A new year for business owners
The dawn of a new year is the perfect time for business owners to take stock. Did you achieve your key milestones? What are your goals for the next year? How will you go about reaching them? A key part of that annual review should be making sure your business is prepared for the unexpected in 2014 by assessing your insurance coverage.
Review your insurance policy.
Read through your existing policies to be sure your coverage will protect your company against whatever could derail your plans. Determine any additional coverage you may need to support your plans for the year ahead. Your insurance agent can help.
Expanding your business? Prepare for growth.
If you are planning to grow the business, you may be hiring additional staff. If so, you want to be sure you have the proper workers compensation coverage and your workplace safety training programs are solid.
If you are expanding to new locations or adding to your fleet, review your property coverage and your commercial auto policy to be sure everything is covered. As you look to expand or change your company's online presence, you also may need to explore coverage for cyber risks. A hacker who steals sensitive customer data or introduces a virus that cripples your system could spell disaster for your company.
Update your business continuity plans.
As your business grows and changes, make sure you have assessed all potential risks and are keeping your business continuity plan up to date. This is a good time to conduct a thorough risk assessment to determine the hazards your business could face, the impact of those hazards, and the strategies that could mitigate or prevent losses.
A key element of this plan is business interruption insurance that keeps pace with your growth. If a disaster shuts down your operations, you want to maximize the chances your business can recover with minimal impact to your people, your operations and your bottom line. Travelers offers expert tips and guidance on why and how to create a business continuity plan.
Manage your supply chain.
As you are assessing your own operations for growth, your supply chain management plan may warrant a second look too. Effective supply chain management is the best way to ensure the availability, quality and safety of the products and services your company relies upon. If you plan to add more inventory this year, you need to have a plan that addresses your reliance on vendors and spells out backup plans in case your supply of a certain product is unexpectedly cut off.
Kick off the new year right by preparing for changes that may be in store for your business. Travelers has the tools and resources that can help you grow your business and increase your peace of mind.