Insurance Rapport
By Hilton I. Hale
Insurance planning can be important in the proper development of a business. There are many different types of insurance that can be beneficial. Effective selection of coverage can depend on many variables, such as the nature of the business, time in existence, structure of the business, employees, cash flow, and business objectives, to name some variables.
I will address mainly life & health insurance coverages in this column, as well as retirement tools. Some common decisions that business owners should make are regarding health insurance, disability insurance, life insurance, key person coverage, retirement planning, long-term care planning, and business succession planning. Generally speaking, it can be best to address the above coverages involving life & health insurance with an agent who specializes in this type of insurance. For property & casualty coverage, (such as auto, building, fire, etc.) it is best to contact a property & casualty agent who specializes in that type of insurance.
It is important to have regular reviews, at least annually. Changes occur in the insurance industry, the economy, and with the business owner. It is good to review, to see if adaptations are necessary to insurance planning.
It is wise to develop good rapport between the business owner and the insurance agent. Good communication helps the agent understand the business dynamics and needs. The level of development of the business can affect coverage selection.
Hopefully, in this column we will improve rapport regarding important elements of insurance planning & retirement planning.
For more information contact: Hilton I. Hale, CLU. Telephone: 614-291-HALE (4253).
