PFB Risk Management Archives • Page 2 of 3 • Financially Simple

September 5, 2019

Long-Term Care Basics Part I – The Numbers Behind the Need

When I was about sixteen years old, my grandmother came to live with us. We moved the “boys’ room” upstairs above the garage, and our grandma moved into what had been our bedroom. As a bright, young teenage boy, I was very aware of the situation that was taking place in our home, and it wasn’t long before I saw the toll that dementia takes on a person. Likewise, I quickly learned what a daunting task it is to care for someone who is suffering from dementia. I watched as my mother endured the stress and exhaustion of providing every need and taking every precaution to ensure Grandma’s safety and well-being. I’ve got to tell you; it can be overwhelming. As I look back on that time in our lives, I can’t help but think about the value of long-term care. It’s a term we hear pretty frequently, but how many […]

September 3, 2019

Business Overhead Disability Insurance: What To Know Before You Buy

Insurance isn’t always the most exciting topic for discussion. In fact, it usually means we are bringing up the things nobody wants to think about. However, having the proper coverage is an essential risk management strategy for you and your business. Recently, I talked about the importance of having personal disability insurance, but what about protecting your business in the event of a life-changing catastrophe? That is where business overhead disability insurance is an invaluable piece of protection.

August 20, 2019

August 20, 2019

Personal Disability Insurance – Policy Types Needed by Business Owners

In my early career, I didn’t really see the value of personal disability insurance. I was young, fit, and felt that I could conquer the world. However, now that I have a family and have the responsibility of owning a business, I recognize not just the value of such disability coverage, but its absolute necessity as well.

August 15, 2019

August 15, 2019

Life Insurance Basics – Considerations for Business Owners

When my firm begins working with business owners, we often have to correct, fix, improve, or shore up their life insurance policies. Many times, the client won’t have the right insurances, or they’re paying too much for coverage. And sometimes, the client won’t even have a life insurance policy. So right off the bat, when my personal planning process begins, the team helps place the clients into the correct life insurance policies. I want you to have a baseline understanding of how we make life insurance financially simple, so let’s cover the basics of Life Insurance for business owners.

July 25, 2019

What is an Umbrella Insurance Policy and Why Do You Need One?

Today, I want to talk about one of the most significant holes I see in the personal insurance side of risk management. Often, business owners will have this coverage for their business but not realize they need it for their own lives, too. It’s so important that I recommend (in writing) that all of my clients purchase this type of policy. What am I talking about? I’m talking about an umbrella policy. Specifically, I want to answer: What is an umbrella insurance policy, and why do you need one?

July 23, 2019

Are You Adequately Covered? Review Your Homeowners Insurance Policy

After helping hundreds of business owners with their personal and business finances over the years, I’ve learned a few things. One of the most interesting things I’ve learned is that people rarely review their homeowner’s insurance policy once they purchase it. However, property values tend to rise. The coverage you had on your house ten years ago is probably not the amount of coverage you need on it today. Therefore, you should probably review your homeowner’s insurance coverage yearly to make sure you are adequately covered. Here’s what you need to know.