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Few relationships can do more to power a small business than a vendor relationship. In fact, recent research found that small and medium-sized businesses are investing between 45 percent and 65 percent of their sales revenue on the procurement of materials or services. One of the keys to a thriving business, strong vendor management helps control costs, strengthen service and reduce risk. Considering the rapid advances in digital technology and the changing regulatory landscape, successful vendor management is more important than ever.
The recent news about the Equifax Data Breach incident may get you thinking about your small business’s data security. If you aren’t familiar with the story, here is some background: malware (software designed to damage or disable computer systems) installed on some of the restaurant’s payment systems may have been collecting customers' credit and debit card information. In lieu of this story and others like it, you may be wondering: is my customer data secure? What else can I do to protect it? This article will discuss ways you can help improve your data security and how to better protect your customers' data.
It’s simple math that both the insureds and the carriers can agree on. Fewer workers’ compensation insurance claims translates to lower costs, a healthier workforce and a stronger bottom line. So it’s in both the insureds’ and the carriers’ interests to reduce the frequency and severity of workers’ compensation insurance claims. One way to do that is by coordinating efforts on risk management. Read on for tips on how to keep your workers' comp claims to a minimum.