Running a business is filled with rewarding opportunities and complex challenges. Business owners routinely make decisions that affect their financial stability, customers, employees, and community. With all these demands, planning for the upcoming year, including talking with your independent insurance agent to ensure you have the right insurance coverage to protect your business, is crucial.
It’s important to know what coverages are in force as well as the policy limits and deductibles.
Changes over the past year may require adjustments to your policies. Changes to consider include:
Inspect your property to find any new risks that may have developed. Also research current risk trends. For example, cybersecurity risks are constantly evolving. If you have an increased online presence, Cyber Liability insurance can help protect against data breaches.
Consider updating or implementing new safety protocols to prevent injuries. Also, offer employee training programs.
Evaluate your results for the current year and establish goals and objectives for the upcoming year. Setting SMART (specific, measurable, achievable, relevant, and time bound) goals provides clear expectations for your staff.
Meet with your legal team to determine if there are new laws or regulations that may affect your business.
Do market trends or customer feedback indicate that new products or services are needed? It may be time to introduce new offerings and phase out underperformers.
Are your current marketing strategies performing the way you’d like? If not, research and consider adding new ones. With continuous technology updates, unique marketing and advertising capabilities may be available.
Is your current computer system sluggish or hampering productivity? Are repairs becoming more expensive than purchasing new equipment? as technology is constantly evolving, the typical lifespan for equipment is:
Reviewing critical aspects like operational readiness, finances, and team culture can set the foundation for a thriving year.