Insurance

Just the other day I was reminded of the importance of insurance. People have differing opinions on insurance and our clients are no different. Some think that paying for insurance is just giving money to large corporations that will never pay for a claim. Others, like us, believe in the importance of insurance and understand how in the blink of the eye your financial stability can be at risk.

Every time, without fail, when talking to a new client about choosing an entity type, we discuss the level of liability associated with the business. If there are employees we will discuss employee benefits including those involving insurance. It has now gotten to the level that businesses will be required to provide insurance for their employees. While I believe that these choices should remain in the hands of the individual/business owner, it reflects the level of intolerance most of us have in paying for the costs of the uninsured. The driver of the car that caused my accident didn't have insurance which puts it on my insurance causing me to pay the uninsured motorist deductible. That raises the question, why does uninsured motorist have a deductible? But that's a rant for another day. The point being that if I was not insured I would be in a financially difficult situation to make the repairs. The other car was not drivable and by making the decision not to have insurance, at the very minimum, his job is at risk.

I can't think of any other type of good or service that has as many varieties as insurance: life, health, auto, homeowners, dental, cancer, liability, workers' compensation, unemployment(state and federal), business continuation, and I'm sure there are many more I've forgotten.

It is impossible to escape the risks associated with everyday life. And it is important that even though you may be fortunate enough not to have to make a claim, you, your family, your assets, your business; all are protected from events that are impossible to foresee.