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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
November/December 2024
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.
GE-6952366.1(8/24)(Exp.9/26)
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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.
R.I.C.H. Planning Group, LLC is not owned or operated by Equitable Advisors or Equitable Network. GE-6572038.1 (4/24)(Exp. 4/26)
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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