This document discusses the increased risks to personal and business assets during economic downturns. It notes that personal injury lawsuits, business lawsuits, property crimes, and general economic instability all tend to increase when people are under financial stress. It provides specific examples in each of these categories and urges readers to take proactive steps now, such as reviewing insurance coverage, implementing asset protection strategies, and strengthening security, to help safeguard their wealth.
Personal Lines for the Business Owner/ExecutiveFinancial Poise
You spend a lot of time making sure you have the correct insurance for your business, but are you giving enough attention to protecting your personal assets? This webinar will focus on protecting the personal interests of the business owner/executive.
What risks should you be aware of? How can you best protect your business and your personal assets? What insurance is suitable for you? This panel will answer your lingering questions of how you can better protect your personal assets. Join the panel as we conclude this informative and rewarding series on Insurance for the Business Owner.
Part of the webinar series: INSURANCE FOR THE BUSINESS OWNER - 101 2021
See more at https://www.financialpoise.com/webinars/
HUB's supplement guide explains how a business interruption policy covers your lost income during a disaster and how it fits with your overall business insurance solutions.
Learn more at: https://www.hubinternational.com/products/business-insurance/business-interruption-insurance/
Data Breach Response: Before and After the Breach (Series: Cybersecurity & Da...Financial Poise
Your company has just suffered a data breach – what do you do next? Who do you call for help? Whom do you need to notify of the breach?
Your company may have already implemented its information security program and has identified the responsible parties, including applicable outside experts, to be contacted in the event of a breach. However, now you must assemble your incident response team to investigate the extent of the breach, evaluate the possible damage to your company, and determine whether you must notify your clients or the public of the breach. This webinar gives you an overview of what to do when the worst happens.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/data-breach-response-2018/
Compare business insurance online and get cheap business insurance quotes from specialist providers. Quickbima's business insurance can be tailored to your unique needs, so you get the comfort of comprehensive protection – whatever business you're in. checkout: https://www.quickbima.com/business-insurance/compare-small-business-insurance
This edition of BIZGrowth Strategies features the following articles: Cybersecurity: Why Your Business Needs Prevention & Protection Measures; Expanding Your Wealth: The Basics; Stop Calling Health Plan Administrators Health Insurers; Reinventing Your HR: The 21st Century HR Professional; and Avoid Surprises: Plan Ahead When Tax Planning.
Personal Lines for the Business Owner/ExecutiveFinancial Poise
You spend a lot of time making sure you have the correct insurance for your business, but are you giving enough attention to protecting your personal assets? This webinar will focus on protecting the personal interests of the business owner/executive.
What risks should you be aware of? How can you best protect your business and your personal assets? What insurance is suitable for you? This panel will answer your lingering questions of how you can better protect your personal assets. Join the panel as we conclude this informative and rewarding series on Insurance for the Business Owner.
Part of the webinar series: INSURANCE FOR THE BUSINESS OWNER - 101 2021
See more at https://www.financialpoise.com/webinars/
HUB's supplement guide explains how a business interruption policy covers your lost income during a disaster and how it fits with your overall business insurance solutions.
Learn more at: https://www.hubinternational.com/products/business-insurance/business-interruption-insurance/
Data Breach Response: Before and After the Breach (Series: Cybersecurity & Da...Financial Poise
Your company has just suffered a data breach – what do you do next? Who do you call for help? Whom do you need to notify of the breach?
Your company may have already implemented its information security program and has identified the responsible parties, including applicable outside experts, to be contacted in the event of a breach. However, now you must assemble your incident response team to investigate the extent of the breach, evaluate the possible damage to your company, and determine whether you must notify your clients or the public of the breach. This webinar gives you an overview of what to do when the worst happens.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/data-breach-response-2018/
Compare business insurance online and get cheap business insurance quotes from specialist providers. Quickbima's business insurance can be tailored to your unique needs, so you get the comfort of comprehensive protection – whatever business you're in. checkout: https://www.quickbima.com/business-insurance/compare-small-business-insurance
This edition of BIZGrowth Strategies features the following articles: Cybersecurity: Why Your Business Needs Prevention & Protection Measures; Expanding Your Wealth: The Basics; Stop Calling Health Plan Administrators Health Insurers; Reinventing Your HR: The 21st Century HR Professional; and Avoid Surprises: Plan Ahead When Tax Planning.
