Financially Simple LogoFinancially Simple LogoFinancially Simple LogoFinancially Simple Logo
  • Home
  • Pandemic & Business
  • Starting
    • Start Here
    • Starting a Business Article Series
    • Podcast
    • Essential Advisory Team
      • Financial Planner
      • Certified Public Accountant
      • Lawyer
      • Insurance Agent
      • Banker
      • Business Coach
    • Supplemental Articles
      • Business 101
      • Taxes
      • Debt
      • Insurance
      • Finance
      • Laws
  • Growing
    • Start Here
    • Business Value Growth Series
      • Foundational Articles
      • Planning & Strategy Articles
      • Leadership Articles
      • Sales Articles
      • Marketing Articles
      • Personnel & Staff Articles
      • Operations Articles
      • Financial Articles
      • Legal & Insurance Articles
    • Podcast
    • Supplemental Articles
      • Business Taxes
      • Finance
      • Debt Reduction
      • Insurance
      • Legal
  • Exiting/Selling
    • Start Here
    • Building a Sellable Business Series
    • Podcast
    • Supplemental Articles
      • Business Finance
      • Taxes
      • Debt
      • Insurance
      • Legal
  • Personal
    • Start Here
    • Personal Finance for Business Owners Series
      • Foundational Articles
      • Cash Flow Articles
      • Insurance & Risk Management Articles
      • Investing & Retirement Accounts
    • Supplemental Articles
      • Retirement
        • Retirement Planning
        • Estate Planning
        • Income for Life Series
      • Accumulation Planning
      • Investing
      • Tax Planning
      • Personal Financial Planning
      • Insurance
      • Tax Tips
      • Savings
      • Education Planning
      • Debt
      • Most Popular Articles
  • Multimedia
    • Books
      • The Ultimate Sale
    • Courses
      • NEW! Comprehensive Strategic Planning
      • Debt Pay Down System for Business Owners
    • Podcast
      • Listen on Spotify
      • Listen on iTunes
      • Listen on Stitcher
      • Listen on Libsyn
      • Listen on Google Play
      • Listen on TuneIn
      • Listen on PlayerFM
      • Listen on RadioPublic
    • Newsletter
    • Video
      • Video Blogs
      • Our YouTube Channel
      • Subscribe TODAY!
  • Free Resources
    • Get Control Workshop
    • PPP Expense Tracking Calculator
    • SWOT Analysis Worksheet
    • Strategic Planning Worksheet
    • Business Entities Cheat Sheet
    • Pro Forma Example Worksheet
    • Personal Budgeting Calculator
    • Financially Simple Newsletter
  • Work with Us
    • Work with the Financially Simple Advisory Team
    • Speaking & Training Opportunities
    • Have Justin Educate Your Team
    • “Ask Justin”
    • Awards & News
    • About Justin
the lawyer supporting a startup business
A Lawyer – Must-have Advisor #3 for a New Business
August 8, 2018
banker in a startup business
A Banker – Must-have Advisor #5 for a New Business
August 8, 2018

An Insurance Agent – Must-have Advisor #4 for a New Business

August 8, 2018
an insurance agent startup business

We can all agree… your startup business will need insurance. The Insurance Agent is the next member of the Professional Advisory Team we will be discussing as part of the Starting a Business series.

The Insurance Agent – The “Power Forward” of Your Team

Risk Assessor

To me, the CFP®, the CPA, and the attorney are the key players on your advisory team. But you still need other players on your team. So the next player you want to add to your advisory team is a good insurance agent, or insurer. In my “Dream Team” analogy, your insurance agent is like your power forward. He’s blocking for you, creating the hole for you, as you run down the court.

The insurance agent’s goal is to manage your personal and professional risks. Her job is:

  • To determine the types of risks (legal, security, financial, health, employee, property, casualty) you and your business could face.
  • To determine the degree of risk you face in each.
  • To determine the amount of financial coverage you need if risks become reality.

Policy Provider

When beginning a business, you should ask your insurance agent to identify the types of policies you will need (life, disability, health, cancer, accident, general liability, property, renter’s, worker’s compensation, umbrella policies, cybersecurity, etc.). Then, have the agent help you compare your different options. Typically, your insurer will help you choose among hundreds of policies available from numerous companies that provide insurance. Even though your agent is not a fiduciary, you should expect her to help you make the best choice based on the risks you face.


RELATED POST: The Types of Insurance a Small Business Must Have


Fees Charged by Insurance Agents

Typically, insurance agents are paid a commission by the companies they represent. I’m not going to beat around the bush about that. That’s just the way their industry works. However, an insurance agent is still a vital member of your dream team.


Quick Links – A Startups’ Advisory Team Members:
Financial Planner | Certified Public Accountant | Lawyer | Insurance Agent | Banker | Business Coach

Share

Related posts

January 1, 2021

Measuring Value Improvement of A Business: What to Know


Read more
December 30, 2020

The Profitability Gap: A Business Owner’s Guide


Read more
December 29, 2020

11 Business Lessons from 2020: Applying Them to 2021


Read more

Special Business Series:

Articles:
Starting A Business series
Growing Business Value series
Building A Sellable Business series
Debt Reduction for the Business Owner
Income for Life Retirement series
Podcast Series:
Starting A Business
Growing Business Value
Building A Sellable Business
Personal Finance for Business Owners
Business Podcast
Get Answers:
Ask Justin
Work with Justin’s Team

Awards & Accolades:

Investopedia Top 100 logo
Investopedia Top 100 Advisor – 2018, 2019, 2020
Exit Planning Institute Leader of the YearExit Planning Institute Leader of the Year
Feedspot Top 10 Business PodcastFeedspot Top 10 Business Podcast
Forbes Finance Council
Top 20 Podcast- Financial AdvisorPlayer FM Podcast – Top 20 Financial Advisor

Educating thousands like you on:

Yahoo Finance logoFinancial Planning AssociationMSN MoneyForbes logoNerdwallet logoFox News logoInvestopia logoExit Planning InstituteKiplingers logoKiplingers logo

Get your copy today!

The Ultimate Sale Business Growth
The Book That Teaches Business Owners How to Sell Their Business for Maximum Profit

For your security:

GoDaddy Verified and Secure
McAfee Secured
© 2021 Financially Simple™
Disclaimers, Disclosure, Cookies, & Privacy | FINRA’s BrokerCheck
Form ADV | Form ADV Appendix 1 | The Mission of Financially Simple & Heritage Investors