The end of the year is the time to review your business insurance. That isn't just my advice. Brian Smith is the InsuranceEdge Advisor to American Express OPEN and has offered a "checklist of changes" for small businesses to consider when reviewing their insurance coverage.

Some of his tips include:

• More money means more insurance: Insurance isn't only meant to cover your physical assets. If revenue numbers have changed significantly, the level at which your business is covered may need to be revisited. The amount of money your company makes can alter your coverage.

• Expanding (or detracting) the property lines: Opening or closing locations during the course of the year also requires updating your policy. Property insurance premiums depend in part on the type and size of facility you occupy, so be sure the information is accurate. Maintaining an accurate policy can also reduce confusion and minimize payment delays if you need to file a claim.
• Changes of operation and inventory: Variations in the amount of inventory or equipment your business stocks may mean that you need to carry more insurance to fully protect your assets, or that you can reduce your coverage and save money. If you have considerably more or less inventory than last year, update your property insurance accordingly.
• Know the Regulations: Government regulations can have a significant effect on insurance coverage, but insurance carriers may offer very different pricing to accommodate regulatory changes. Obtaining quotes from several carriers each year will help you to stay on top of all of these changes and to be sure you have the coverage your business needs at a competitive price.

Certainly great advice to keep in mind when reviewing your business insurance needs for the next business year.