Expect the Unexpected

Recent years have been exceptionally challenging! With a global pandemic, civil discord, flooding, and market volatility, business owners and individuals alike have a renewed appreciation for the value of risk management. Of course, insurance plays an important role in managing risks.

Protect Yourself and Your Family

The first task is to protect yourself and your family from major financial risks, such as the death or disability of a breadwinner or parent. Doing so is pretty straightforward.

In a nutshell, most families should consider layering several types of coverage:

• Life and disability insurance;


• Homeowners or renters insurance, including liability insurance;


• Flood insurance (home insurance doesn't cover flooding);


• Car insurance;


• Umbrella insurance, which inexpensively helps cover any large claims against you over and above your basic liability insurance policy limits;


• Long-term care insurance;


• Professional liability insurance (errors & omissions, malpractice insurance, etc.).

Business Risk Management

Business owners have a more complex risk management task. They must create systems and contingencies that will allow them to continue operating through any crisis. Here's a brief checklist to help you get started:

• Business continuity plans;


• Business interruption plans;


• Business owner's policy (BOP) – covers a variety of business risks, including looting;


• Employer risk insurance – protects against lawsuits from employees;


• Cyber risk insurance – protects against liability arising from accidental data breaches, hackers, and online theft.

No one knows what form the next emergency will take. However, an insurance and risk audit can help identify vulnerabilities and gaps in your coverage. It can also identify what types of insurance are not required for your particular situation.

Working closely with your insurance professional who knows you, your family, and your business is the best way to reduce your risks. After all, insurance professionals are trained to identify risks and design solutions to help protect you.