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Why Aren’t all Insurance Policies the Same?

Posted on by Ownby Insurance Service

It’s a reasonable question to ask. If I am looking at a home insurance policy with insurance company A versus one with company B – shouldn’t they offer the same coverage? Isn’t cost the determining factor in the difference? The answer, however, is much more complicated.

Insurance companies in Tennessee file policies and rates with the Department of Insurance. These policies contain the specifics of what they’re going to offer, and the rate schedule for what they intend to charge. They are based on specific calculations for each company, and are often very different. While many use “forms” from the Insurance Service Office (ISO) that are the same, changes and even proprietary forms are use across the industry. So, what do you need to know about how and why they’re different? Let’s review it.

The Key Policy Differences You Should Know

1. Limits on Amounts of Coverage

One of the fundamental differences between insurance policies is the limit on the amounts of coverage they provide. Coverage limits dictate the maximum amount an insurer will pay for a covered loss. For example, a homeowners’ policy may have different limits for dwelling, personal property, and liability coverages. It’s essential to review these limits and ensure they align with your needs and financial situation. Insufficient coverage can leave you vulnerable, while excessive coverage might result in higher premiums than necessary.

2. Policy Exclusions

Policy exclusions are specific conditions or circumstances under which the insurance company will not provide coverage. These exclusions vary widely between policies and can significantly impact the protection you receive. Common exclusions include natural disasters, acts of war, and certain high-risk activities. Understanding these exclusions is critical, as they can affect your claims process and financial recovery in the event of a loss.

3. Named Perils vs. “Open” Perils Coverage

Insurance policies generally fall into two categories regarding covered perils:

  • Named Perils: This type of policy only covers losses caused by perils explicitly listed in the policy, such as fire, theft, or vandalism. If a peril is not named, it is not covered.
  • Open Perils (or All-Risk): These policies provide broader coverage, protecting against all perils unless specifically excluded in the policy. While typically more expensive, all-risk policies offer broader protection.

Choosing between named perils and all-risk coverage depends on your specific needs, risk exposure, and budget considerations.

4. Options for Endorsements

Endorsements, also known as riders or add-ons, allow policyholders to customize their insurance policies by adding specific coverages or modifying existing ones. These options enable you to tailor your policy to better fit your unique circumstances. Common endorsements include:

  • Extended Replacement Cost: Provides additional coverage for rebuilding costs that exceed the policy’s stated limits.
  • Personal Property Replacement Cost: Ensures that lost or damaged personal property is replaced at current market value rather than depreciated value.
  • Water Backup Coverage: Covers damage caused by water backing up through sewers or drains.

Reviewing available endorsements and selecting those that address your particular needs can enhance your overall protection and peace of mind.

Why Do These Policies Change Over Time?

Insurance companies continually adapt their policies to address evolving risks and limit their exposure. These changes are often based on extensive data analysis, loss history, and actuarial studies. For instance, following a surge in natural disasters, insurers may revise coverage terms, exclusions, or premium rates to reflect the increased risk. Staying informed about these adaptations is essential, as they can impact your coverage and the affordability of your policy.

Navigating the world of insurance can be complex, but understanding the key differences between policies is crucial for making informed decisions. By considering coverage limits, policy exclusions, types of coverage, and available endorsements, you can select a policy that provides the protection you need. An agent can help you understand the coverages and options available to you. Contact Brandon Patterson on our team at brandon@ownbyinsurance.com to get the support you need today!

Why Do Natural Disasters Elsewhere Impact Insurance Rates Locally?

Posted on by Ownby Insurance Service

A hurricane in Florida. A flood in New York. A wildfire in Colorado. What do any of these have to do with Tennessee’s insurance rates? It would be easy to say, “Oh, that’s just the insurance companies charging us for money they had to pay for other claims.” However, it goes much deeper than that, so let’s discuss why losses elsewhere impact premiums here.

