• Sign In
  • Create Account
  • Sign Out
  • My Account
  • NEWS
  • PRODUCTS
  • CONTRACTORS
  • ENGINEERS
  • RADIANT & HYDRONICS
  • INSIGHTS
  • MEDIA
  • RESOURCES
  • EMAGAZINE
  • SIGN UP!
cart
facebook instagram twitter linkedin youtube
  • CONTRACTORS
  • BATH & KITCHEN PRO
  • BUSINESS MANAGEMENT
  • HIGH EFFICIENCY HOMES
  • TECHNOLOGY
  • WATER TREATMENT
  • PMC COLUMNS
  • PMC COLUMNS
  • Dave Yates: Contractor’s Corner
  • John Siegenthaler: Hydronics Workshop
  • Kenny Chapman: The Blue Collar Coach
  • Matt Michel: Service Plumbing Pros
  • Scott Secor: Heating Perceptions
  • ENGINEERS
  • CONTINUING EDUCATION
  • DECARBONIZATION | ELECTRIFICATION
  • FIRE PROTECTION
  • GEOTHERMAL | SOLAR THERMAL
  • PIPING | PLUMBING | PVF
  • PME COLUMNS
  • PME COLUMNS
  • Christoph Lohr: Strategic Plumbing Insights
  • David Dexter: Plumbing Talking Points
  • James Dipping: Engineer Viewpoints
  • John Seigenthaler: Renewable Heating Design
  • Lowell Manalo: Plumbing Essentials
  • Misty Guard: Guard on Compliance
  • RADIANT & HYDRONICS
  • RADIANT COMFORT REPORT
  • THE GLITCH & THE FIX
  • INSIGHTS
  • CODES
  • GREEN PLUMBING & MECHANICAL
  • PROJECT PROFILES
  • COLUMNS
  • SPONSOR INSIGHTS
  • COLUMNS
  • Codes Corner
  • Natalie Forster: Editorial Opinion
  • Guest Editorial
  • MEDIA
  • PODCASTS
  • VIDEOS
  • WEBINARS
  • RESOURCES
  • INDUSTRY CALENDAR
  • DIRECTORIES
  • EBOOKS
  • PM BOOKSTORE
  • CE CENTER
  • MARKET RESEARCH
  • CLASSIFIEDS
  • EMAGAZINE
  • EMAGAZINE
  • ARCHIVE ISSUES
  • CONTACT
  • ADVERTISE
  • PME EMAGAZINE ARCHIVES
search
cart
facebook instagram twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
  • NEWS
  • PRODUCTS
  • CONTRACTORS
    • BATH & KITCHEN PRO
    • BUSINESS MANAGEMENT
    • HIGH EFFICIENCY HOMES
    • TECHNOLOGY
    • WATER TREATMENT
    • PMC COLUMNS
      • Dave Yates: Contractor’s Corner
      • John Siegenthaler: Hydronics Workshop
      • Kenny Chapman: The Blue Collar Coach
      • Matt Michel: Service Plumbing Pros
      • Scott Secor: Heating Perceptions
  • ENGINEERS
    • CONTINUING EDUCATION
    • DECARBONIZATION | ELECTRIFICATION
    • FIRE PROTECTION
    • GEOTHERMAL | SOLAR THERMAL
    • PIPING | PLUMBING | PVF
    • PME COLUMNS
      • Christoph Lohr: Strategic Plumbing Insights
      • David Dexter: Plumbing Talking Points
      • James Dipping: Engineer Viewpoints
      • John Seigenthaler: Renewable Heating Design
      • Lowell Manalo: Plumbing Essentials
      • Misty Guard: Guard on Compliance
  • RADIANT & HYDRONICS
    • RADIANT COMFORT REPORT
    • THE GLITCH & THE FIX
  • INSIGHTS
    • CODES
    • GREEN PLUMBING & MECHANICAL
    • PROJECT PROFILES
    • COLUMNS
      • Codes Corner
      • Natalie Forster: Editorial Opinion
      • Guest Editorial
    • SPONSOR INSIGHTS
  • MEDIA
    • PODCASTS
    • VIDEOS
    • WEBINARS
  • RESOURCES
    • INDUSTRY CALENDAR
    • DIRECTORIES
    • EBOOKS
    • PM BOOKSTORE
    • CE CENTER
    • MARKET RESEARCH
    • CLASSIFIEDS
  • EMAGAZINE
    • EMAGAZINE
    • ARCHIVE ISSUES
    • CONTACT
    • ADVERTISE
    • PME EMAGAZINE ARCHIVES
  • SIGN UP!

