Data mining and analytics – techniques for exploration and analysis of large quantities of data in order to discover meaningful patterns, trends and rules – helps hotels sift through massive data sets for meaningful relationships, where they can anticipate, rather than simply react to, customer needs. However, simply investing in data-mining technology may not guarantee success. Continue reading
Having one person handle all aspects of accounting puts a business in a VERY vulnerable position. There is no one there really checking that everything is accurate and watching the money so to speak. This leaves a lot of room for employee dishonesty. There are some basic controls that can be put in place to help eliminate such losses. The easiest may be an annual outside audit, to help lower the risk of fraud. Small business owners often feel close to their employees and put a lot of trust in them leaving little room for acknowledging dishonesty. Continue reading
There are two different insurance policies that will cover employee theft; a commercial package policy with a crime endorsement or a separate crime policy. Many business owners think that their commercial property coverage will protect them against employee dishonesty; however, typically property policies do not cover cash or funds and exclude accounts. Continue reading
The Federal Aviation Administration is issuing permits for the commercial use of drones at a rate of about 250 a month as it tries to meet the growing demand for unmanned aircraft while it develops rules for their use.
Through the end of June, the agency had approved 714 permits, a 14-fold increase from 51 at the end of March, according to a database compiled by Bloomberg News using federal data. The FAA says it won’t have permanent rules in place until next year but in April instituted an expedited approval process using temporary standards. Continue reading
Many common home remodeling mistakes are design related. If you don’t believe us, a quick Google search will show you a plethora of examples of design gone awry. Problems like doors slamming into ceiling fans and drawers hitting walls, not to mention additions that look like they haphazardly collided into the existing house, could easily be avoided with a good design. Continue reading
The high costs related to business interruption should provide an impetus for companies to prep for them in advance, according to industry experts.
During a recent webinar hosted by global broker Marsh, insurance experts detailed the top five issues related to business interruption and detailed why risk managers should anticipate all possible worst case scenarios in anticipation of loss. Continue reading
evada Hotel and Lodging needs to let the world know just how sustainable they are! I am not talking about the “Sustainability” reports generated by internal Sustainability teams for investors. I am talking about the general public’s knowledge of what is behind the curtain. Las Vegas has just surpassed the 45 million annual visitor mark; in my mind that represents 45 million sustainability ambassadors for the Nevada Hotel and Lodging Industry. Now I know that most of the properties want their guests to experience Las Vegas; for me I want most of our visitors to know Las Vegas. Continue reading
Risk Management is a process that involves identifying a company’s risk by an in-depth analysis. Once the risks are identified a business should then try to reduce, eliminate, or transfer the risk. As a business, simply having insurance is not enough. Risk management is a crucial part of a business’s structure. If you don’t know where you have a risk, then how can you properly be protected? Continue reading
