Risk & Business

Most small business owners will insure their buildings and contents for loss. However studies have shown that nearly 60% do not cover their lost income after damage to their business. Many business owners are under the premise that they can get the business back on its feet in no time and start making money again. This is simply not the case. The recovery time will most likely be longer than expected. This means business owners will lose more income than they can afford. The solution is to insure your loss of income with Business Income Coverage. This coverage replaces your net income so that you can keep yourself paid and your employees paid while your building or contents are being repaired or replaced. It also pays for the continuing expenses that your business would have due to contracts or utility services. This coverage is as important as insuring your building and contents. Ask your insurance professional to discuss this option and how to add it to your insurance portfolio. Unt...

Have you ever thought of yourself as a corporation?  Most people do not. It is a concept that needs to be explored. How many of your decisions in life would be different if you ran your life like the CEO of a company.  We will explore this more in future blogs but for now let's imagine this scenario as it relates to finances. As a company CEO would you run your company with staggering debt?  If you did the growth and profitability of the company would be compromised.  However many people run their lives with staggering debt, and have trouble making ends meet or achieving their goals.  See the similarity. For the individual their financial planning is unorganized and void of professional counsel or advice on most occasions. As a company CEO you would be bringing those individuals in regularly.  Every year the company would post a budget and work to operate under it to assure profitability. As individuals this is rarely done. We will discuss this concept fur...