Upside to downside risk

Insurance…a lot or a little….

By Al Levi
Levi-new-60-sec-feat
December 15, 2014

Insurance…a lot or a little….disaster or lifeline approach?

It depends because it does require good analysis and a proper needs assessment.

Then, what types of insurance do you get?

1.                  Life insurance

2.                  Key man insurance

3.                  Disability insurance

4.                  Professional Liability insurance

5.                  Workman’s compensation

6.                  General Liability insurance

7.                  Commercial Auto insurance

 

Hang on…this is just a small sample of the types of insurance that may apply to you and your business because there’s a whole lot more.

That’s why despite the cute avatars and TV commercials about how little time you need to get insurance for a cheap price, that shouldn’t be the driving consideration for you.

A good doctor, lawyer and accountant are worth the money you spend with them because they keep you healthy, on the right side of the law and in the good graces of the governmental agencies. So too does it makes sense to invest your time, energy and money to find the right insurance agent to help you plan out what types of insurance you need and in what amount at what cost.

The line on who’s the right insurance broker can get blurred as you think about what you need for your personal insurance needs and what you need for your business insurance needs. They can and typically are more intertwined than you think.

That makes sense. Right?

 

Find a Certified Financial Planner

To me, the key is to first find a Certified Financial Planner (a.k.a CFP) who can help you make a cohesive plan that takes into account both your personal and business picture today and in the near future. When this inclusive strategic financial plan is in place, it starts with knowing what you have, what you need to protect and what are the potential risks you have so a smart plan can be made when it comes to insurance that fits you and your business.

Many times a good CFP will have a network of referrals to both personal and business insurance agents that can help carry out your plan for smart insurance that fits your financial goals.

Like stock investing, everyone should know their own level of risk tolerance when it comes to what to insure and for how much.

If you’re a conservative person who wants to sleep better at night, you might want to be more heavily insured than someone who is a bit more of a risk taker. Either way, the money has got to come from somewhere. So, where’s it going to come from for you?

My suggestion is once you know what you have to protect in the way of both personal and business assets and how well you’re protected today, you can make a better approach to insurance needs.

 

Exposure is tricky

You may have an LLC or be incorporated but if you speak with a good lawyer they might tell you that the corporate veil can be pierced under certain circumstances. That’s again why you want to look at the whole exposure you have and what goals you have for your insurance with the whole advisory team involved. That team begins with a CFP and then your lawyer and accountant being in the mix. The best way I’ve found to keep this sound approach from spiraling out of control when it comes to complexity and money spent is to have the CFP be in charge.

The right insurance can be instrumental in helping you overcome extreme circumstances like those of you who may have faced the full fury of Hurricane Sandy or some other type of catastrophic event. Without good insurance and a good agent, it can wipe you out. But with the right insurance and right agent, it can restore you to financial health. A key factor is examining what it does and doesn’t cover so once again you can assess the risk you take because you are unlikely to be able to insure everything from all events that can happen.

Insurance can be pivotal when a key person is incapacitated or dies. The business can otherwise come to end but with good “key man” insurance it can buy time to recover and make a smooth transition.

Insurance can help overcome the inability of you or a partner to work in the business if one or both of you become disabled and it’s setup properly.

Insurance can be used to fund a buyout if it’s tied to a buy-sell and spelled out as to who owns what insurance policies on whom for how much and under what circumstances.

There are potential tax and legal issues so it is wise to huddle up the team once again to examine it from all perspectives. Once again, the CFP should be leading the efforts to minimize devastating tax and legal issues.

