Tips for Small Businesses: Closing Out the Year and Planning for 2025

As the year winds down, small business owners are busy closing out the books and preparing for a fresh start in 2025. It’s a critical time to review your insurance policies to make sure you’re adequately protected as you plan for growth and success in the new year. Here are some tips to help you wrap up 2024 and prepare for what’s ahead.

1. Review Your Liability Coverage Check your general liability, professional liability, and cyber liability policies to make sure they align with your current operations. If you’ve expanded services, gained new clients, or increased your workforce, you may need to adjust your coverage.

2. Evaluate Your Property and Equipment Insurance For businesses that rely on physical assets, such as machinery or inventory, now is the time to assess whether your property insurance is adequate. Add any new equipment to your policy and adjust for inflation to ensure replacement values are up-to-date.

3. Revisit Workers’ Compensation Coverage If you’ve hired new employees, review your workers’ compensation policy to ensure everyone is covered. Keeping this policy current can protect you from potential liabilities and costly claims.

4. Plan for 2025 Growth Consider any goals for the upcoming year that could impact your insurance needs, such as expanding your office space, purchasing new vehicles, or increasing production.

At Community One Insurance, we’re here to support your business as it grows. Reach out to us to schedule a policy review and start 2025 with confidence that your coverage is comprehensive and up-to-date.