Remember if you have any queries, please post a comment.
Regards
Nikki
A. 9. Insurance
Is you business adequately insured? Are you adequately insured? When I say adequately insured, I mean are you insured for the right stuff? It is pointless for someone with a business in town to be insured for farming implements. Often the insurance that we are given by the broker/insurance company is not tailored to our specific needs, this would effectively mean that you are paying for insurance that you are not insured for the stuff that you should be insured for.
Remember insurance is a relatively broad thing – there is short term insurance and long term insurance.
Make sure that your short term insurance is correct – that’s you insuring for the all the “nuts and bolts” in your business. Your computer and printer, your office furniture and so on.
Then of course there is the long term insurance – if you have a partner (and this includes your wife/husband and/or significant other) in the business, you need to be insured in case something should happen to you. Have a look at getting yourself a buy/sell agreement. This will provide the surviving co-owners with funds to purchase the interest or share of the deceased or disabled co-owner.
It is a good idea at this point to make sure that your will is in order and that everything has been left to whomever it is that you want to leave it to. Make sure that you go to someone who knows what they are doing in terms of your will. Someone who does and/or specializes in Estate Planning and Trusts would be a good idea – if you are not sure who to go to, get in touch with me and I will give you some referrals and recommendations. Again, be prepared and write down your wishes and your ideas – this can then be worked on and into the legal document that will eventually become your will.
Is you business adequately insured? Are you adequately insured? When I say adequately insured, I mean are you insured for the right stuff? It is pointless for someone with a business in town to be insured for farming implements. Often the insurance that we are given by the broker/insurance company is not tailored to our specific needs, this would effectively mean that you are paying for insurance that you are not insured for the stuff that you should be insured for.
Remember insurance is a relatively broad thing – there is short term insurance and long term insurance.
Make sure that your short term insurance is correct – that’s you insuring for the all the “nuts and bolts” in your business. Your computer and printer, your office furniture and so on.
Then of course there is the long term insurance – if you have a partner (and this includes your wife/husband and/or significant other) in the business, you need to be insured in case something should happen to you. Have a look at getting yourself a buy/sell agreement. This will provide the surviving co-owners with funds to purchase the interest or share of the deceased or disabled co-owner.
It is a good idea at this point to make sure that your will is in order and that everything has been left to whomever it is that you want to leave it to. Make sure that you go to someone who knows what they are doing in terms of your will. Someone who does and/or specializes in Estate Planning and Trusts would be a good idea – if you are not sure who to go to, get in touch with me and I will give you some referrals and recommendations. Again, be prepared and write down your wishes and your ideas – this can then be worked on and into the legal document that will eventually become your will.
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