To start with what you probably did know – yes – there is an impact in premiums when companies lose money elsewhere. But it’s not as simple as “greed” for insurance companies. The way these companies make a profit is measured through a “combined ratio” – a metric that calculates their loss ratio and expense ratio. In other words, the amount they’ve paid out for losses is added to their business expenses and divided by the amount of premium they’ve “earned” from insureds. A combined ratio over 100 means that the company – in the most basic sense – is losing money.

Companies that continually lose money typically cease to operate after some time. That is one reason why there is an impact on your insurance rates based on losses in other parts of the country, but it’s far from the only reason. Here are three more:

Actuarial Predictions

Companies rely on actuarial science – the discipline that applies mathematical and statistical methods to the systematic observation of natural events to assess the risk of events occurring and help formulate policies that minimize this risk and its financial impact on companies and clients – to measure future risk. When there are more disasters, these measurements increase future predictions of risk, in turn resulting in filings for higher rates.

Claims Costs

When there are significant natural disasters, especially multiple disasters across the country, there is a major impact on the supply chain. The cost of materials and labor can increase significantly, as can the time for mitigation and repairs. This all adds up to higher claims costs, which in turn lead to a need for higher rates.

Reinsurance Costs

Insurance companies buy policies of their own – called reinsurance – to share the risks they insure. As claims and costs go up globally, the price of reinsurance goes up as well.

You might ask why these companies don’t just focus on areas of less risk – but it’s not that simple. A practice called “spread of risk” lessens the concerns of one major natural disaster impacting all or most of a company’s insureds. And there is risk everywhere. We may not be impacted by a hurricane, but a hailstorm, tornado, or wildfire is certainly possible.

All these factors go into ratemaking decisions for insurance companies. As we progress through hurricane season and other natural disasters occur, just keep in mind that the impacts from these events are not always immediate and not restricted to where they are happening.

If you’d like to know more, contact Brandon Patterson on our team at brandon@ownbyinsurance.com.

Do You Have Coverage for Your Hunting Equipment?

Posted on by Ownby Insurance Service

As we get into the Fall hunting season, many people are prepping their gear and making their plans. The value of much of that gear can add up quickly. Tree stands, apparel, ammunition, and not to mention, firearms and bows, can all add up to a hefty sum. So, are you covered by insurance for this equipment? The answer may depend.

Property Policies

Your homeowners, renters, or other property policies may provide coverage for you on these items. Typically, you have personal property coverage in your property owner’s policy with a certain limit that could likely be enough to cover the value of your hunting equipment. However, there may be other restrictions to note in that policy.

Limits and Deductibles

Your property policy likely has a specified limit for coverage of “contents” or personal property. If the combined value of your hunting equipment and/or firearms is higher than that limit, consider that a total loss might leave you without enough coverage to replace these items. Many homeowners’ policies specifically limit firearms coverage to $5,000 for theft. In addition, you likely have a deductible that may be $1,000 or more. If you have a loss to a single piece of equipment that is worth around $1,000 or less, that deductible may negate some or almost all of your claim payment.

Other Options

There is a possibility of having a standalone policy, adding an endorsement to your current policy, or increasing specific coverage through scheduling items. However, many companies have different limits or exclusions around these options, and it’s important to talk with your insurance agent to help understand what’s best for covering your equipment. In addition, increased liability options through coverage like personal umbrella policies might be something else to consider as you discuss your own risk management of things like hunting accidents or the use of stolen weapons.

Get in touch with Brandon Patterson at our agency by calling 865.453.1414 or emailing brandon@ownbyinsurance.com to discuss your insurance options, and happy hunting!

Off the Beaten Track: Insurance for Off-Road Vehicles

Posted on by Ownby Insurance Service

Embracing the call of the wild and hitting the off-road trail is an exhilarating experience, offering a slice of adventure to the brave at heart. But before you venture into the rugged terrain, consider securing the right insurance for your off-road vehicle. This guide aims to familiarize you with the ins and outs of insurance for off-road vehicles.

