|
Celebrating
our 25th Anniversary
Reducing your liability risk beyond an
umbrella policy
As with most things in life, personal liability umbrella insurance
doesn’t provide 100% protection. You may still be exposed to potential
risks for claims and lawsuits. So read the fine print for exclusions in
your policy. In particular, it likely won’t cover punitive damages or
damages resulting from intentional acts, unless you can provide
reasonable justification.
But by applying common sense and basic safety practices, you can
considerably reduce your liability risk and possibly even your annual
premium amounts. Here are some preventive steps you can take:
- Apply antislip treads or paint on
outdoor porch and deck stairs.
- Adequately light walkways and keep
them free of leaves, ice and snow.
- Inspect porches and decks annually
for integrity of construction, supports and safety railings.
- Keep fire extinguishers handy.
- Place a safety cover on your pool
when it’s not in use and make rescue equipment readily accessible.
- Supervise young children around the
swimming pool or outdoor play equipment.
- Leash your dog on walks and install
a fence around your yard.
- Require all car passengers to fasten
seatbelts, motorcycle passengers to wear helmets and boat passengers
to wear life jackets.
Taking such simple preventive
measures will not only reduce your liability risks but may help
spare a tragic injury or devastating loss of a life. |
|
|
|
Shield yourself with a personal
liability umbrella insurance policy
When’s the last time you checked
your personal liability insurance coverage? If your coverage
is inadequate, a lawsuit could wipe out much of your
personal wealth and assets. Personal liability umbrella
insurance policies are designed to provide extra protection
beyond your standard liability coverage if you’re found
responsible for an individual’s injuries resulting from an
accident. This article explains how the policies work and
what they typically cost. A sidebar offers practical tips
for ensuring your home and recreation areas are accident
free.
Read more
A prescription for rising
health care costs: Vendor partnerships
The National Coalition on
Health Care reports that employer health insurance premiums
in 2004 rose about four times the rate of inflation. If
you’ve already implemented MSAs, HRAs, HSAs and FSAs, and
sent out for competitive bids for group health insurance,
consider consolidating the number of health care vendors you
work with to obtain special discounted pricing. This article
explains how this concept can work to save your business
money.
Read more
Tax Tips
This section presents brief
notes on retirement plan compliance and investing in real
estate.
Read more
|
|
Dipping into retirement
savings can be hazardous to your wealth
On average, people today are
living longer and retiring sooner. So it’s conceivable
you could spend almost as many years in retirement as
you do working — which means you’ll need to save more
for your golden years in a shorter amount of time. As
your savings grow, you could be tempted to tap your
retirement accounts for current needs such as buying a
new home or paying unexpected medical expenses. This may
seem like a convenient solution, but it can come at a
high price. This article explains the financial
consequences, including the tax bite, of early
retirement plan withdrawals. Cases cited in “Timing is
everything”: Beckert v. Commissioner (TC Memo 2005-162)
and Duncan v. Commissioner (TC Memo 2005-171).
Read more
|
|
