Personal Risk Management for the Business Owner in 3 minutes

Personal Insurance

• Check your Limits on all policies

• Personal Umbrella should be carried. Look at higher limits than just 1,000,000. The Umbrella extends the limits of all your personal policies.

• Make sure your boats, RV’s, UTV’s, Motorcycle covered under Umbrella

• Make sure Vacation homes and Condo’s are Under Umbrella.

Health & Life

• Life Insurance - Check current limits, if it’s a term policy consider rewriting every 5 years if you are healthy to extend term.

• Health Insurance/Medicare - lots of changes here. Talk to your agent/broker about all your options.

• Long Term Disability - Look at a group policy for your company as an option as the cost can be about the same as a policy just on you and involve much less underwriting.

Estate Planning

• Establish a Trust?

• Don’t place Everything in the Trust - Look at (Payable on Death for Bank accounts and Transfer on Death on Vehicles) A Revocable trust does not provide the protection many people think. You can also use LLC’s that are owned by the trust to provide layers.

Other Stuff

• If you are on Board, does your Umbrella give you Directors & Officers Liability? Does your board provide coverage for Directors & Officers?

• What contracts have you assumed liability in (Condo’s, Boat Rentals, etc)

• Consider any Foreign Travel Risk and related insurance to purchase. You can buy Kidnap and Ransom Insurance with your business and Emergency Travel Insurance from specialty insurers.

• Domestic Workers? - Can you cover them on your homeowners insurance or do you need Workers Compensation?