In business, do you believe that your skills, intelligence and abilities can be developed over time? Or do you believe that your talents are mostly fixed, meaning that if you’re not really good at something now, you probably won’t ever be great at it? These are critical questions to ask yourself. That’s because your mindset — how you view, interpret and act on decisions, problems and challenges in your life — can play a significant role in your success and happiness. Or it can hold you back from being the person — and business leader — you want to be.

American psychologist Carol Dweck is credited for identifying two main types of mindsets. A growth (also called learning) mindset is a belief that with hard work, desire and perseverance, most people can develop and improve their talents, abilities, and intelligence. On the other hand, those with a fixed mindset believe that a person’s talent and intelligence are more or less innate — you either have certain characteristics or you don’t. In other words, there are ‘gifted’ people and there’s everyone else. Those with fixed mindsets do not believe they (or anyone else for that matter) can significantly improve their innate qualities.

There’s no shortage of examples of the great things that can be accomplished with a growth mindset. For example, at Microsoft, Satya Nadella made it his mission to revamp the leadership and the culture at Microsoft with a growth mindset after taking over in 2014. In his book, Hit Refresh, Nadella explains that mindsets– specifically helping employees at the company develop growth mindsets– were his tool for taking Microsoft to the next level. After more than a decade of static market capitalization and share price, Nadella helped usher in a new era for Microsoft, one in which the company’s market capitalization and stock price more than tripled. Pfizer, too, credits a growth mindset for the company’s success and growth.

One of the keys in developing a growth mindset is to help yourself and your organization’s leaders view failure as an opportunity to reflect, learn and improve your skills. In many organizations, failure is not tolerated or viewed negatively, which makes employees fearful of making mistakes and as a result less likely to take risks and think innovatively. To adopt a growth mindset, business leaders and employees must embrace risk and imperfection and push themselves out of established comfort zones.

Henry Ford once said, “Whether you believe you can do a thing or not, you are right.” He couldn’t have been more right.

Is your company growing? That’s great news. Just make sure your insurance policies keep up! Here are some tips for making sure you don’t end up underinsured: CEO owner leader company staff member portrait, possibly finance, accountant, manager

Revisit your Business Owner’s Policy. If you have a fast-growing company, your Business Owner’s Policy, or BOP, can get outdated quickly. Have you added new employees or equipment? Have you changed the nature of your business or expanded into different types of products or services? Did you purchase your own building? It’s time to review your BOP, which is your first line of defense against a number of business risks.

Keep up with Liability Insurance. As your business expands, you’ll want to make sure you have enough liability coverage. This type of insurance takes many forms. There’s employment practices liability, which covers claims arising from your employees and professional liability insurance, designed to protect you against claims made by clients or customers. Review all potential sources of liability, such as when your employees are driving on company business.

Don’t forget Property Insurance. This type of policy covers damage to your business premises, equipment and inventory due to events like fire, theft or vandalism. It can also provide coverage for lost income if your business is forced to close temporarily due to property damage.

You might need Product Liability Insurance. If you manufacture or sell products, this type of insurance can protect you from claims related to injuries or damages caused by those products. Even if you take all the necessary precautions, there’s always a risk that something could go wrong with one of your products. Product liability insurance can help protect your business in the event such an incident occurs.

And, of course, there’s workers’ compensation insurance. As a small business, one of the most important insurance policies you can have is workers’ compensation. This type of insurance will help to protect your business in the event that an employee is injured while on the job. Workers’ compensation can help to cover medical expenses and lost wages, as well as provide death benefits in some cases. If you do not have workers’ compensation insurance, you may be held liable for any injuries or accidents that occur at your business, which could end up costing you a lot of money.