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  • 1. 11680 Great Oaks Way Suite 175 Alpharetta, GA 30022 Five Insurance Mistakes Business Owners Make Ted Jenkin, CFP® Founder and CEO oXYGen Financial, Inc. Breathe Easier® TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC. ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. The information provided is not specific investment advice, a guarantee of performance, nor a recommendation. This is not an offer to buy or sell securities. The Illustrations are for illustrative purposes only and are not indicative of any investment. Past performance is no guarantee of future results .Before investing in an investment, investors should carefully consider the risk , expense, objective, including the possible loss of principal amount invested. This information is not intended to provide legal, tax, or investment advice. To avoid penalties that may be imposed under U.S. Federal tax laws, nor is it intended as a complete discussion of tax and legal issues surrounding retirement investing. Clients should contact their own tax advisors to learn more about rules that may affect individual situations.
  • 2. Who is oXYGen Financial?  Independent planning firm managing over $300,000,000 of client assets for small business owners/individuals.  Focusing on the X & Y generations (hence oXYGen)  Personally- 22 years in the business with six advanced designations.  I write Your Smart Money Moves ranked #93 on Wisebread top 100
  • 3. What Causes The Insurance Mistakes?         Lack Of Knowledge Not Buying Insurance Buying The Wrong Coverage Buying Inadequate Coverage Misunderstanding Coverage Wrong Deductibles Poor Cash Flow Management No Plan
  • 4. Mistake #1- No Disability Insurance  It’s important to understand that your net income will be a big determinant in coverage. A balance for business owners.  Understand what level of coverage your company will give you: ST Disability vs. LT Disability? Is It Integrated With social security? Own vs. Any occupation? Waiting Period/Benefit Period Future Purchase Option  Cost Of Living Adjustment  Shop at least three different carriers and READ the contract language.  You pay or the company pays?
  • 5. Mistake #2 – Selecting The Wrong Health Insurance  Open enrollment has officially begun for Obamacare 10/1/2014 to 3/31/2014. (trgquote.com)  What is the best way to manage cost in your business (especially if you have employees?) Group Plan vs. Exchange and use (HRA’s) OR Go Health Savings Account/HDHP or Traditional PPO/POS- also what about dental and vision insurance?
  • 6. Mistake #3 – No Professional Liability Insurance  Once you have decided to interface with the public, you exposure for liability can be significant. (especially if you are just a schedule “C” filer.)  What about infringement of items like: Copyright, trademark, title  Misappropriation, libel, plagiarism  Slander, defamation of character, etc.  And much more  You should at a minimum get yourself bloggers or publishers E & O insurance. All professionals should protect themselves.  filmemporium.com, axis.com, etc.
  • 7. Mistake #4 No BOE And No Continuity Plan Business Overhead Expense Insurance • Rent • Interest payments on some business debts • Utilities • Employees' salaries and payroll taxes • Postage and stationery • Equipment maintenance • Rental, lease, or depreciation of office equipment Buy-Sell Agreement- Do you have one and is it funded with life insurance? Key Man- Does your business have this funded
  • 8. Mistake #5 – Car Insurance  Whether to put your car in the business name or not is an important business decision.  What is your liability? Personally? Business?  Make sure to maximize deductibles which will reduce premium.  What coverages overlap on your policies and memberships?  What other parts of the coverages can be minimized?  56.5 cents on the mile/exp reimbursement Or put on 2106 form.
  • 9. Summary  You need to plan for the cost of insurance in your business.  This is just as important as having your business cash reserve.  Make sure to educate yourself on the different types of insurance. Shop it OR use someone who is truly independent shop the insurance. ted@oxygenfinancial.net