With the year starting to wind down, it is important that business owners are prepared for any dangers and risks that may lie ahead.
Judy Coblentz, chief underwriting officer at small business insurance provider Travelers Small Commercial, said this is the perfect time for business owners to evaluate their business to ensure they are properly prepared for any unforeseen circumstances that could arise in 2014.
"As you cross over calendar years, whether you do it in your personal life or whether you do it in your business life, I think most people view the end of the year as time to take stock," Coblentz told BusinessNewsDaily.
With that in mind, she says there are four things business owners should be doing to ensure they are properly protected in 2014 from any risks they may encounter in the new year, including:
Review insurance policies:
From stocking additional inventory to moving to new location to hiring more employees, things change for businesses from year to year. Knowing that, business owners should review their insurance policies to ensure the new parts of their business is covered.
"It is really important that they step back and look at the coverage they've bought and make sure it is adequate as they approach the new year," Coblentz said.
Business owners should also take note of their sales, especially if they have significantly increased in the past year. "If sales are increased, is the limit for business interruption [insurance] adequate to cover the time they may be down should something happen," Coblentz said.
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