 

Understanding Insurance for Off-Road Vehicles

You’ve invested in your ATV (all-terrain vehicle), dirt bike, snowmobile, or another type of off-road vehicle to explore terrains less trodden. But have you considered the protection your adventurous vehicle needs? This is where off-road vehicle insurance, also often referred to as recreational insurance, comes into play.

Off-road vehicle insurance offers specific coverage for vehicles intended for off-road use. From your dirt-chewing ATVs to snow-kicking snowmobiles, this insurance helps safeguard your financial health against potential accidents, theft, or damage while you’re having fun in the wild.

 

Why Off-Road Insurance Is Essential

While off-roading provides an adrenaline rush, it’s not devoid of risks. The unpredictability of the off-road environment, from sudden shifts in terrain to changing weather conditions, can lead to unforeseen incidents. And that’s where off-road vehicle insurance becomes your financial safety net.

Here are compelling reasons to opt for off-road vehicle insurance:

  • Accident Coverage: Accidents can happen, even to seasoned off-roaders. Insurance can cover the repair costs of your vehicle or the medical costs of injuries.
  • Theft Protection: Off-road vehicles can catch the eye of miscreants. In case of theft, insurance ensures you’re not left financially stranded.
  • Peace of Mind: Insurance takes away the financial worries, letting you fully enjoy your off-roading escapades.

 

Unpacking Off-Road Vehicle Insurance Coverage

Off-road vehicle insurance typically includes a variety of coverage options:

  • Bodily Injury Liability: If you’re at fault in an accident that injures someone, this coverage helps pay for the associated costs.
  • Property Damage Liability: If you’re responsible for an accident that damages someone else’s property, this part of your policy kicks in.
  • Collision Coverage: This ensures you’re covered for any damage to your vehicle resulting from a collision, irrespective of who is at fault.
  • Comprehensive Coverage: This broad-spectrum coverage safeguards you against non-collision-related damage, like theft, fire, or vandalism.
  • Medical Payments: It helps cover the medical expenses for you or your passengers, regardless of who’s at fault in an accident.
  • Uninsured/Underinsured Motorist Coverage: This feature covers you against drivers who lack adequate insurance or have no insurance at all.

Remember, the exact coverage can vary based on your specific policy. Therefore, discussing your needs and requirements with your insurance provider is crucial.

 

Tips for Choosing the Right Off-Road Vehicle Insurance

Securing the right insurance for your off-road vehicle requires a bit of due diligence:

  • Identify Your Needs: Assess the nature of your vehicle, the terrain you’ll tackle, how frequently you’ll use the vehicle, and who else might be driving it.
  • Compare Policies: Don’t just grab the first quote you receive. Different insurance providers might offer diverse coverage options and rates. Make sure you’re getting the best deal that suits your needs.
  • Know Your Policy: Read and understand the policy thoroughly before signing up. Know the nitty-gritty of what’s covered and what’s not.
  • Ask Questions: If something isn’t clear, ask your insurance provider. It’s always better to get clarifications upfront than deal with surprises later.

 

Navigating the wild shouldn’t mean braving financial uncertainty. With a robust insurance for off-road vehicles, you can concentrate on your exciting off-road adventures, secure in the knowledge that you’re well covered.

Embarking on an off-roading journey doesn’t have to begin with worry. Visit our homepage to explore our various recreational insurance options. Equip your off-road vehicle with the right insurance and confidently veer off the beaten track.

Please remember, insurance policies may vary or be updated over time. It’s always advisable to check with your insurance agent to ensure you have the most current and suitable coverage for your needs.

Happy and safe off-roading!

4 Essential Tips for Protecting Your Identity with Insurance

Posted on by Ownby Insurance Service

In today’s digital world, identity theft has evolved into a daunting, pervasive issue. It can strike any unsuspecting individual, causing feelings of vulnerability, immense frustration, and in worst-case scenarios, it can drain your finances. Fortunately, you can opt for a protective layer of insurance to provide you with the necessary peace of mind. If you’re looking to secure your personal information proactively, we have compiled four essential tips for protecting your identity with insurance.

