Cyber Monday Tips for Your Small Business:

Supply Chain, Packaging and Shipping

The big box stores aren’t the only ones to profit from Cyber Monday. Your small business can reap the rewards of this day, too, but don’t forget some key points about your supply chain, product packaging and shipping for the busy holiday season ahead.

The Supply Chain

The holiday shopping season typically begins on Black Friday/Cyber Monday and may run up until December 24, depending on your business¹
Review your processes, resources and equipment that comprise your supply chain. Are there weak spots or any gaping holes? Check on your orders and make sure you know where they are and when you can expect them.
If you advertise a deal or run a special promotion, make sure your suppliers know the quantities you need and when you need them, so you don’t disappoint customers.
Give your customers a realistic schedule for the delivery of goods.
Make sure you test your ordering and other computer systems to ensure they can handle the increase in volume during the busy times.
Finally, review whether you have the space to store your goods. Look over your physical location now to ensure that there aren’t space constraints and that you can attractively display your goods.

Packaging

Package Design: Many businesses offer similar products, so a good package design can make your product stand out from the crowd. Packaging with colorful and eye-catching design also helps with brand recall, which helps your bottom line2. Make your package design reflect your brand’s “personality”. For example, with more delicate products, use subtle colors and designs, and if your brand is more “rugged”, bold designs with strong colors typically work better.
The Size and Weight of Products: The size and weight of your shipment can affect the packaging you need. You’ll also need to factor in the room needed for materials to protect your product, such as foam, airfill or paper cushioning. Small or delicate items, such as jewelry or skincare, can be sent in shippers or mailers^3.

Shipping

Policies: At this time of year, it’s especially important to review your own shipping policies, as well as the policies and deadlines of your shipping company^4.
Timing: Give your customers accurate shipping information so they know when they’ll receive their orders. Make sure you follow up with the shipping provider if any customer issues are reported.
Volume: How often you ship can greatly affect the price you pay to ship. Businesses that have hundreds of shipments per month can usually negotiate cheaper rates than businesses that have a lower shipping volume^5.
Weight: Weigh your products with a postal scale so you know how much your shipment weighs, which will help determine shipping costs.
Type of Product: The actual item you ship impacts the price you pay. You’ll likely pay more to ship hazardous materials or food items, both of which need special attention.
Delivery Time: The faster you need something to reach its destination, the more money you will pay. While many factors can figure into the timing of delivery, standard transit time is usually between one and five business days.
Distance of Shipment: The destination of the product will also affect shipping costs. Most shipping services offer an estimation of costs to a specific destination based on your point of origin.
Insurance: The value of your shipments will determine the amount of insurance offered by your shipper. The origin, destination, and shipping method will also come into play.
Claims: Different shippers have different claims procedures, so review each company’s claims process so you know what to do if problems arise.
Your Shipping Policies: No matter how you ship, it’s critical to make your shipping policies clear on your company website, especially your policy on shipping returns.

Specific Technologies Driving Insurtech Investment in 2024

Understanding the Funding Decline The decrease in funding does not necessarily spell trouble for the insurance sector but instead highlights a strategic shift, the report suggests. “The insurance industry, like many sectors, is focusing on the most promising ventures with substantial insurance potential,” the report explains. “Insurers are directing their investments toward key areas and current trends such as embedded insurance, employee benefits, and cyber risk management. This strategic investment approach signals a forward-looking mindset within the industry.” Three Key Insurtech Trends for 2024 The report identifies three major trends shaping insurtech investments in 2024: Public Insurtech Companies: Financial and Growth Strategies The report also notes that public insurtech companies are prioritizing revenue growth as their main goal. These firms are restructuring their financial strategies to boost cash flow and capitalize on rising revenue streams. Their growth prospects are supported by expanding asset portfolios and strong market demand. “Public insurtech companies are focusing on revenue growth and optimizing their financial frameworks to increase cash flow,” the report states. “The growth potential for these companies is driven by increasing revenue opportunities, broadening asset bases, and a robust market for their services.” In summary, while global insurtech funding saw a decline in 2023, the industry’s focus on GenAI, digital process management, and connected insurance technologies is setting the stage for a dynamic and forward-looking 2024.

Business

Insurer Secures Unanimous Supreme Court Victory in New York Choice of Law Dispute

In the world of sports, a clean sweep, a shutout, or a perfect game is the ultimate achievement. In the legal arena, a unanimous decision from the U.S. Supreme Court is equally rare and significant. In a notable legal triumph, Great Lakes Insurance SE achieved a unanimous 9-0 victory in the Supreme Court on February 21, 2024. This victory follows a protracted legal battle that began in the District Court of Pennsylvania, advanced to the U.S. Court of Appeals for the Third Circuit, and culminated in the Supreme Court’s decisive ruling. Background of the Case: Great Lakes Insurance SE v. Raiders Retreat Realty Company The heart of the dispute was the insurance contract’s clause selecting New York law to govern any future legal conflicts. Although the financial implications of this case were relatively minor compared to the broader marine insurance industry, the insurer’s determination to uphold a crucial maritime legal principle has significant long-term implications for marine insurance. Faced with the insured’s counterclaims—including allegations of breach of fiduciary duty, insurance bad faith, and violations of Pennsylvania’s Unfair Trade Practices Law—the insurer was confronted with serious risks. Such claims could lead to the shifting of attorney’s fees, treble damages, and more, which might normally encourage insurers to settle rather than risk pursuing justice. However, Great Lakes Insurance, supported by The Goldman Maritime Law Group, opted to challenge the Third Circuit’s decision and seek clarity from the Supreme Court. Supreme Court Ruling: A Landmark Decision In a landmark ruling, Justice Brett Kavanaugh affirmed that choice of law provisions in maritime contracts should be upheld by default. This ruling is a major victory for establishing a consistent federal standard in maritime law and avoiding a patchwork of state laws that could complicate marine insurance disputes. The Supreme Court’s decision overturned the Third Circuit’s earlier judgment, which had questioned whether Pennsylvania’s public policy concerns might override the insurance contract’s choice of New York law. By upholding the New York choice of law clause, the Supreme Court eliminated the extra-contractual bad faith claims under Pennsylvania law, thereby ensuring that the dispute could be resolved based on the merits of the insurance claim itself. Significance of the Supreme Court’s Decision This ruling represents a significant advancement in maritime law, affirming that choice of law clauses in maritime contracts are generally enforceable. The decision establishes a clear, uniform legal framework for resolving maritime contract disputes, which will streamline the process and ensure fair adjudication of future insurance claims. Justice Clarence Thomas’s concurring opinion was particularly notable for its criticism of the 1955 Wilburn Boat v. Fireman’s Fund Insurance decision, which had previously influenced maritime insurance law. Thomas argued that Wilburn Boat was incorrectly decided and stressed that a uniform and enforceable set of rules is essential for the development of maritime law. Impact on the Marine Insurance Industry The Supreme Court’s decision sets a “bright-line” rule affirming that choice of law clauses are valid unless there is a strong argument against the selected jurisdiction. By endorsing New York’s insurance laws as a reasonable choice, the ruling supports a more consistent and predictable legal environment for marine insurers. This decision represents a major step forward in maritime law, helping insurers better assess risks, determine premiums, and ensure fair and efficient resolution of maritime insurance disputes.

Cyber Monday Tips for Your Small Business: