Your Wealth Puzzle » Commercial Insurance

Secrets To Finding All Financial Advice In One Source

yourwealthpuzzle — Fri, 03 Jul 2009 22:48:37 +0000

You want tax advice, financial advice and retirement savings advice.

You know that all three are needed for you to be financially healthy. But you’re not sure one source can provide such a variety of advice.

Is it possible to find a professional who can give good financial advice, tax advice, retirement savings advice plus be open to discuss other financial topics of interest to you?

The bigger question is, do you want one source or are you better off diversifying your sources of advice? Should financial professionals just stick to their professions. Let’s find out.

Your Sources of Financial Advice:

Your Insurance Agent

Insurance agents are experts in insurance.
Some insurance agents are licensed to work only in the insurances. They offer auto insurance, home insurance, life insurance plus commercial insurance and boat insurance.
Other insurance agents also have a securities license and then they can work with clients on their financial needs. They can sell IRA’s, annuities, 401k plans and other investment vehicles.
With securities license they cannot give tax advice, but they can give retirement savings advice and financial advice.
But the question you need to ask yourself is if you want to use your insurance agent for financial advice or just insurance?
Are you better off buying all your insurance from your insurance agent and using a financial adviser for retirement savings advice and financial advice?

Your Financial Adviser

Financial advisers are experts in financial advice.
Financial advisers are licensed and trained in financial services.
They work with clients on financial action plans; determining individual’s financial needs, goals, dreams.
They are financial planning and retirement planning experts.
They can give you retirement savings advice.
They can give you investment advice.
They have the financial products available to them.
They can determine your financial need and help you to fulfill it.
Are you better off having your financial adviser only draft a financial plan for you and then go outside to buy the product? Or using the financial advisers product to complete the financial plan?
Sometimes your banker may have the financial products you need?

Your Banker.

Your banker is in the money business.
They take deposits, make personal and business loans.
Some banks employ financial advisers to sell annuities or life insurance.
Some financial advisers can also sell security products, IRA’s, 401k’s, variable financial products.
If your bank doesn’t sell a financial product that you are looking for they may be able to recommend someone who they trust to have your best interests in mind.

Your Accountant.

Accountants are in the business to give tax advice.
They prepare taxes, they know the tax laws, they keep you in line with the tax laws.
Some accountants may be able to give financial advice in addition to tax advice, but do you want them to?
Some accountants are licensed to offer financial products, IRA’s, annuities, life insurance.

Everyone at some point in their lives needs some type of either financial advice or tax advice. Before you need it would be a good time to find it. For example, before you are about to retire and use your retirement savings is a good time to seek financial advice.

Using one professional as the only source of financial advice can be beneficial or a nightmare, you need to make that decision. Each financial professional offers different expertise, learn the differences before making a commitment to one professional.

Commercial Insurance

yourwealthpuzzle — Fri, 03 Jul 2009 20:20:19 +0000

Commercial insurance protects the interests of customers, suppliers and lenders. With commercial insurance the customer, supplier and lender are all buying peace of mind coverage. If anything goes wrong, the commercial insurance policy will be there to pay for the damages.

Commercial insurance policy coverages are broken down into main parts. One part of a commercial insurance policy is liability and the other part is property. Liability protects the customer when something goes wrong. Property protects suppliers and lenders from losing money on a project when something goes wrong.

Commercial Insurance has different types of Liability policies. They are: Contractor/Installer Liability Insurance Retail/Wholesale Liability Insurance Manufactureing Liability Insurance Commmercial Auto Insurance Liability Insured Employee Liabiltiy Insurance

Commercial Insurance has different types of Property policies: They are Building Insurance Business Property Insurance Moveable Equipment Stock of Materials Employees Property Car Insurance

Ask your insurance agent which type of commercial insurance you need to protect your business.

Commercial Insurance

yourwealthpuzzle — Fri, 03 Jul 2009 20:18:34 +0000

Commercial insurance policies can be purchased as a Businessowners policy (BOP) or as a Package of Policies. The BOP has both liability and property included within the same policy. The Package of Policies have a separate property policy for the building and a policy for the liability. The BOP will be priced as one policy. The Package will be priced per policy.

Commercial insurance through liabiltiy and property coverages provides the peace of mind to a customer to purchase any product and service. The value of commercial insurance is that it gives a solid financial structure and foundation to a business.

Some insurance agents specialize in auto and home insurance, others specialize in commercial insurance. Actually ask your what their speciality is – don’t assume they are experts in all lines of insurance.

The Basics You Must Know About Trust Accounts

yourwealthpuzzle — Thu, 02 Jul 2009 23:46:15 +0000

Be prepared, know the basics.

If you are thinking about opening a trust account, it is best to seek trust advice from the experts first.

Trust experts can include financial professionals such as your accountant, attorney or banker. It is in your best interest to be certain that the financial professionals you do chose to work with knows trust law.

Before your meeting though you should know a little bit about trust law so that you can understanding what the financial professional is talking about. By knowing the basics of trust accounts you can ask the experts the proper questions as they relate to your personal situation. Read below about the basics of trust accounts.

A Few Basics Of A Trust Account

Property Management

Property within a trust account is managed by one person for the benefit of another person.

The Trust Agreement

To set up a trust account, a trust agreement must be established.

Trustee

The owner of the trust account is called the trustee.

Different Trusts

There are revocable trusts and irrevocable trusts.
Each type of trust is taxed differently. Be sure to consult your accountant about the taxation of each.

Irrevocable Trusts

Irrevocable trusts cannot be changed, altered or terminated in any way once they are established.
If you don’t like the beneficiary you have chosen, oh well.
The inability to make alterations to an irrevocable trust is such an important concept and one that often gets confused or overlooked.
So make sure you thoroughly understand the consequences before you establish an irrevocable trust.

Revocable Trusts

Revocable trusts give the owner more control than an irrevocable trust.
With a revocable trust the owner has the ability to change or cancel the beneficiary.

Your financial professional should have additional information for you about trusts. We have just tried to get you to understand the basics. Work with your accountant, banker and attorney; each professional may present the concepts to you in a different manner.

If your accountant, banker or attorney does not understand the basics, find a different one to work with; that’s how important it is to work with a knowledgeable financial professional. It’s okay if one of those professional doesn’t know trust law, that doesn’t make them a bad professional; not everyone specializes in trust law.

If you do establish a trust be sure to notify your home insurance agent. If you own a business, you may also need to notify your commercial insurance agent, depending on how the business is set up.