Keeping up with sales and year-end finances for your small business can be tough this time of year. But once you have a chance to sit back and review your profits for the year, you will most likely notice that it was all worth it. While you are looking at the books, you might also want to review your current business insurance policy to make sure you will be covered for any mishaps that might occur that could damage that profit margin you worked so hard for.
Your business insurance is a very important aspect of your business. Without it, you could be left in the financial dust if a claim needs to be made. Whether you need to file a claim for lost inventory or faulty machinery, or a customer files a claim against your business for some type of liability, you need to have a business insurance policy that can cover the damages.
You may have always just renewed your policy blindly each year. But if your business has grown over the years, you should adjust your business insurance accordingly. You may have only submitted new payroll information about your employees and disregarded everything else because it may not be required by law. Well now is the time- while you are reviewing your books for the year- to also review your business’s insurance needs.
You may need to increase your property insurance, but you might also be able to reduce coverage in other sections. When you first set up your business, you may have been working out of your home’s basement that required you to purchase flood coverage. Now that you have moved to a new location that is further inland, you may be able to ditch the flood coverage to save your business some money. Talk to your agent today to find out how to rearrange your policy.