If you missed today's teleconference with Brenda Wall from PrePaid Legal Services you missed a good one. Brenda gave her strategies to protecting your good name and your business' liability exposure.
One statistic really caught my attention, though. Did you know that only 28% of identity theft comes from the financial arena? Over 70% of identity theft comes from stolen social security numbers, drivers license information, medical records, and criminal records. For instance, if you lose your drivers license, someone can steal your identity and the next thing you know you have three DUI's on your record. Scary. You need to be vigilant with any personal information you have because the more the bad guys know about you, the more they can steal from you.
Education is the best way to arm yourself in this fight. I will soon have this audio available in my Toro store. Keep an eye out for it.
Dan
Wednesday, April 9, 2008
Friday, April 4, 2008
What's your income worth?
If you're like most business owners, you are making sure you have adequate coverage for your property, your liability, and your fleet of autos. You may take great care and effort to make sure you aren't underinsured.
Do you take that same care and concern with what might be most important to you...your loss of income?
I recently reviewed a policy where my client was expecting to make about $10,000,000 in sales but his Business Income limit was under $2,000,000. My question is, how long can you actually last in the event of a catastrophic loss?
Your Business Income coverage will pay for ordinary payroll, continuing expenses (like rent and advertising), AND loss of income. This is sometimes made to be a more complicated method than it should be.
Do this - figure out how much money you will need to cover those three areas if your business was unable to work for a month. Then figure out how long you could potentially be out of business. For instance, if you need $100,000 for a month and you think you could be out of business for 6 months due to a disaster like a fire, at the minimum you would consider a $600,000 limit. Now, you may be able to resume operations to some extent and may not need that much, but it's better to have too much instead of not enough, especially if your claim lasts longer than 6 months.
Take the time to discuss Business Income at length with your agent. make sure your income is protected.
Dan
Do you take that same care and concern with what might be most important to you...your loss of income?
I recently reviewed a policy where my client was expecting to make about $10,000,000 in sales but his Business Income limit was under $2,000,000. My question is, how long can you actually last in the event of a catastrophic loss?
Your Business Income coverage will pay for ordinary payroll, continuing expenses (like rent and advertising), AND loss of income. This is sometimes made to be a more complicated method than it should be.
Do this - figure out how much money you will need to cover those three areas if your business was unable to work for a month. Then figure out how long you could potentially be out of business. For instance, if you need $100,000 for a month and you think you could be out of business for 6 months due to a disaster like a fire, at the minimum you would consider a $600,000 limit. Now, you may be able to resume operations to some extent and may not need that much, but it's better to have too much instead of not enough, especially if your claim lasts longer than 6 months.
Take the time to discuss Business Income at length with your agent. make sure your income is protected.
Dan
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