As business owners, we invest much time, effort, and passion into our ventures. We recognize there are two significant separate decisions to make when it comes to protecting our assets and bottom line.
A spreadsheet emphasizes one of those decisions - coverage design, insurer comparison, premium cost
The other decision is to select the advisor most capable of meeting our overall needs
Hiring the right advisor matters. An advisor who is genuinely invested in your business will share your vision and goals. They will take the time to understand your long-term goals and walk with you on your journey to achieve them. Another critical aspect of a well-aligned advisor is their understanding of your people and company culture. They recognize that your employees are the backbone of your business and play a significant role in its success. With this understanding, they can provide guidance on talent management, employee engagement, and other HR-related matters, helping you build a strong and cohesive team.
Insurance is a complex industry, and deciphering policies, terms, and conditions can be overwhelming. A knowledgeable advisor will help you navigate this complexity, ensuring you understand what you're buying and empowering you to make informed decisions necessary to drive growth while preserving the organization's assets, reputation, and people.
Having a clear understanding of your policy's terms and conditions as well as exclusions and limitations is crucial for success. Some items to be aware of include:
Ambiguous Language: Insurance policies may use vague or open-ended terms that can be interpreted differently by insurers and policyholders. This ambiguity often leads to disputes when it's time to make a claim.
Excessive Exclusions: Some policies contain a laundry list of exclusions, essentially stripping away coverage for various circumstances that you might assume are included.
Coverage Limits: Policies with low coverage limits may create an illusion of comprehensive protection. In reality, these limits may not be sufficient to cover the full extent of your potential loss.
Unreasonable Conditions: Understand the definition of any conditions imposed.
Tips for protecting yourself include:
Ask Questions: Ask your advisor about any doubts or concerns you have.
Read/Review your Policy: Take the time to review your policy carefully. Highlight any confusing or questionable sections and seek clarification from your advisor.
Ask your Advisor to Provide a Comparison: Before settling on insurance coverages, ask your advisor for a comparison of coverage design, insurer comparison, and premium cost.
When trusting someone with your financial security, you deserve peace of mind knowing that your best interests are always prioritized. If you're unsure if your current advisor meets your specific needs or if you don't have confidence in their guidance, it might be time to consider a positive change towards a higher level of service that is customized to meet your specific needs.
Don't let uncertainty prevent you from moving forward. Take control and choose a partner who will help you achieve unprecedented success.
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