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Beth A. Botti, CFP®, ChFC, CLU, CDFA™
Financial Consultant
California Insurance License #0G24537
612 Wheelers Farms Road, Milford, CT 06460
Phone: 203-877-6556 Ext. 169
Fax: 203-301-0736
Email: beth.botti@equitable.com
July/August 2018
Do an Insurance Audit
While most businesses have basic property and general liability insurance, they may have risk exposures elsewhere. Conduct an insurance audit to find out where.
The Basics
Start by exploring the need for business vehicle insurance and umbrella insurance. The latter is an extra amount above the limits established by property, liability and auto insurance.Work with an insurance professional to understand the limits, deductibles and exclusions of each type of insurance. Exclusions, could point to the need for more specialized insurance.
Specialized Coverage
Exclusions that may need separate coverage often include flood, windstorm and earthquake coverage. In some areas, windstorm or flood insurance is required.Beyond Nature
Other types of coverage your business might need include cyber-theft and identity theft insurance, to cover your employees and your customers for these risks.Depending on the policy, employment practices liability insurance (EPLI) will help insure against damages due to wrongful termination, employee harassment, discrimination and other risks. If you have a professional practice, you may need errors and omissions (E&O) insurance.
Life & Disability
If you have employees, you may want to price group life insurance and disability income (DI) insurance. The former helps protect employees’ loved ones, while the latter helps protect employees’ largest asset — their ability to earn a living.While you’re comparing insurance coverage for your employees, don’t forget about life insurance and DI insurance to protect yourself, partners and the business. With the help of a qualified attorney, you can create an agreement that includes life insurance on individual owners. The death benefit can either go to family members named as beneficiaries to pay for a business interest, or to the business to help the company recoup the financial loss that accompanies the death of an owner.
Talk to your financial professional experienced with business insurance to learn more.
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Duly registered and licensed financial professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of Utah, LLC in UT; Equitable Network of Puerto Rico, Inc.). Equal Opportunity Employer - M/F/D/V. Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal advice or services. Representatives may transact business, which includes offering products and services and/or responding to inquiries, only in state(s) in which they are properly registered and/or licensed. Your connection to this website does not necessarily indicate that the sender is able to transact business in your state. The information in this website is not investment or securities advice and does not constitute an offer. For more information about Equitable Advisors, LLC you may visit https://equitable.com/crs to review the firm's Relationship Summary for Retail Investors and General Conflicts of Interest Disclosure.
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CFP®, and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc. These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements.
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