Small Biz Millionaire Ep. 10: Personal Insurance

Your business insurance has to be tailored to the business that you have.
Your personal life also has to be tailored, your insurances have to be tailored to your life.
The number one thing about insurances is: it's a transfer of liability.
What you're trying to do is protect yourself, your family, and your employees, by taking care of yourself.
When you're in business, you are a big target, you have to protect yourself in every way.
Your financial responsibility does not stop when you leave your business and go home.
1. Homeowners insurance is the first thing you do because we as Americans we want to always own a home and we always want to protect our investment.
2. Personal Auto: If you're a business owner, your personal auto is when you're going out
and if you had an accident and you hurt someone, you want to make sure you have coverage.
3. Term life insurance: There's whole life, there's term life, whole life is a waste of money.
Don't invest in it. You won't live long enough to get a return. Take the extra money that you may have and invest it into your individual 401K or your Roth IRA. You'll get a much bigger return, okay.
4. Disability insurance is another one that's very important to have. Just so you know, you as an owner, you have workers comp coverage when you're working, when you're going to the job site,
you're working around your property at the building, you're going to see customers. But workers comp does not cover you once you are home.
5. I strongly recommend to have an individual umbrella policy also. Depending on your net worth, your assets, a minimum of a million dollars, minimal. That way you have the umbrella policy to fall back on.
6. There's other things to put in for layers of protection and one thing is called a trust. A will, especially as you gain assets, as you gain more,
you're in business longer, your wealthier.
You want to have those things in place and I recommend everybody have a trust and a will from day one.
If you like this video, please share, please subscribe and please comment.
And I will do my best to get back with you.
-David

[@luiselizalde6757]

Thanks David God bless you with health, and you family, I really appreciate your knowledge,

[@jonesacnaples]

Thx you
I hope it helps you