Here’s a link to learn more about the types of business insurance that are out there so you can jump start a discussion with your trusted advisors:

http://www.forbes.com/sites/thesba/2012/01/19/13-types-of-insurance-a-small-business-owner-should-have/

In the end, only you can make the right decision once you’ve done your due diligence because you have to be comfortable with what are the right types of insurance at the right levels. This will give you the comfort you need for your type of personality and needs without overly burdening yourself and your business with too much overhead cost attributed to insurance.

 

Is Your Company Right Sized and Working the Right Way?

Probably not! …What should you do? Call Al. But, don’t take my word for it:

“I wasn’t sure how you could help my business which is a large developer of condominiums. Now that we’re working together, I know exactly how helpful you can be to me and my business! I love the new flat organizational chart you help create for my company and the staff loves it too. Growth is good but growth with a proper structure is key and now we have that. I think the move to rent out the 2nd floor and get us all on one floor is exactly what we needed too. We’ve stopped the “Ivory Tower” approach to management.

All of this and more that you’ve done in just Planning Power! alone has had a dramatic effect on increasing productivity, teamwork, accountability and more. It feels great. 

 Thanks,” 

Sam Scalia

Samcon

815 Rene Levesque Est.

Montreal, Quebec h2L4v5”

 

Go to www.appleseedbusiness.com and get started by getting your free 30 minute call today!

Al Levi has been helping contractors solve problems and turn greater profits while making it possible for them to get their lives and free time back. To discover more, visit www.60SecondContractorSolution.com.

And also check out Al’s latest business adventure as part of Zoom Franchise Company at www.zoomdrain.com/franchise-opportunity.

 


HELPFUL LINKS:

  • www.60SecondContractorSolution.com
  • Contact Us
  • STAY CONNECTED WITH US VIA SOCIAL MEDIA
KEYWORDS: business strategy financial planning

Share This Story

200x200 7power blog

Al Levi teaches contractors how to run their businesses with less stress and more success with operating manuals. To get control of your business and grow the right way, check out the "7-Power Contractor Signature Operating Manuals System," at 7powercontractor.com/manuals. Also check out Zoom Franchise Co. at zoomdrainfranchise.com. It’s a living example of the power of manuals and more in action.

Recent Comments

Very informative post

Experience matters even if it's not yours

Importance Of Making Employees Aware About Company Policies And Procedures

This is key for any business in my...

[No title]

close

1 COMPLIMENTARY ARTICLE(S) LEFT

Loader

Already a Registered User? Sign in now.

Subscribe For Free!
  • eNewsletters
  • Online Registration
  • Subscription Customer Service
  • eMagazine
  • Manage My Preferences

Bell & Gossett Illustrates Path to Net-zero at AHR Expo

Bell & Gossett Illustrates Path to Net-zero at AHR Expo

IPEX celebrates grand opening of new Florida distribution center

IPEX celebrates grand opening of new Florida distribution center

NIBCO Press Solutions

NIBCO Press Solutions

AI can boost efficiency and profitability for plumbing, HVAC contractors

AI can boost efficiency and profitability for plumbing, HVAC contractors

More Videos

Sponsored Content

Sponsored Content is a special paid section where industry companies provide high quality, objective, non-commercial content around topics of interest to the Plumbing & Mechanical audience. All Sponsored Content is supplied by the advertising company and any opinions expressed in this article are those of the author and not necessarily reflect the views of Plumbing & Mechanical or its parent company, BNP Media. Interested in participating in our Sponsored Content section? Contact your local rep!

close
  • J.J. Keller CMV vehicles on road
    Sponsored byJ. J. Keller & Associates, Inc.

    The dash cam game-changer for small business safety

Popular Stories

The interior of a government building.

President Trump signs executive order promoting skilled trades and apprenticeships

Figure 1 is a sketch of the flow problems of the current plumbing system.

Hydronic heating glitch solved: Why adding a circulator won't fix primary loop flow issue

Underfloor heating installation with drain sewer hole in bathroom close up on water floor heating.

