief nursing information officer.

The increase of graduate certificate programs demonstrates that academic leaders and nurses are committed to building a strong, well-educated workforce that is prepared to address the health care challenges of tomorrow.

(Courtesy of Brandpoint)

Obtaining a post-graduate degree can give one a sense of overwhelming accomplishment. It’s also the only way to gain access to the highest-paying jobs available. According to Simplyhired.com, the average salary for someone with a post-graduate degree is $57,000; nearly 25% greater than those with a just a bachelor’s degree. The top five highest-paying jobs have two things in common: they require a post-graduate degree, and all have starting salaries over $100,000.

MBAs

Sitting mightily at the top of the list, the MBA is the most lucrative and malleable of graduate degrees. Its specialties include business, finance and accounting. It can be applied to any type of management operation. Considering its high ranking, the fact that it requires only a master’s degree gives it the highest cost-reward ratio as well. MBA programs have become so popular that they can even be completed online, or by attending school part-time for less than $10,000. The average salary for a management position is $105,000 whereas CEOs pull in an average of $1,352,000 according to Salary.com. (For related reading, see Alternatives To Business School.)

Medical Profession

The medical field has been an in-demand sector for employment for many years, but no medical career path is as grueling and rewarding as becoming a doctor. Obtaining a medical doctorate is a monumental undertaking that requires three to four years of post-graduate study before moving on to a residency program that can last as long as seven years. However, the personal gratification of saving lives and earning a median annual salary of $180,000 is healthy compensation. For those with entrepreneurial spirits, starting one’s own practice can bring in well over $1,000,000 yearly.

Law Degree

Earning a juris doctorate degree is the highest degree possible for those seeking a career in law. After three years of law school, one must pass the bar exam in order to practice as a lawyer. This degree is also the most popular for politicians. Legal professionals typically earn $130,000.

Engineering

Engineering degrees are popular at every level, but obtaining a Ph.D. earns top honors. These professionals cover fields such as computers, chemicals, aerospace and more, but the highest paying sub-specialty is petroleum. While the push for green energy is still a priority, the oil industry is the number one manufacturer of power and shows no signs of slowing down. Working offshore on oil rigs may be a lonely lifestyle, but their annual income of $128,000 gives them plenty of spending money when they come back to shore.

Education

Teachers are usually thought of as being underpaid, but college professors are definitely the exception to the rule. A Ph.D is required, along with original research for most collegiate institutions. An aspiring professor must have more than just a degree to apply for a position. They must have several published writings and experience as a teacher or assistant professor. Becoming tenured is well worth the hard work though because average income hovers around $100,000 annually.

The Bottom Line

Continuing college education at the graduate level is a hefty commitment of both time and money, but the potential payoff can be enormous. When considering what field to study, the quality of the job itself should be considered instead of simply looking at monetary figures. The Bureau of Labor Statistics breaks down every occupation by degree requirements and salaries, making it easier to find the right path that combines pay with career satisfaction.