Surety bonds reach the tech market: 5 new things to know about bonding your tech firm

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Just 15 or 20 years ago, tech companies had reputations for rapid business cycles and increased risk, making surety bonds for technology-related contracts difficult to obtain. But in recent years, the playing field has changed drastically, with financial experts feeling more confident in tech investment now that technology is a foundational part of our world. Despite these market changes, many technology companies still fall into the old routine of utilizing letters of credit or posting collateral to guarantee their performance. For companies looking to move away from old methods, bonds are an attractive alternative for many reasons: they aren’t credited on the company’s bank line, are not typically listed as contingent liabilities in corporate financial statements, and usually provide a more robust defense against default.

Bottom line? The surety process is no longer out of reach for tech companies. If your company is considering a surety bond, here are five things you should know before you start the process.

1. Understand your options.

Surety in the tech sector is still an emerging market, meaning many risk managers simply don’t know what options are available. There are a variety of bonds that are relevant for the tech industry, however. For example, lease and utility payment bonds can help secure commercial space to expand your operations, while worker’s compensation, customs, and tax bonds cover dues owed to employees and government entities. Tech companies may also apply for court bonds to cover legal expenses and appeals. This concern is becoming increasingly important as big tech companies and startups alike face legal action for privacy breaches, anti-trust activity, and more. 

2. Consider a performance bond.

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5 trends disrupting the wholesale industry: digitization, and more:

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Wholesale Industry | Shield Insurance Blog | Start A Quote Today!

For decades, wholesale distributors have been the primary source of inventory to retailers. Over the past decade, however, technology, e-commerce, and shifting customer expectations have altered the wholesale landscape. Today’s distributors are evolving their business models—and fast.

In this article, we’re diving into five trends disrupting the wholesale industry, from navigating competition like e-commerce giants to embracing technological innovation.

1. Digitization and the wholesale industry

With access to a massive catalog of products that they can ship quicker than most competitors, digital giants like Amazon and Alibaba have sent shockwaves through the traditional wholesale industry. This threat is particularly serious when it comes to commoditized products like printing supplies and paper. The problem? Businesses are looking for the fastest, easiest, and most affordable way to obtain these products—and traditional wholesalers often struggle to keep up with their digital competitors.  

In 2017, 92 percent of wholesale distributors cited Amazon as a competitor—and for good reason. According to a recent report from the National Association of Wholesaler-Distributors (NAW), Bank of America/Merrill Lynch estimates that Amazon Business, the tech giant’s wholesale branch, will reach $34 billion in gross merchandise sales by 2023, and $125 to $245 billion by 2029. And Amazon and Alibaba aren’t the only competitors in the digital space—new business models are constantly emerging, including eBay Business & Industrial, Digi-Key, and Zoro. With all these businesses competing for the same pool of customers, their profits will likely come at the expense of traditional distributors.

2. Disintermediation

As digitization continues to connect more people and systems, it creates an opportunity for manufacturers and retailers to skip traditional wholesalers and work directly together, blurring the line between wholesale, retail, and manufacturing. As a result, disintermediation has become more common in the marketplace. The number of direct-to-consumer (D2C) brands is projected to grow by almost 20 percent in 2021, with many manufacturers leveraging e-commerce platforms to bypass wholesalers entirely. For example, Boeing invested heavily in business-to-business (B2B) e-commerce and acquired a leading aerospace parts distributor, helping increase its share of the replacement aerospace parts market by 7 percent. Many companies find that they can also improve shipping speeds and customer service by cutting out the middleman role that wholesalers traditionally play.

3. Evolving customer demand

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How Do We Move Away From All The Screen Time?

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For 18 months, we’ve used screens to teach our kids and keep our collective sanity. Here’s how to cut back.

By Catherine Pearson | 08/09/2021 04:58pm EDT | Huffpost.com

My two sons always got some screen time daily, but my husband and I tried to set relatively clear limits about what they could play and watch, and for how long. Then the COVID-19 pandemic hit, and like so many other parents and caregivers, we leaned into screens hard. Our 6-year-old got an iPad. Our toddler grew accustomed to multihour Blippi marathons while my husband and I worked. My children have become legitimate screen monsters.

Various surveys suggest that my experience isn’t an anomaly and that kids’ screen time during the pandemic has soared. American kids now spend more than four hours a day on screens, and screen time has basically doubled over the past 18 months. One psychologist recently warned The New York Times that America’s kids are headed for a “period of epic withdrawal.”

Emphasize Play

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A Guide to Tick Prevention for Dogs

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A Guide to Tick Prevention Options for Dogs, Including How to Choose the Right One for Your Pet

They differ in terms of how they’re administered, according to experts.