 

1. Understand What Identity Theft Insurance Covers

The first step towards protecting your identity with insurance is understanding what identity theft insurance covers. This type of insurance primarily focuses on covering costs associated with recovering from identity theft. The repercussions of identity theft are not always limited to monetary loss. It can entail significant inconvenience, countless hours spent on addressing the issue, and even emotional distress.

Identity theft insurance often covers phone bills, mailing costs, lost wages due to time taken off work to handle the fraud, legal costs, and sometimes even psychological counseling. Costs for reapplying for loans, grants, or other credit instruments can also be covered.

The spectrum of coverage varies from one policy to another. Therefore, it’s essential to read the terms and conditions thoroughly, ask questions, and understand what your policy covers. This will ensure you get the most value out of your investment and aren’t caught off guard when you need the coverage the most.

 

2. Regularly Review Your Credit Reports

One of the cornerstones of identity protection is regularly reviewing your credit reports. Unusual or fraudulent activity often first shows up on these reports. By reviewing them periodically, you can spot suspicious activity early, potentially preventing further damage to your finances and credit standing.

Several insurance providers offer services that monitor your credit for you. This service can be an invaluable tool, adding another layer of security to your identity protection strategy. Coupled with insurance coverage, it provides a comprehensive approach to safeguarding your personal information.

 

3. Use Strong Passwords and Enable Two-Factor Authentication

While insurance serves as a safety net to help you recover from identity theft, prevention is always the best line of defense. Protecting your identity requires active involvement in your digital security. One effective way to do this is by using strong, unique passwords for your accounts.

Refrain from using obvious choices like birthdays, anniversaries, or common words. Instead, opt for a mix of letters, numbers, and symbols that would be hard for anyone else to guess.

Furthermore, enabling two-factor authentication where possible provides an additional layer of protection. This feature requires a second piece of information, often a code sent to your phone, before granting access to your account. This security measure makes it much harder for thieves to access your information, even if they have your password.

 

4. Shop for Insurance with Identity Protection in Mind

Finally, when shopping for insurance, bear in mind to look for companies that offer identity theft protection. These companies often provide additional services that go beyond mere insurance coverage. These services can include credit monitoring, swift alerts of potential fraudulent activity, and assistance in recovering your identity should theft occur.

This holistic approach provides both preventative measures and assistance in the aftermath of identity theft. It’s a way to secure your finances and preserve your peace of mind, knowing you have a robust shield against identity theft.

Implementing these tips into your strategy for protecting your identity sets you up for financial stability and peace of mind. Insurance is a crucial tool in safeguarding your identity, protecting you from the potential financial setbacks caused by identity theft, and ensuring your hard-earned money stays where it belongs – with you.

 

Don’t take the risk. Get insured. Protect your identity. Stay financially secure.

For more helpful advice and information on the different types of insurance coverage available to you, make sure to visit our website. We’re committed to helping you stay adequately protected, offering guidance one essential tip at a time.

Protecting Your Home from Summer Storms

Posted on by Ownby Insurance Service

When the summer season approaches, the possibility of storms increases along with the temperatures. From thunderstorms and hurricanes to tornados and hailstorms, summer weather can pose a significant threat to your home. Thankfully, with a bit of preparation and the right insurance, you can ensure that your home remains a safe haven despite any summer storms that may come your way. Here are some tips to help you protect your home.

Prepare in Advance

Regular Home Maintenance

Regular maintenance is a crucial part of home storm protection. Ensure your roofing is in good condition and capable of withstanding heavy rain. Clean out your gutters regularly to prevent water from pooling and causing damage.

Trim Overhanging Branches

Trees and branches can cause significant damage during a storm. Trim any overhanging branches near your home to reduce the risk.

