PawnMaster Blog

Workers Compensation: What You Need to Know

I've been in insurance for a long time, and have seen a good number of business owners and their employees sustain injuriesmany very minor, some permanently life-altering, and a few unfortunately resulting in death. Most of these injuries could have been prevented, but there are circumstances that are 100% out of the control of any business owner. No matter the end result, the bottom line is that someone has suffered a work-related injury. So as a business owner and the person responsible for coverage in your shop, what's the first step?

When Dealing with Insurance, Don't Come Up Short

The pawn industry is alive and well, full of bright and forward thinking professionals as well as seasoned veterans who have seen it all, or at least know someone who has. Even with that much collective experience, the unexpected can and does happen. For nearly three decades, UL&C (PawnInsurance.com) has been providing comprehensive insurance to pawnbrokers nationwide. Through the years, we have seen a trend of pawnbrokers and their agents attempting to reduce their cost of insurance by not securing enough coverage for their Business Personal Property (furniture, fixtures, and equipment) and Tenant Improvements and Betterments (covering alterations made to the the physical building).

Success Is Never Owned

Getting Started with eCommerce

Get Started on Your Business Plan for 2018

 

  1. E-Commerce.  My kids have coined the phrase, “If you’re not online, you’ve flatlined.” to describe how their lives are so interwoven with the Internet and social media.  This also describes any pawn shop not utilizing various sales platforms (eBay, Amazon, Craigslist, GunBroker, etc.)  or social media such as Facebook and Twitter for marketing. Remember that rising inventory levels are a negative to the bottom line – its cash you already spent that’s now sitting!  The most active and successful pawnshops are constantly adding items to the Internet for sale.  In the old days when business was slow, my boss would tell me, “Go clean something!”  Now, the motto should be “Go post something!”

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