As the owner of a business, this is a great time to look ahead and make some New Year’s Resolutions as well as review and update your records. Below are some items to consider at the start of 2020.
- Review your insurance coverage. New coverage regarding cyber-security and workplace violence has become necessary coverage for even the smallest businesses. Professional liability for many classes of business is now available for a reasonable premium. Review your keyman life insurance, and consider updating if you have you brought in a new partner or shareholder who needs to be added to the policy.
- Check your licenses and registrations to ensure they are current. Check with the Secretary of State to ensure your corporation is still active. Ensure all necessary licenses are current with the proper entity. For me, it is as simple as checking the Ohio department of insurance website for my resident license and the National Insurance Producer Registry (NIPR) for any non-resident licenses I may have.
- Consult your tax advisor. This is a favorable time to consider a business Subchapter S-election. If you are operating as an individual/sole proprietorship incorporating, this will insulate your personal assets from the business liabilities.
- Take care of yourself- If you are a single-person business, create ways to avoid burnout and reduce stress. Push away from the business and you will come back reinvigorated with a new outlook. If you are a larger business, delegate to others on the team. Explain what the end game is as to why you are delegating, so it does not appear you are dumping. This move will help you spend more time working on important, but not urgent, tasks that will make your business successful in the long run.
Once you have your resolutions set, follow through. Use your CRM to check in on the items on a regular basis and once complete enjoy the success of completing the task. So, from the Richey-Barrett Insurance team, we wish you a happy and prosperous New Year.
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