Mission Financial Planning Begins 2013 Insurance ReviewsSubmitted by Mission Financial Planning on January 2nd, 2013
Insurance is used in financial planning to mitigate risk, replace lost income, restore assets or leave a legacy. Because of its importance, we schedule regular reviews for our clients’ policies, and keep an ear open for changes in our clients’ lives that would warrant a change in insurance.
Dental practice owners need to have an insurance review their business interruption, office overhead, property, general and professional liability policies annually, especially when changes have occurred in size of staff, revenue, location or services; changes that would warrant a personal insurance policy review would include marriage or divorce, change in dependents, significant change in net worth (debt / investments), change in earning potential, buying or selling a business or nearing retirement.
Because we don’t sell anything but advice, clients feel comfortable sharing concerns about coverage. If we make a recommendation, clients know it’s for their benefit, not because we’re trying to make a sale. Read our recent article on when and why it might be time for an insurance review.