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Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

July/August 2018

Do an Insurance Audit

Do an Insurance Audit

While most businesses have basic property and general liability insurance, they may have risk exposures elsewhere. Conduct an insurance audit to find out where.


The Basics
Start by exploring the need for business vehicle insurance and umbrella insurance. The latter is an extra amount above the limits established by property, liability and auto insurance.


Work with an insurance professional to understand the limits, deductibles and exclusions of each type of insurance. Exclusions, could point to the need for more specialized insurance.


Specialized Coverage
Exclusions that may need separate coverage often include flood, windstorm and earthquake coverage. In some areas, windstorm or flood insurance is required.


Beyond Nature
Other types of coverage your business might need include cyber-theft and identity theft insurance, to cover your employees and your customers for these risks.


Depending on the policy, employment practices liability insurance (EPLI) will help insure against damages due to wrongful termination, employee harassment, discrimination and other risks. If you have a professional practice, you may need errors and omissions (E&O) insurance.


Life & Disability
If you have employees, you may want to price group life insurance and disability income (DI) insurance. The former helps protect employees’ loved ones, while the latter helps protect employees’ largest asset — their ability to earn a living.


While you’re comparing insurance coverage for your employees, don’t forget about life insurance and DI insurance to protect yourself, partners and the business. With the help of a qualified attorney, you can create an agreement that includes life insurance on individual owners. The death benefit can either go to family members named as beneficiaries to pay for a business interest, or to the business to help the company recoup the financial loss that accompanies the death of an owner.


Talk to your financial professional experienced with business insurance to learn more.


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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
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