Using hydronics to leverage time-of-use electrical rates

PM BEMIS June 25 Free Webinar: Optimizing Plumbing Solutions for Single-Family, Multi-Family & Public Spaces

Events

November 13, 2024

Future Proofing MEP: Navigating the 2026 High Efficiency Water Heating Standards

Join our deep dive into DOE’s new standards so you can future-proof your MEP practice.

EARN: 0.1 ASPE CEU; 1 AIA LU/HSW; 0.1 IACET CEU*; 1 PDH

View All Submit An Event

Poll

Will business be up or down in 2025?

Do you anticipate business in 2025 to be up or down in comparison to 2024?
View Results Poll Archive

Products

The Water Came To A Stop

The Water Came To A Stop

See More Products

Download the FREE Water Conservation, Quality & Safety eBook: Plumbing Trends Increasing Safe Water Availability

×

Keep your content unclogged with our newsletters!

Stay in the know on the latest plumbing & piping industry trends.

JOIN TODAY!
  • RESOURCES
    • Advertise
    • Contact Us
    • Directories
    • Store
    • Want More
    • Supply House Times
  • SIGN UP TODAY
    • Create Account
    • eMagazine
    • eNewsletter
    • Customer Service
    • Manage Preferences
  • SERVICES
    • Marketing Services
    • Reprints
    • Market Research
    • List Rental
    • Survey/Respondent Access
  • STAY CONNECTED
    • LinkedIn
    • Facebook
    • Instagram
    • YouTube
    • X (Twitter)
  • PRIVACY
    • PRIVACY POLICY
    • TERMS & CONDITIONS
    • DO NOT SELL MY PERSONAL INFORMATION
    • PRIVACY REQUEST
    • ACCESSIBILITY

Copyright ©2025. All Rights Reserved BNP Media.

Design, CMS, Hosting & Web Development :: ePublishing

search
cart
facebook instagram twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
  • NEWS
  • PRODUCTS
  • CONTRACTORS
    • BATH & KITCHEN PRO
    • BUSINESS MANAGEMENT
    • HIGH EFFICIENCY HOMES
    • TECHNOLOGY
    • WATER TREATMENT
    • PMC COLUMNS
      • Dave Yates: Contractor’s Corner
      • John Siegenthaler: Hydronics Workshop
      • Kenny Chapman: The Blue Collar Coach
      • Matt Michel: Service Plumbing Pros
      • Scott Secor: Heating Perceptions
  • ENGINEERS
    • CONTINUING EDUCATION
    • DECARBONIZATION | ELECTRIFICATION
    • FIRE PROTECTION
    • GEOTHERMAL | SOLAR THERMAL
    • PIPING | PLUMBING | PVF
    • PME COLUMNS
      • Christoph Lohr: Strategic Plumbing Insights
      • David Dexter: Plumbing Talking Points
      • James Dipping: Engineer Viewpoints
      • John Seigenthaler: Renewable Heating Design
      • Lowell Manalo: Plumbing Essentials
      • Misty Guard: Guard on Compliance
  • RADIANT & HYDRONICS
    • RADIANT COMFORT REPORT
    • THE GLITCH & THE FIX
  • INSIGHTS
    • CODES
    • GREEN PLUMBING & MECHANICAL
    • PROJECT PROFILES
    • COLUMNS
      • Codes Corner
      • Natalie Forster: Editorial Opinion
      • Guest Editorial
    • SPONSOR INSIGHTS
  • MEDIA
    • PODCASTS
    • VIDEOS
    • WEBINARS
  • RESOURCES
    • INDUSTRY CALENDAR
    • DIRECTORIES
    • EBOOKS
    • PM BOOKSTORE
    • CE CENTER
    • MARKET RESEARCH
    • CLASSIFIEDS
  • EMAGAZINE
    • EMAGAZINE
    • ARCHIVE ISSUES
    • CONTACT
    • ADVERTISE
    • PME EMAGAZINE ARCHIVES
  • SIGN UP!