Secure Loose Items

Loose items around your property, such as garden furniture or decorations, can become hazardous projectiles during a storm. Secure or store these items indoors when a storm is predicted.

 

Install Storm Protection

Storm Shutters

Invest in storm shutters for your windows to prevent them from breaking due to high winds or flying debris.

Reinforce Your Garage Door

Garage doors can easily be damaged or blown off during a storm, potentially causing extensive damage to the contents of your garage and the structure of your home. Consider installing a garage door brace or a new wind-resistant door.

Install a Sump Pump

If your home is prone to flooding, consider installing a sump pump in your basement. This device helps to remove excess water and can be a lifesaver during a heavy downpour.

 

Understand Your Insurance Coverage

Homeowner’s Insurance

Homeowner’s insurance covers damage to your home and personal property caused by certain perils, which often include storms. However, it’s crucial to review your policy, as coverage can vary.

Flood Insurance

Standard homeowner’s policies do not cover flood damage. If you live in an area prone to flooding, consider purchasing separate flood insurance.

Create an Emergency Plan

In addition to protecting your home, it’s essential to ensure your family’s safety. Develop an emergency plan that includes evacuation routes, communication plans, and a safe place to shelter during a storm.

Prepare a Storm Kit

Prepare an emergency storm kit with essentials like non-perishable food, water, flashlights, batteries, medical supplies, and important documents.

Document Your Belongings

Take a home inventory of your personal property. This will be invaluable for insurance claims if the storm causes damage.

 

In conclusion, while summer storms can be a formidable threat, being proactive about protecting your home can make all the difference. Review your insurance policies, maintain your home, and prepare for emergencies to ensure you and your home are protected this summer storm season.

Remember, protecting your home isn’t just about having the right insurance coverages—it’s about taking preventative measures to lessen the impact of storms. For more information or for help in finding the right insurance for your needs, don’t hesitate to visit our homepage or contact us. We’re here to help ensure your home remains the sanctuary it should be, come rain or shine.

Protect Your Furry Friends with Pet Insurance

Posted on by Ownby Insurance Service

As a pet owner, you want to provide the best possible care for your furry friend. But what happens if your pet gets sick or injured? Veterinary bills can add up quickly, leaving you with a hefty expense. That’s where pet insurance comes in. In this blog post, we’ll explore the benefits of pet insurance and how it can help you protect your furry friends. 

What is Pet Insurance?

Pet insurance is a type of insurance that helps cover the cost of veterinary bills if your pet gets sick or injured. It works similarly to human health insurance, where you pay a monthly premium in exchange for coverage. Depending on the policy, pet insurance can cover everything from routine check-ups to major surgeries. 

Why is Pet Insurance Important?

Pet insurance can help protect your furry friend and your wallet. Unexpected veterinary bills can be expensive, and pet insurance can help alleviate the financial burden. It can also help you make decisions about your pet’s care based on what’s best for your pet, rather than what you can afford. 

What Does Pet Insurance Cover?

Pet insurance can cover a wide range of veterinary expenses. Some policies cover routine check-ups, vaccinations, and preventative care. Others cover emergency care, surgeries, and hospital stays. Some policies even cover alternative therapies like acupuncture and chiropractic care. It’s important to carefully review each policy to ensure it covers what you need. 

How Much Does Pet Insurance Cost?

The cost of pet insurance varies depending on the policy and the pet’s age, breed, and overall health. Typically, monthly premiums range from $20 to $50 per month. Some policies require a deductible or co-pay, while others don’t. It’s important to carefully review each policy to understand the costs associated with it. 

Choosing the Right Pet Insurance Policy When choosing a pet insurance policy, it’s important to compare policies and providers to find the best coverage for your furry friend. Consider factors like monthly premiums, deductibles, co-pays, and coverage limits. Look for policies that offer comprehensive coverage and have a good reputation. 

