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Business: Insurance

Are you a breadwinner for your family? Imagine that tomorrow you were unable to work either by illness, accident or death. What would happen next? Many businesses have debts, and families have mortgages and credit cards and so on. A surprising number of business people have not planned for this. Of course ultimately we are talking about money and that means insurance. Money is not everything, but no problem is so bad it can't be made worse by a lack of money.

The great conundrum is you can't get insurance when you need it: in other words, when you're older, unfit or ill. You have to obtain it when you're younger, fit and healthy. That means today. So if you don't have a comprehensive range of insurances, stop whatever you're doing and go to your broker immediately. If you do have insurances, review them carefully.

A related issue is having a will and power of attorney. The families of business people need to protect their own interests by being able to assume the authority of an incapacitated breadwinner, which often doesn't happen automatically. Managing the affairs of someone without a will is several orders of magnitude more difficult than with a will. These are simple and inexpensive documents to prepare and will save a lot of work, expense and heartache in the future.

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