Tax Time Presents Perfect Opportunity for Owners to Evaluate Their Small Business

Small Business Owners Should Review Insurance Coverage and Risk Management Plans at Least Once Every Year


Farmington, CT – March 22, 2011 – BOLT, a leading insurance agency exclusively protecting small business owners, suggests that tax time is the most convenient time of year for owners to review their small businesses and ensure that they are sufficiently protected.


“We’ve found that although smart small business owners do an annual review of their business objectives and progress, many don’t give that same time and attention to items that can potentially destroy what they’ve built,” said Tom Hammond, EVP at BOLT. “Tax time presents a perfect opportunity for owners to take a look at risk and disaster management plans and insurance coverage, to ensure the business is properly protected. Unfortunately, in lieu of an annual review, many owners leave their small businesses, and themselves, at risk only paying attention after it’s too late.”


For many businesses, the move to insurance is gradual. Owners often start with a minimal amount of or no coverage because of budget constraints, lack of insurance expertise or simply because the small business was adequately protected in those early stages of the lifecycle. This approach requires that these business owners reassess and increase coverage types and amounts as the business grows.


As part of this annual review, owners should evaluate whether additional coverage is necessary as a result of business growth in 2010 and whether they have the correct amount of insurance coverage based on 2011 projected numbers. In addition to insurance, small business owners should also review landlord requirements, client or customer requirements, franchise requirements and local or state requirements on an annual basis.


All small business owners are “risk managers” and to help these owners navigate the complexities of insurance coverage and other risk management, BOLT recently released a free 19-page guide titled “Risk Management for Small Business Owners.” The report discusses important risk management issues including the three types of risks and what they are, why it’s important to identify small business exposures and how best to do that, managing risks and the importance of limiting exposure, risk retention, transferring risk and creating a risk management plan. The ultimate goal of the report is to help small business owners understand the importance of risk management in running their business and how to identify and manage the risks, known and unknown, around them. By managing risk, they are more prepared for situations that can negatively affect their business and their financial goals. The full, complementary report can be found at


About BOLT
BOLT, the Business Owners Liability Team, is a national insurance agency that exclusively protects the owners of small businesses. BOLT agents help business owners choose the right insurance products to fully protect both their businesses and themselves personally. BOLT offers an on-line and interactive experience with leading carriers. As such, business owners can thoroughly compare coverage and pricing, and ultimately purchase cost-effective insurance for their businesses within minutes. Business insurance policies offered by BOLT include, but are not limited to, General Liability, Business Property Insurance, Workers’ Compensation, Commercial Auto, Umbrella Insurance, Errors and Omissions, Directors and Officers, Business Interruption, Employment Liability, Sexual Harassment and Flood. These policies are provided by top-rated insurance carriers such as The Hartford, CNA, Liberty Mutual, Ace and Chubb. BOLT Insurance Agency is headquartered in Farmington, CT, and is licensed to do business in all fifty states. Come visit us at: