In the weeks leading up to the end of the year, American culture takes a nostalgic turn. Magazines, newspapers and TV stations launch a cavalcade of stories about the top moments, movies, albums and books, picking out the highlights and lowlights of the past 12 months. Entrepreneurs can – and should – take a cue from this annual review frenzy.

As the New Year approaches, a thorough business assessment will help you outline your greatest hits of the year and give you a clearer picture of where you’re starting after the ball drops in Times Square.

For many small business owners, the past year has been a wild ride. With the volatility of the economy, keeping a forward-thinking perspective is important. By examining the past year’s success and shortfalls, you’ll not only be better aware of what went right – or wrong – but you’ll also be able to get an overview that can spur new ideas and innovation for the coming year.

Your assessment should necessarily include some creative thinking about how to make the most of the coming year, such as how to improve your marketing efforts, and improve products and services. It should also include some nuts-and-bolts basics such as preparing to pay your taxes, managing expenses in the coming year and ensuring your business insurance meets your company’s needs.

Because an assessment helps you understand exactly how your business and its needs are changing, you can use it to find new solutions to perennial concerns. For instance, if you’ve experienced changes in staffing or property, your business insurance needs might have changed, too. The four types of business insurance you may need are general liability/business property, worker’s compensation, commercial auto, and general business insurance.

Just as you wouldn’t consider driving without auto insurance, general liability and business property should be an essential tool of your business. This type of insurance covers certain losses resulting from property damage, suspended operations, and liability for injury or property damage to others.

If an employee gets hurt or sick on the job, worker’s compensation will cover certain medical expenses, lost income and rehabilitation expenses. This type of insurance is required in every state.

If you or employees will be driving a company-owned vehicle, you’ll need commercial auto insurance, which covers certain legal liabilities from a company-owned vehicle injuring someone else or damaging someone else’s property. Finally, an umbrella policy supplements other types of business insurance to cover catastrophic liability claims.

As you’re evaluating your insurance needs for the New Year, it can be a challenge to know just which changes to make and how to make them. Using a tool like American Express’s InsuranceEdge, provided by Bolt(sm), you can get advice and trustworthy options with minimal footwork.

Designed specifically for small business owners, InsuranceEdge, provided by Bolt(sm), allows you to get real-time business insurance quotes and purchase customized coverage, all in one place. After you’ve done your business assessment, you can tell a licensed Bolt agent about changes in your business. When they’re armed with that information, he or she can help you find a policy that meets your needs. You’ll also be able to review side-by-side quotes customized for your business by leading insurers.

Adjusting to changing times makes your business more nimble in a competitive market place. When you take the step of conducting a year-end assessment, you’ll be ready to take on whatever the New Year brings. For more information about small business solutions from American Express and how InsuranceEdge, provided by Bolt(sm), can help with your business insurance needs, visit AmericanExpress.com.