Our guest blogger this week is Candice Babusiak owner of Babusiak Agency Inc. Candice and her husband Rick are co-owners of one of the largest and most successful insurance agencies in the Triad. They employ a team of 9+ fully licensed agents who go through the full Babusiak Agency training program and accreditation. The Babusiak Agency, Inc. has been recognized as a Chairman’s Circle agency, Senior Vice President’s Club qualifier, and Ambassador Travel qualifier- every year they have been in business.
What Business Owners need to know about their Personal Insurance
When many business owners consider their insurance it’s typically worker’s comp and business liability policies that run through their mind. Most of the time business owners are so focused on their company they neglect proper care to their personal arrangements. Often times this means those who need proper protections most- are left with little to no coverage in major areas of exposure from the personal side.
I recently met with a high net worth client that employs 50+ people locally here in the Triad. He makes a considerable wage and has millions in assets but his personal insurance plan had not been reviewed in years because he had been “too busy” to meet for a review. Upon our thorough discussion of existing assets and income, we discovered a large gap in his existing liability coverage in relation to his total exposure in the event he was sued personally. In short, his family could lose everything because he didn’t have enough liability protection in place to shield his personal assets. Our 1 hour meeting uncovered and addressed this exposure all for a few dollars more per month. We also discussed how adding a simple endorsement to his auto policy could extend coverage to him personally while driving a company owned vehicle.
When we completed our meeting he thanked me for my time and for explaining everything to him. In all of his years in business, “no one had ever taken the time.” This is unfortunately all too common in today’s world. You can get a quote in 15 minutes and save 15% or more but in the event you are sued for a million dollars… sorry bout’ your luck. Taking a discount approach to insurance is a common mistake and one that business owners need to be aware of.
My best advice is finding a trustworthy and knowledgeable insurance professional. The mission of the company and the agency should reflect your values and align with your objectives. An agency’s philosophy toward insurance should also be considered. If an agency only values price and recommends a company or policy based on this alone… you are likely not getting great advice. Not all insurers are created equally and you can spend a lot of money on a policy that won’t cover much. Nothing can replace the value of a professional who is diligently protecting your best interests. Do your homework and choose who will best meet your needs. Commit to periodic reviews and you will be just fine. It doesn’t take long, but it does take the right advice to ensure your best protection.