Well, I am slowly recovering from the flu and my travels to Southern California. It is not fun to have to travel while you are sick. But I have muddled through. The rain we have gotten recently will be of great value to us, and I hope all came through any flooding safely!
Today, I want to post about my talk with Mike Runyan at LegalShield. Many people might recognize the company under its old name of Pre-Paid Legal. This service now includes Identify Theft protection. But we want to talk about it from a Small Business Standpoint.
Jim Sackman: What should Business Owners know about LegalShield?
Mike Runyan: Well Jim, there are a lot of businesses out there that are too small to have their own in-house council. They use outside legal representation for everything. At LegalShield, we can reduce their cost in doing so by handling all their smaller matters directly. We can find reduced cost representation for those larger matters.
JS: Can you give me an example of how this might work?
MR: Sure! Documents up to 10 pages are reviewed for free within the contract. Many businesses have to deal with contracts all the time and many of them are not reviewed before they get signed. Who wants to pay 100s of dollars of legal fees for something simple? But it is the simple things that can come back to bight you. As I like to say, it is better to have it and not need it than to need it and not have it.
JS: What else can LegalShield do for Business Owners?
MR: Well one of the things that I like to talk to owners about is offering LegalShield to their employees. There is a lot of benefit for low cost to employers.
JS: As a benefit?
MR: It is getting harder to find and retain good staff today with the improvements in the economy. Employers need to differentiate themselves and yet don’t want to take the full step to offering health benefits. LegalShield is something that they can offer for a modest cost. In fact, it is likely that the employer will make money by offering LegalShield as a benefit!
JS: How does that work?
MR: You have to look at worker productivity. By having coverage of legal and identity matters, employees will have lower stress in their lives. They will have to take less time off and be more focussed on their jobs. Costs for the coverage is likely less than 1% of their salary. Yet, they will receive a benefit that is visible to them and help them in their lives. So virtually any productivity improvement is going to be more than 1% of their salary.
JS: Anything else?
MR: Retaining good employees is crucial. It often takes 3 – 6 months to get the same productivity out of new employees that you had with longer term employees. By having an effective benefits program, you can con improve retention and recruit the best people.
I would like to thank Mike Runyan for taking the time to talk to me about LegalShield. If you want more information, talk to Mike @ 707-484-3663.
Have a great day!
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