Reardon Anderson - September 2020

Reardon Anderson - September 2020

ReardonAnderson C O U N S E L O R S A T L A W

ReardonAnderson.com

September 2020

THINKING OF OPENING A NEW BUSINESS?

WHY THE PANDEMIC SHOULDN’T DISCOURAGE YOU September is Self-Improvement Month, but let’s be honest: In the heart of every entrepreneur, it’s always self-improvement month. At Reardon Anderson, our clients are hardworking individuals who strive to always push for the next benchmark in their lives, professionally or personally. If you feel the calling to open a new business, that just might be your next benchmark. However, the state of the world may have you wondering if this really is the best time. The pandemic makes people doubt how much improvement and business growth is possible in the middle of a crisis. But don’t worry: You can still stay on track. In fact, this might be the perfect time to pursue your dream. Plenty of businesses have started in the middle of an economic downturn, including Disney, Netflix, FedEx, and HP. There was a time in our economic history when people doubted these companies would ever succeed, but look at them now. However, highlighting success stories doesn’t explain why your business can do well in this financial crisis. Rather, think about the lessons and mobility that these companies have learned fsince their inception.

If your business can survive restrictive and challenging economic conditions, you will be able to survive competitors and easily attend to evolving customer needs. This might mean working with a skeleton crew, building a business model that thrives with work-at-home policies, hiring contractors instead of staff, and taking advantage of free/low-cost marketing tools like social media. (Don’t ignore your social media! Now that everyone’s social circles are more online than ever, this is the time to make your “storefront” digital.) The recent unemployment rates have also made top talent even more accessible. You might be thinking about how the average consumer has less money to spend right now — and you’re right. However, that doesn’t mean people have stopped spending.

There’s a good reason why many businesses are changing their model to adapt to pandemic needs, like creating masks. Consumers are looking for businesses that can cater to their “new normal.” One commercial real estate agent in Detroit, Jenn Smith, told the New York Times, “I’m already seeing a huge uptick in requests for kitchen leases and subleases to be used for carryout kitchens or production spaces.” Although applications for employer identification numbers have dropped 20% since 2019, there were still over 500,000 applicants in mid-March at the very start of the pandemic. Don’t let the economic downturn decide your success: You still have every ability to jump ahead. If you have any legal questions about company a new business or about your current startup, don’t hesitate to give our expert team a call. We’ve helped hundreds of businesses overcome their legal hardship — we’d be thrilled to help you next.

“Plenty of businesses have started in the middle of an economic downturn, including Disney, Netflix, FedEx, and HP. There was a time in our economic history when people doubted these companies would ever succeed, but look at them now.”

– The Reardon Anderson Firm

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Is Stress Harming Your Memory? How to Cope With Daily Triggers

WHAT YOUR NEW VENTURE TRUCKING COMPANY NEEDS TO KNOW ABOUT INSURANCE

One of our practice areas of law is transportation and trucking legal matters. For those who are considering starting their own trucking company, navigating insurance can be particularly daunting. Even if you don’t own a trucking company yourself, you may want to read this to be aware of what insurances the trucking company you work with should have. Unfortunately, some don’t carry these basic necessities, which can cost everyone time and money. NO. 1: GET A LIABILITY POLICY OF A MINIMUM OF $1 MILLION. The mandatory minimum liability coverage is $750,000 (although it can fluctuate based on whether the freight being hauled is hazardous in nature, which can be upward of $5 million). Any lower, and you’re not allowed to operate. At face value, $750,000 can sound like a lot of money, but in the event of an accident, especially one involving eighteen wheelers or multiple parties, that coverage can evaporate fast. It’s critical that you give yourself at least a $250,000 buffer. In fact, $1 million is the average cost for losses involving fatalities, but this number can climb to $3 million when you factor in property damages, funeral costs, pain and suffering compensation, attorney fees, and more. The right amount of liability insurance will not only protect your business’s reputation but also your livelihood.

Stress can cause more than just a bad mood and low energy. Over time, mental exhaustion from stress can lead to forgetfulness and reduced cognition. This can hamper your ability to do your job and enjoy life. Though stress is unavoidable, there are steps you can take to mitigate some of the negative effects of mental exhaustion, including forgetfulness. First, consider the source of your stress. These days, a common stressor is social media. If your feeds are full of bad news and negativity, shut them down. Many researchers suggest that spending less time on the internet leads to better health. Several studies have found that constant internet use, including time spent on social media, is negatively impacting our memories. Research from Harvard, Oxford, King’s College London, and Western Sydney University all confirm this: Too much internet use is a bad thing. Of course, it can be easier to delete a social media app than it is to eliminate other types of stressors. Coping with a stressful coworker, for example, can be difficult. You have to figure out why they’re causing you stress and how the situation can be remedied. Dealing with a work- related confrontation can be hard, but having that difficult conversation and resolving the problem can ultimately lead to less long-term stress and improve your mental health. Another thing you can do to reduce stress is avoid multitasking. Taking on multiple projects or doing too much in too little time can leave you feeling overworked. Plus, studies have found that multitasking is not effective. You cannot deliver the same results when your attention is scattered as you can when you are focused on one thing. To make matters worse, multitasking takes a major toll on memory and cognition, according to a study from Proceedings of the National Academy of Sciences. If stress is impairing your memory, judgment, or cognition, take the above steps to reduce it. If you find your memory and cognition aren’t improving, consider speaking with a mental health professional to discuss your best next steps. Mental health and stress management are important, and the more we do to improve these areas of our lives, the healthier and happier we will be.

NO. 2: GET MOTOR TRUCK CARGO (MTC) AND COMPREHENSIVE AND COLLISION COVERAGE.