By Roxanna Coldiron | July 30, 2021 | Martha Stewart

Summer means sunny, warm weather and with it, unfortunately, an abundance of fleas and ticks. While your dog enjoys the great outdoors, it’s important to make sure that your canine friend is fully protected against these parasites. Ticks are very small arachnids that stick their heads into a host to feed off of their blood. “Tick prevention is important because ticks can carry many diseases such as Lyme disease, ehrlichiosis, and Rocky Mountain spotted fever,” explains Laura Pletz, DVM and scientific services manager at Royal Canin. Thankfully, there are several types of tick preventative methods that stop them from taking hold on your beloved pet.

The Main Methods

First, when and how often should you give your dog a tick preventative treatment? “Many tick preventions also include protection for fleas, so they are often recommended for year-round use, but should be given during tick season,” says Pletz. “Depending on the preventative recommended by your veterinarian, they are given monthly or every three months.” Adhering to this treatment schedule consistently means that your dog stays protected from ticks and fleas.

The main types of tick preventatives differ based on how they’re administered: oral, topical, and collar. “Oral preventatives are some of the most popular preventatives because of ease of administration and they are effective for one to three months depending on the product,” explains Pletz. “Products such as Bravecto ($59.99, chewy.com) and NexGard ($22.99, chewy.com) are common recommendations for fleas and ticks. Simparica TRIO ($136.94, chewy.com) is another option that also includes prevention for heartworm disease and intestinal parasites.”

Topical applications are good for dogs that may have gastrointestinal issues or food allergies; however, these can be washed off which reduces their effectiveness. Pletz also warns that some topical medications can have unwanted side effects. Never select an over-the-counter tick or flea treatment without first consulting a veterinarian, and then only follow their recommendations.

Collars are generally used in conjunction with another method and usually only in areas with heavy tick populations. “Collars are rarely recommended as the sole source of prevention,” Pletz says, noting that Seresto ($59.98, chewy.com) is the collar that is usually recommended in these cases. However, the pesticides found in collars tend to be highly potent and carry more risk for pets; highly sensitive animals may need to find another solution.

Choosing the Right Treatment

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The top 10 causes of disabling injuries

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2021 Workplace Safety Index: the top 10 causes of disabling injuries

From back injuries to broken bones, the top 10 causes of workplace injuries cost U.S. businesses more than $1 billion a week.

Workplace injuries are not limited to high-risk industries such as manufacturing and construction. Disabling injuries can occur on any job, making workplace safety a top concern for employers.

The 2021 Liberty Mutual Workplace Safety Index (WSI) compiles the 10 causes of the most serious disabling workplace injuries – those that caused employees to miss work for more than five days – and ranks them by direct cost to employers based on medical and lost-wage expenses.

The top 10 causes of disabling workplace injuries

Disabling workplace injuries cost businesses more than $58 billion every year.

The first step in protecting your business and workforce is knowing how serious injuries happen.Download PDF

1. Handling objects

Cost per year: $13.30B

Watch for: heavy boxes

2. Falls on the same level

Cost per year: $10.58B

Watch for: wet floors

3. Falls to lower level

Cost per year: $6.26B

Watch for: wobbly ladders

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The US has 10 million job openings

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This is a first: The US has 10 million job openings

CNN | Job Openings |

New York (CNN Business) It’s a hallmark sign of this strange pandemic labor market: America had a record 10.1 million jobs available in June, as businesses struggled to hire enough staff to support the full reopening of the economy. That mismatch between worker demand and supply has been a defining characteristic of the pandemic recovery. Hiring is rampant across industries, as businesses are still rebuilding the capacity lost during last year’s lock-downs. Professional and business services, retail, hotels, and restaurants added the most job openings, according to the Bureau of Labor Statistics report released Monday.

But many jobless workers are facing complexities. Some continue to struggle with finding child care, while others are concerned about the risk of contracting the virus at work.

“If we want to sustain our economic recovery, we have to get serious about removing barriers to filling these open jobs,” said Neil Bradley, executive vice president, and chief policy officer of the US Chamber of Commerce.

Specifically, Bradley added, “that includes addressing childcare needs, rightsizing unemployment programs, skills training, and increasing legal immigration.”

Economists expect that at least the child care aspect will be addressed when schools reopen in person after the summer. But the rampant spread of the Covid-19 Delta variant is adding exposure risk. Meanwhile, the generous pandemic-era unemployment benefits that have already ceased in multiple states will run out in September, which could affect the rate of hiring as well.

Hires, layoffs and voluntary quits

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Life Kit Episodes That Will Bring You Closer To Financial Independence

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This story is adapted from the Life Kit weekly newsletter, which arrives in inboxes each Friday.  Subscribe here.

Explore Life Kit

This story comes from Life Kit, NPR’s family of podcasts to help make life better — covering everything from exercise to raising kids to making friends. For more, sign up for the newsletter and follow @NPRLifeKit on Twitter.

From signing up for the right credit card to paying off debt to navigating a financial crisis — managing money is a lot easier with a little know-how. Here are seven of our favorite Life Kit episodes on common and confusing money topics, featuring personal finance experts who are eager to help you out.

Cut Down Miscellaneous Expenses

Trying on pajama pants at Target just for fun, swinging by an ice cream store, because it’s not the same as the pint I have in my fridge — I’ve been there. Personal finance expert Tiffany Aliche, “The Budgetnista,” recommends asking yourself whether you “Need it, love it, like it or want it” before springing for impulse purchases. If the gratification from a purchase will last less than one year, it’s just a “like,” and you might be better off skipping it to save up for something you’ll “love.”

Master Budgeting

When I moved into my first apartment out of college, I quickly realized that no one ever taught me how to budget. Author Kristen Wong points out that young adults shouldn’t feel obligated to budget just because it is what grown-ups do. Instead, she suggests holding onto a personal goal that you’re saving up for, like a weeklong trip, a new computer or dinner from your favorite restaurant. Here’s more on how you can budget to feel “liberated.”

Make Money From Your Side Hustle

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Sparta Hay Bale Decorating Shield Insurance Agency Blog

Decorating a Hay Bale in Sparta Michigan

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Sparta Hay Bale Decorating Contest!

TO DECORATE:

Email chamber@spartami.org to register to decorate a bale! A location will be randomly selected for you, the hay bale decorating must be completed by Sept. 12

DISPLAY:

The decorated bales will be on display from Sept. 13-Sept. 26

TO VOTE:

Voting will be done TWO ways: 1, we will have a “like” contest on a Facebook post (that will be posted with a photo of each bale, this will be posted September 14!) AND voting will take place IN PERSON during Michigan Apple Fest in the Sparta Chamber Offices! The combination of both votes will be the placing of 1st, 2nd, 3rd places!

PRIZES:

The top 3 places will be awarded $100 in SPARTA BUCKS!

RULES: The hay bale must stay upright as you find it. Add decor, paint, pics, etc. into the hay bale, the items must be removed by Sept. 26 or the items will be thrown away. Photos of your bale will be taken on Monday, September 13 for voting.

We are getting so excited, we wanted to pull up some photos from last year for some inspiration!!

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6 Ways a Garage Makeover Can Create More Living Space

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With a little elbow grease, create a home office, gym and more

by Sheryl Jean | AARP | July 29, 2021 | Garage Makeover | Auto Insurance

A Los Angeles garage converted into a home office kept the garage door in place.

En español | If you no longer use your garage for a car or simply want extra living space, repurpose it.

A garage makeover can be as simple as redecorating or as complicated as a full-scale conversion to an in-law apartment. Turning garages into home offices has been a popular option during the coronavirus pandemic, experts say, but other uses include a larger kitchen, yoga studio, crafts room, children’s playroom or entertainment center.

It might take a little elbow grease — nearly two-thirds of Americans have a garage or carport, but only about a quarter of them can park a car in it because of clutter, a 2015 survey from Gladiator GarageWorks found. But the effort can expand your living space.

“It’s the kind of thing people are talking about now with everyone home trying to use their home better,” says VW Fowlkes, half of the architect couple behind Fowlkes Studio in Washington, D.C.

Regina Samani, 68, was living with her son and daughter-in-law in Los Angeles, but with a second grandchild on the way, they converted the garage into a separate living unit for more space and privacy. They don’t miss the garage because they park their cars in the driveway.

“It’s very nice,” says Samani, who moved into the apartment last year. “It doesn’t even look like a former garage.”

Before beginning on a garage project, check with your zoning or building department to determine if a building permit is needed. If you belong to a homeowners association, check the rules.

If you plan to use the space year-round, you may need to install insulation and a mini-split heating and cooling system. If you plan to power bright lights, kitchen appliances or many electronics, you may need to upgrade the electrical system. First, check if the garage can piggyback on your home wiring or ventilation system.

That said, here are six ideas for a garage makeover.

1. Home office

Paint the walls white or a bright color and add some bookshelves, good lighting and a large table for a desk, and voilá! Ron Cohen, a garage conversion expert and cofounder of Pearl Remodeling in Los Angeles, recommends painting the floor, adding an epoxy coating to the concrete or installing a peel-and-stick vinyl floor. Keep it uncluttered and professional looking for Zoom meetings.

2. Home gym/yoga studio

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How does my home deductible work?

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Safeco Insurance & Liberty Mutual Small Commercia

A home insurance deductible is what you pay out of pocket to repair your home if you have a claim. For example, if you have a $500 deductible and $2,000 in repair costs, you’ll pay $500 and Safeco will pay the remaining $1,500. You have a choice of deductible amounts; choosing a higher deductible lowers your insurance rate but requires greater out-of-pocket expenses should you have an accident. Connect with your Safeco independent agent today to get the details and determine the deductible options for your home.

Disclaimer: Subject to policy terms, conditions, and limitations. Discounts and savings available where state laws and regulations allow and may vary by state. State insurance requirements apply. Insurance offered by Safeco Insurance Company of America and affiliates, Boston, MA

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