In conclusion, pet insurance can provide peace of mind and financial protection for your furry friend. By investing in pet insurance, you can ensure that your pet gets the care they need, without breaking the bank. Take the time to compare policies and providers to find the best coverage for your furry friend.

Practicing Mindfulness: A Strategy for Health and Insurance

Posted on by Ownby Insurance Service

In the fast-paced world of business and insurance, mental health often takes a backseat. However, maintaining mental health is not just essential for overall well-being; it can also impact your insurance. One technique that is rapidly gaining attention in the business and health community is mindfulness. In this article, we’ll explore what mindfulness is, its benefits, and how it can potentially impact your insurance policy.

What is Mindfulness?

Mindfulness refers to the practice of being fully present and engaged in the current moment, aware of your thoughts and feelings without distraction or judgment. It’s about taking a break from the constant hustle and bustle and connecting with yourself. This connection allows you to reduce stress, improve focus, and gain a more profound understanding of your feelings and thoughts.

The Benefits of Mindfulness

Mindfulness has several benefits, including:

Reduced Stress

By focusing on the present, mindfulness helps reduce the stress that often comes from worrying about the past or future. It allows you to focus on what you can control – the present moment.

Increased Focus and Productivity

Mindfulness can help increase your focus on the task at hand, leading to increased productivity. With fewer distractions and improved concentration, you can achieve more in less time.

Improved Emotional Well-being

By being more aware of your thoughts and feelings, you can better manage your emotional health, leading to improved relationships, better decision-making, and overall well-being.

Mindfulness and Insurance: The Connection

You might wonder, “What does mindfulness have to do with insurance?” As it turns out, there might be more of a connection than you think.

Better Health Outcomes

Regular mindfulness practice can lead to better health outcomes, such as reduced stress levels and lower blood pressure. This can translate into fewer health issues, which could potentially impact your health insurance. Less frequent claims might lead to lower premiums or better terms on your health insurance policy.

Improved Work-Life Balance

Mindfulness can lead to improved work-life balance, reducing the risk of burnout. This can be beneficial for business insurance policyholders, particularly for businesses that rely on the well-being of their key personnel.

Mitigated Risk Factors

Mindfulness can help improve focus and attention to detail, potentially reducing workplace accidents, which are a common claim on many business insurance policies.

Bringing Mindfulness into Your Routine

Getting started with mindfulness is straightforward. Here are a few tips:

  • Start small: You don’t need to spend hours meditating. Start with a few minutes each day and gradually increase your practice.
  • Find a quiet place: Find a calm, quiet spot where you won’t be disturbed.
  • Focus on your breath: Pay attention to your breath as it goes in and out.
  • Be patient with yourself: Your mind will wander. When it does, gently bring your focus back to your breath without judgment.

Remember, mindfulness is not a one-size-fits-all solution. What works for one person may not work for another. It’s about finding what works best for you and incorporating it into your routine.

To sum it up, mindfulness is not just about improving your mental health; it can also play a role in your insurance strategy. It contributes to better health and work outcomes, potentially leading to favorable impacts on your health and business insurance.

For more information on health and business insurance, or if you have any questions, feel free to visit our homepage or contact us.

Spring Maintenance Checklist for Homeowners

Posted on by Ownby Insurance Service

Winter can be tough on a home. Snow, ice, wind, rain, and freezing temperatures can all place stress on your home’s structure. Now that Spring is here, it’s time to start taking stock of any needed repairs or updates to get your home back in top shape. Here are a few of the things you should be doing and looking for:  

