Five high-gain resolutions for New York business insurance

Posted by John Cofini on Wed, Jan 09, 2013 @ 12:55 PM

As we bid farewell to another year, millions of Americans jotted down their New Year’s resolutions about calories, cardio workouts and carcinogens. Unfortunately, most of them will fail. In fact, according to the Journal of Clinical Psychology, only 8 percent of people are successful in realizing their New Year’s resolutions.

Why the dismal failure rate? Because change is hard!

It’s the same for your business. You know it’s crucial to keep your business growing and moving forward, and that requires setting goals and following through. With that in mind, below are some New Year’s resolutions to consider – simple things you can do to improve the health of your business in the coming year. Best of all, these resolutions won’t require you to give up dessert or to jog 10 miles a day!

Resolution #1:  Get reacquainted with your policy.

You can probably name the insurance agent or broker that provides your New York business insurance coverage. But have you actually read your policy? Do you have a thorough understanding of how your coverage works? A surprising number of business owners haven’t taken this fundamental step. Get to know your insurance policies and exactly what’s covered. It may not be the most pleasant task, but you only have to do it once, so it beats spending an hour on the treadmill every day.

Resolution #2:  Conduct a risk assessment.

You can’t know where you’re going until you know where you are. Be keenly aware of your biggest exposures and risk factors, and have detailed, concrete plans for managing those risks. Some of your biggest and potentially costliest include … 

Resolution #3:  Craft specific risk management goals.

Once you know your starting point, it’s not enough to have vague ideas about where you want to go. Specifics give your goals power. Work closely with your New York business insurance provider and figure out exactly how you’ll … 

  • Protect your assets (including property, people, financial, and reputation)
  • Plan for surprises
  • Forecast trends
  • Finance your risks
  • Involve key personnel in risk management activities

Resolution #4:  Strive for a risk-free workplace.

There are many steps you can take to lessen the risks associated with your business, steps that will create a safer workplace, reduce your exposure, and safeguard your bottom line … 

  • Make a company-wide and ongoing commitment to safety.
  • Proactively promote health and wellness in the workplace.
  • Aggressively manage workers’ comp costs.
  • Have business interruption coverage added to your New York business insurance policy.

Resolution #5:  See the big picture.

As you fine-tune your risk management strategy, keeping an eye on the big picture is key. Unfortunately, too many businesses continue to look at risk management as something solely focused on business insurance or crisis management. Look beyond the traditional confines of risk management and consider risks (threats and opportunities) in all areas of your operations.

Those same statistics that show the dismal failure rate for New Year’s resolutions also show something else … Those who explicitly make resolutions are 10 times more likely to attain their goals than those who don't. So setting goals is still smart. Just remember – your resolutions don’t have to be big and grandiose. By taking small steps, you can work smarter and more effectively. And that’s the kind of New Year action plan that pays dividends all year long.

Want more great ideas? Download our free report, 10 Unexpected New York Business Insurance Exposures That Can Obliterate Profit in the Blink of An Eye.”

Tags: new york business insurance, New York workers’ compensation, new york business insurance coverage, New York risk assessment, New York risk managment