Protect Your Business And Your Dependants With Strategically-Chosen Insurance Policies

When most people think about insurance, they think about how to use it to protect their physical belongings, such as their home or car. However, with strategically selected insurance policies, you can protect not just your physical belongings but your family and your business too. In this brief guide, we're going to take a look at the key types of coverage you should seriously consider including if you'd like to create a strong business and personal safety net.

Your Most Valuable Intangibles

To figure out what type of insurance policies to include in your safety net, make a list of your most valuable intangibles, i.e. those things you possess that are not physical objects. While your list will be unique to you, there are several important intangibles that almost everybody includes when doing this exercise:

• Your Earning Ability

• Your Life

• Your Health

• Your Business

As luck would have it, there's an insurance product that's designed specifically to protect all of these intangible assets, as we discuss in the next section.

Picking the Perfect Insurance Products

To ensure that you select the best policies for your needs, consider each intangible asset in isolation and how best you can protect it.

• Income Protection Insurance - Your earning ability can be protected with a comprehensive income protection policy that replaces the majority of your regular income if you're ever unable to work for an extended period due to illness or injury.

• Life Insurance - The best type of policy with which to protect your life, i.e. the life that you have built with your partner and/or family, is a life insurance policy. With a generous lump sum payable on your passing, your family will have the financial wherewithal not only to survive but to flourish and enjoy the rest of their lives.

• Health Insurance - If you want to protect your health, you can invest in a fully-featured medical insurance policy. You should also consider joining your local gym or working with a fitness coach if you're really serious about your health.

• Business Interruption Insurance - To protect the intangible part of your business, i.e. the daily commercial activities that generate turnover, you can purchase business interruption insurance.

In addition to choosing which types of policies you need, you'll also have to find reputable, reliable insurers who are willing and able to provide the required coverage.

Choosing the Best Insurers for Each Type of Coverage

When shopping for new insurance policies in each category, we recommend focusing on licensed, well-established insurers who are either known to you personally or come highly recommended by your contacts. You can narrow your choice even further by calling each company and talking to their customer service agents. Those who do not provide a helpful, friendly service can be removed from your list.

In Closing

Insurance policies are not a buy-it-and-forget-it type of product. We recommend that you review your coverage annually and request quotations from other insurers if you think you can get a better deal elsewhere.