Risk & Business

Every small business owner has experience with certificates of insurance. If you want to do business with vendors or take out loans, or sign contracts, a certificate will be requested. So lets quickly break down what a certificate is. First and foremost a certificate is not your insurance policy. It is not intended to replace the actual terms, conditions, and coverages in your insurance policy. The certificate is for informational purposes only and is only good the day it is printed. Why? Well insurance policies go through numerous changes during the year. You may add or subtract coverages or covered items. You may not pay your premium and cancel your insurance coverage. You may add policies to your insurance portfolio. With the dynamic nature of small business insurance, it is easily seen why certificates are only good the day they are issued. So why are certificates so commonly requested and used. The main reason is that most people can understand the simple format and design of the

As a small business owner, you do everything. Not only are you the rain maker but you are also responsible for running the business as a well - oiled machine. So what happens to the business if something happened to you. What do you want to happen to your business?   You are the key person, and your business needs to cover your life so it can either continue , be sold, or wind down. How do you accomplish this?  There are many options but simply have your business buy life insurance on you. You can tailor the policy so the death benefits can do what you want it to do, and the business can expense the premium as a business deduction. Business owned life insurance is a great tool to allow your wishes for the business to be fulfilled.  Check with your professional insurance advisor and agent for the proper use of business life insurance. Your small business is like family, so life insurance is one of the best ways to protect it. Until next time be careful out there and know your risks. G