Posts Tagged "business insurance"

Top Tips for Corporate Risk Management (Infographic)

Posted by on Jan 15, 2015 in News | 0 comments

Risk management is a highly important yet tricky task that all businesses must take into consideration. Simply put by Investopedia.com, risk management is a two-step process – determining what risks exist in an investment and then handling those risks in a way best-suited to your investment objectives. Risk management occurs everywhere in the financial world. It occurs when an investor buys low-risk government bonds over more risky corporate debt, when a fund manager hedges their currency exposure with currency derivatives and when a bank performs a credit check on an individual before issuing them a personal line of credit. This infographic by www.sysop.co.uk gives more of a visual concept of risk...

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Why You Need an Annual Insurance Coverage Review

Posted by on Oct 24, 2014 in News | 0 comments

Major purchases and lifestyle changes such as marriage, divorce or retirement can have a profound effect on your insurance needs, so an annual insurance coverage review is always a good idea, according to the Insurance Information Institute (I.I.I.). “To make the most of your insurance dollars, it is very important that you let your insurance agent or company representative know about alterations to your home and other major events in your life,” said Jeanne M. Salvatore, senior vice president and consumer spokesperson for the I.I.I. “A great way to start the New Year off on a firm financial footing is to discuss your current insurance needs with your agent, broker or company representative to make sure that your coverage is up-to-date.” The I.I.I. recommends you consider the following ten questions: Have you gotten married or divorced? If you have gotten married, you may qualify for a discount on your auto insurance. Couples may bring two cars into the relationship and two different auto insurance companies, so take the opportunity to review your existing coverage and see which company offers the best combination of price and service. If you are merging two households, you may need to update your homeowners insurance. And you may want to consider increasing your insurance for any new valuables received, such as wedding gifts, and for jewelry, such as wedding and engagement rings. After getting married, it is also important to review your life insurance needs. If one spouse is not working, he or she might be dependent on the working spouse’s income; if so, reviewing life and disability insurance coverage is prudent. And even if both spouses are working, couples often make financial commitments based on both incomes so the loss of one spouse’s income due to death or disability could be financially devastating without adequate insurance. If you got divorced, you will probably no longer be sharing a car and may move to a smaller home. If this is the case, you should inform your insurer as you will need to set up separate auto and homeowners policies. Have you had a baby?  If you have recently added a child to your family, whether by birth or adoption, it is important to review your life insurance and disability income protection. According to a MetLife study of survivors (i.e., spouses and children) of someone who died “prematurely,” 39% had no life insurance at all, and of these families, 40% had children under age 18. Therefore, in about 16% of all cases, survivors of prematurely deceased persons were families with young children of who had no life insurance. If you are planning for your life insurance to match your survivors’ expenses after your death, the new child will no doubt add to those expenses, requiring more life insurance to keep your family secure. If you plan to save for your child’s college education, life insurance can assure completion of that plan. And if you keep your current life insurance policy, don’t forget to update the beneficiary designations to include the new child. Did your teenager get a drivers license?  It is generally cheaper to add your teenagers to your auto insurance policy than for them to purchase their own. If they are going to be driving their own car, consider insuring it with your company so you can get a multi-car discount. And choose the car carefully—the type of car a young person drives can dramatically affect the price of insurance. You and your teens should choose a car that is easy to drive and would offer protection in the event of a crash. Also, encourage your kids to...

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