There are two more types of insurance you should keep in mind. MTC insurance will ensure that your customer will be paid out the cost of replacing their goods in the event of a trucking accident. The minimum coverage for this should be $100,000. Comprehensive and collision coverage, also called Phys Dam coverage, will cover your truck and/or trailer for the appraised value at the time of your claim should an accident happen or even while parked in a lot. As mentioned, the coverage varies depending on your appraised value. NO. 3: GET USED TO PAYING INSURANCE PREMIUMS. Nobody wants to give insurance companies money, and we couldn’t agree with you more. But, even if the costs surprise you, the right insurance coverage can be your best friend in the future (although we wish that wasn't the case).

We hope this helps you and your company thrive. Safe trucking out there!

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FROM EVERYDAY LIFE TO LUXURY: THE $350 MOVIE TICKET AND MORE

This month, we talked a little bit about how you shouldn’t be afraid to start a business right now and adapt to new consumer needs. This might make you think of Elite Adventure Tours in Los Angeles, a booming business that offers yacht rentals — costing nearly $15,000 a day — for a socially distanced summertime activity. However, there are other luxury services that are beginning to evolve, and many start with more humble experiences than a yacht. With so many activities being completely changed or even removed from our lives, there’s a market for luxury services that, in a pre-pandemic world, would’ve seemed totally ordinary. A popular pastime that many people miss is visits to their local nail salons, but the industry has adapted to meet those needs. While it varies from area to area, the normal price range for a deluxe manicure or pedicure is about $35–$55. Now, with apps like MySpa2Go, people can shop for at-home nail services, waxing, facials, makeup, eyelash extensions, haircuts, massages, and more (but the cost will include an insurance premium). Through the app, a deluxe manicure costs over $125.

Want to take a swim but don’t want to go to a public pool? Try a private one in someone’s backyard. Using the app Swimply, you can now rent a stranger’s pool for $45–$60 an hour, either for solo lap swimming or even a party. Furthermore. if your child is missing out on sports and P.E. at school, you might feel inclined to hire a private educator or coach for $50 an hour to teach them how to stay in shape. Maybe you miss the movies. For $350, you can rent out an entire auditorium at Moviehouse & Eatery, a luxury theater chain in Texas. While the chain is also offering regular movie tickets and enforcing social distancing, if you can pay for the whole room, you don’t have to take that risk. Although consumer needs have changed drastically since the pandemic hit, in other ways, they’ve stayed the same. Many Americans can’t help but miss their old, normal activities — some so much so that they are willing to pay more than double for them!

BACON AND EGG BREAKFAST PIZZA

INGREDIENTS

1 package premade pizza dough

4 slices bacon, cooked and crumbled 2 cups cheese of your choice, shredded

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2 tbsp olive oil, divided

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6 eggs

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2 tbsp water

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DIRECTIONS

1. Preheat oven to 400 F. Grease a 15x10x1-inch pan. Spread the dough evenly over the bottom of the pan and 1/2 inch up the sides. Prick it with a fork and brush with 1 tbsp oil. Bake until lightly browned, about 7–8 minutes. 2. In a nonstick skillet, heat the remaining oil on medium. In a bowl, whisk the eggs and water together. Add the mixture to the skillet and stir until thickened and no liquid egg remains.

3. Add the egg to the baked crust in an even layer. Sprinkle on the bacon and cheese, then bake 5–7 more minutes before serving.

Inspired by TasteOfHome.com

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INSIDE THIS ISSUE

1

Thinking of Opening a New Business?

2

5 Ways to Improve Your Home’s Air Quality $350 Movie Ticket and More Bacon and Egg Breakfast Pizza Is Stress Making You Forgetful? What Your New Venture Trucking Company Needs to Know About Insurance From Everyday Life to Luxury: the

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5 WAYS TO IMPROVE YOUR HOME’S AIR QUALITY

AND PROTECT THE HEALTH OF YOUR FAMILY

Many people have been spending more time at home in the past several months, and it's felt more important than ever to have good indoor air quality. Air pollution isn’t limited to smog visibly affecting the air around us. More often than not, indoor air can be just as polluted, or even more polluted, than outdoor air. Microscopic dust mites, chemicals, and allergens can aggravate your family members’ allergies or asthma. Here are some easy ways to improve your home’s air quality and better protect your family today. First, vacuum and mop regularly. We recommend vacuuming twice a week or more. Letting dust accumulate will increase how much dust you breathe in. A vacuum that has both strong suction and a HEPA filter can ensure that dust and dirt won’t be blown back out. Floor mats outside your front and back doors can also really help keep contaminants out! Second, keep the humidity moderate. Too much humidity attracts dust mites and mold. Keeping the humidity in your home around 30%–50% can help keep dust mites and mold under control.

gas. Radon is one of the top indoor air pollutants, and it’s the second leading cause of lung cancer behind smoking. It occurs from the natural decay of uranium found in nearly all soils and tends to move up through the ground and into the cracks of a home’s foundation. Fourth, pick laundry products and air fresheners that don’t list ‘fragrance’ as an ingredient . The composition of synthetic “fragrances” is considered a trade secret, but most scents are derived from petroleum products. There hasn’t been enough testing done to know how inhaling synthetic fragrances affects us because most current testing focuses on skin irritation. Still, scented products may induce allergy symptoms, so if you have a sensitive family member, stick to unscented products. Fifth, replace your home’s air filters regularly. Talk to an expert about how frequently you should be replacing your filters. This can depend on several factors, such as the number of pets in the household, the size and location of your home, what allergies you may be prone to, and seasonal changes.

Third, test your home for radon. No matter how new your home may be, it’s important to test for this colorless, odorless, and radioactive

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