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Tag Archive for: financial planning

Why an Advisor Should Work with an Insurance Broker

August 7, 2022/in General Business Insurance, News

Wealth advisors who seek the support of an insurance broker not only set themselves up for success but most importantly, they also do so for their clients looking to purchase real estate.

An insurance broker provides a wealth of knowledge to help understand what potential liabilities ensue from the real estate purchase, as well as mitigate risk. 

This partnership will help you as an advisor, guide your client to make the best financial decision as well as plan for the future with the guidance of an insurance broker. Let’s dive into why an advisor should work with an insurance broker.

Infographic of Why an Advisor Should Work with an Insurance Broker

Types of Insurance Needed

The right insurance to cover your client’s upcoming real estate purchase depends on a variety of factors.

  • What kind of real estate is your client purchasing?
  • Where is the real estate located?
  • What is the size of the real estate?
  • What is the purpose of the purchase (personal or for business)?
  • Is the real estate located in a climate that requires additional coverage (i.e. fire zone, earthquake zone, etc.). 
  • And more

All of these answers will help advisors understand potential additional costs that may go towards insurance coverage (or even potential damage should an unforeseen issue arise). 

The different types of insurance policies your client may need for their real estate purchase include: 

  • Homeowner’s insurance 
  • Fire insurance 
  • Flood insurance 
  • Earthquake insurance 
  • The list goes on

The Benefits of Working With an Insurance Broker 

An insurance broker can assess the real estate property to see what potential risks the property has. If the piece of real estate is located in a fire zone, the insurance broker can identify what coverage would look like.

Essentially, working with an insurance broker helps list out all of the different insurance possibilities your client needs. Basic homeowners insurance or umbrella insurance may come with exclusions for coverage for fires, floods, etc.

Knowing what additional policies may arise allows you to sit with your client and discuss their financial strategy to help them maintain their goals.

Once you have the full picture from the insurance broker you’ve partnered with, you can then budget appropriately. You then have all of the materials necessary to make sure you can give a holistic overview to your client and tell them, “this is a financially smart decision” or, “let’s find a different route for you.” 

The main benefits of working with an insurance broker can be boiled down to these three factors:

  1. You help your client mitigate risk
  2. You save your client money both short term and in the long run 
  3. Your client will have better knowledge of the real estate investment they are making 
  4. As a broker, you will then understand where you can save your clients money and where they may have to invest more

Read on for more information on risk mitigation.

https://compedgeins.com/wp-content/uploads/2022/07/Why-an-Advisor-Should-Work-with-an-Insurance-Broker.png 628 1200 Brenda Jo Robyn https://compedgeins.com/wp-content/uploads/2020/11/logoweb.png Brenda Jo Robyn2022-08-07 07:00:002022-07-22 13:11:33Why an Advisor Should Work with an Insurance Broker

It’s a Good Time for an Insurance Review!

August 1, 2021/in General Business Insurance, News

Maybe you’re thinking, “I’ll review my insurance at the end of the year, along with all my other financial planning.” 

Think again, because right now is a good time for an insurance review!

Why Should I? 

At Competitive Edge Insurance, we believe that you are more than a history of insurance claims. There’s so much more to the story of your business than shock losses and industry pivots. We make sure to learn about your whole business because articulating who you are as more than a series of profit and soss (P&L) statements allows carriers to confidently cover you and your business.

Here are some steps that you as an individual, health and wellness practice, or general contractor can take to review your insurance now.

What Are The Steps?  

One of the first questions to ask yourself is, “What has changed over the past year?” The insurance coverage you have is bound to change based on the previous 12 months. This is even more so given the aftermath of a global pandemic.

Next, one key factor in an insurance review is to consider risk. To successfully mitigate risk, you need to ensure there is a transparent and frequent line of communication between project managers and stakeholders. Stakeholders might include owners, contractors and subcontractors, architects, and so on, depending on your project.

Work in tandem with stakeholders and go down the rabbit hole: What is everything that could potentially go wrong? After going down the rabbit hole, assess the risk. For each potential risk, rate it. On a scale, discuss the impact each risk would have on the project. Then, assign priority to the largest risks.

After evaluating each risk that is currently affecting your coverage, seek more developed opportunities. You may qualify for discounts if circumstances have changed, which is worth looking into. 

How?

Let’s connect! At Competitive Edge Insurance, our team is dedicated to your safety, security, and ongoing success. Our clients stay with us for decades because we have their business’ best interests at heart and the depth of knowledge and experience to protect and insure them no matter what the market conditions.

https://compedgeins.com/wp-content/uploads/2021/07/iStock-840610244.jpg 1414 2120 Brenda Jo Robyn https://compedgeins.com/wp-content/uploads/2020/11/logoweb.png Brenda Jo Robyn2021-08-01 16:16:002021-11-01 16:15:44It’s a Good Time for an Insurance Review!

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