  • Check windows and doors for broken or damaged frames, hinges, or locks.  
  • Inspect window or door screens for rips and have them repaired to prevent insects from entering your home.  
  • Have your roof professionally inspected. Pooling water or hail damage can cause failures in the material and structure of your roof, but you may not even know unless you have an inspection.  
  • Look for cracks in your driveway. Water from heavy rain or snow can cause cracking in concrete, and you may want to get your driveway resealed to prevent further damage.  
  • Clean leaves and debris from your gutters and downspouts, or have a professional clean them if you are unable or uncomfortable. This is a basic maintenance task but one that is essential to the upkeep of your home.  
  • Inspect your fences for loose or rotten panels, and replace them promptly.  
  • Have a deck? If so, you’ll need to pressure wash and reseal it on a regular basis. Many experts recommend doing this every few years, depending on the intensity of the weather in your area.  
  • Test run sprinklers and outdoor faucets to ensure all systems are operational. If the water flow seems low, there may be an issue with the pipes.  
  • Remove debris from on and around your air conditioning unit to ensure maximum efficiency.  

Homeowners Insurance Can Protect Your Home 

The best way you can protect your home is with homeowners insurance. As part of your spring maintenance, check in with your insurance agent to make sure you have the right coverage for your needs. 

 

Five Goals for Your Small Business in Q1 2023

Posted on by Ownby Insurance Service

As 2022 draws to a close, it is time to begin implementing a strategy for the first quarter of 2023. Due to the increasing economic turbulence, we have experienced over the past two years, successful businesses must embrace flexibility – setting quarterly goals can help keep you on track for your bigger long-term aspirations. Here are five goals you should set for your small business for Q1 2023: 

Evaluate the Prior Year 

Your first goal for Q1 should be to fully analyze your business’s performance over 2022. Review your prior year’s financial statements, assess your inventory, and review your current product or service mix. Additionally, review your marketing strategy and compare that to what you know about your customers. Based on the prior year, are buying behaviors changing or remaining consistent? 

Determine How to Measure Success 

Another essential goal for Q1 of 2023 should be to determine your criteria for business success. While you may have the goal of “growing your business,” what does that actually look like? The best goals are both practical and specific. Some possible Q1 goals could include: 

  • Increase staff size from 12 to 15 
  • Increase conversion rate by 3% 
  • Reduce average hold time for incoming calls by 4 minutes 

Create a Budget 

Creating an annual budget is an essential activity for any business of any size. A well-thought-out budget can help you manage expenses and deal with unexpected costs. Additionally, having a budget in place can help secure funding from traditional and alternative lenders. Make it a goal to create this budget in the first week of 2023, then revisit it at the end of each month. Compare your total Q1 projections to the actual expenses incurred – how close was your estimate? While budgeting is not always fun, it can make a world of difference in your business’s performance and longevity. 

Review Your Insurance Coverage 

Another goal you should set for Q1 is to review your business insurance policy to ensure that you are adequately covered. There are many different types of insurance that different small businesses may need, such as: 

  • General Liability Insurance 
  • Professional Liability Insurance 
  • Business Income Coverage 
  • Worker’s Compensation Insurance 
  • Data Breach Insurance 
  • Employment Practices Liability Insurance 

Every business has different insurance needs – consult your local agent to ensure that your business is properly insured. Having the right insurance policy can give you peace of mind, allowing you to focus more on your business. 

Improve Employee Morale 

Your final goal for the first quarter of 2023 should be to find a way to improve the lives of your employees. Take the time to meet with your people and talk with them about their experiences working at your business – what goes well, what doesn’t, and what could be improved? While all business owners should continually strive to make their business a better place to work, begin systematically tracking how your employees feel on a quarterly basis and take the actions necessary to improve employee morale and retention. While everyone appreciates a raise, there are many ways to improve employee morale without increasing expenses. Depending on the nature of your business, you could: 

  • Offer remote work options 
  • Allow a more casual dress code 
  • Offer additional incentive-based PTO 
  • Make an effort to recognize employee contributions at least once a month for all of Q1 

There are many more goals you could set for your small business in 2023, but these five will help ensure that the year starts off smoothly. By evaluating the prior year, setting standards of success, creating a budget, reviewing your insurance policy, and improving employee morale, 2023 could be your business’s best year yet.