Happy New Year, Entrepreneurs!!!
Have you listed your upcoming New Year resolutions? Here’s one suggestion that business owners may want to add to their resolution list—review your business insurance policies.
It may help boost your bottom line in 2018.
The end of the year is a good time to review your policies in light of the events of the previous year. A quick evaluation of your coverage could help you save next year. And who doesn’t want that? Here are the steps to take:
Step 1. Review your business: What changes have you made this year, if any? Has your business grown? Have you altered any policies that could affect your insurance? Did you add or remove vehicles, employees, or facilities?
Step 2. Make a list: Make a list of any changes that will affect your business going forward. Note any new procedures you put into effect this year, as well as any you will be enacting in 2018. Write down any questions you have about your coverage.
Step 3. Contact your carrier: With your list in hand, contact your insurance agent. He or she will help you review your current policies to determine if they are still the best options for your business. For example, you may have made changes that will reduce your premiums, or you may be eligible for new discounts.
Step 4. Review Your Profit and Loss Statements
This will give you a snapshot of your business financial performance and what you didn’t do well in 2017 financially. These should take place at regular intervals, such as every month, to make sure your business is going in the right direction.
When the year comes to a close, gather all of your bank statements from that year for review. A bank reconciliation can also be used to detect cases where fraud has occurred so that you can then develop better controls to govern your bookkeeping system for next year.
This easy process will ensure you have the appropriate coverage and could help you save significantly on your 2018 business insurance. And saving money is one of the best resolutions you can make. If you don’t have a carrier; give us a call to make sure you’re properly covered.