Property/Business Interruption and Cyber Liability (Series: Insurance for the...Financial Poise
This panel discusses key elements of a property policy such as what coverages could be essential to your business, i.e., Business Income, Contingent Property, and Professional Services (and you don’t need to be in the Professional Services business to get value from this coverage), an explanation of co-insurance v. agreed value, and different valuations like replacement cost v. cash value as well as proper valuation of assets
We’ll also discuss Cyber Liability coverage, why it’s so important to so many more businesses than one might think and what could be important considerations for a policy since each policy varies from carrier to carrier. We’ll look at topics like protecting inventory with a “street value,” “Are you the insured?”, carrying a “foreign exchange” risk with your cyber policy, “Who’s going to obtain crypto currency to pay a ransom?”, “Do you have a potential bodily injury risk?”, and “Do you need business income coverage?”
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/property-business-interruption-and-cyber-liability-2021/
Why it's not safe to provide a professional service without pi insuranceAmanda Smith
As a professional you are putting yourself out there. You are providing a service to the public. You are also human and mistakes do happen. In the event that you, or one of your employees unintentionally makes an error, or have an omission in your work and you could be held liable for in the event your client or third party suffers a financial loss.
Data Privacy & Security 101 (Series: One Hour Law School)Financial Poise
Information technology systems are at the core of the way we live, work, and play; they impact virtually every aspect of our lives today, and businesses of all kinds are increasingly data driven. But businesses must understand and protect against the legal, business and reputational risks from actual or perceived misuse of such data. And they must navigate these waters in a world where data knows no boundaries, and in which governments and others apply differing standards and have carry differing expectations. Experts further warn (and sometimes daily news seems to suggest) that data breaches are inevitable, and businesses must plan for the operational, legal and reputational fallout of such events. Get up to speed with us on a topic that will continue to grow in importance in today’s data-driven marketplace.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/data-privacy-security-2019/
A detailed guide to UK contractor insuranceScott Moreton
This is a detailed guide to the differnt tyoes of insurance that you may need as a UK contractor or freelancer. The guide goes into great depth and clearly explains the reasons for protecting your business.
This is a detailed guide to the different types of insurance that you may need as a UK contractor or freelancer. The guide goes into great depth and clearly explains the reasons for protecting your business.
We offer complete commercial insurance services in Campbell CA to meet business owners insurance needs without being over insured and over charged while minimizing their liability risk.
Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
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Property/Business Interruption and Cyber Liability (Series: Insurance for the...Financial Poise
This panel discusses key elements of a property policy such as what coverages could be essential to your business, i.e., Business Income, Contingent Property, and Professional Services (and you don’t need to be in the Professional Services business to get value from this coverage), an explanation of co-insurance v. agreed value, and different valuations like replacement cost v. cash value as well as proper valuation of assets
We’ll also discuss Cyber Liability coverage, why it’s so important to so many more businesses than one might think and what could be important considerations for a policy since each policy varies from carrier to carrier. We’ll look at topics like protecting inventory with a “street value,” “Are you the insured?”, carrying a “foreign exchange” risk with your cyber policy, “Who’s going to obtain crypto currency to pay a ransom?”, “Do you have a potential bodily injury risk?”, and “Do you need business income coverage?”
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/property-business-interruption-and-cyber-liability-2021/
Why it's not safe to provide a professional service without pi insuranceAmanda Smith
As a professional you are putting yourself out there. You are providing a service to the public. You are also human and mistakes do happen. In the event that you, or one of your employees unintentionally makes an error, or have an omission in your work and you could be held liable for in the event your client or third party suffers a financial loss.
Data Privacy & Security 101 (Series: One Hour Law School)Financial Poise
Information technology systems are at the core of the way we live, work, and play; they impact virtually every aspect of our lives today, and businesses of all kinds are increasingly data driven. But businesses must understand and protect against the legal, business and reputational risks from actual or perceived misuse of such data. And they must navigate these waters in a world where data knows no boundaries, and in which governments and others apply differing standards and have carry differing expectations. Experts further warn (and sometimes daily news seems to suggest) that data breaches are inevitable, and businesses must plan for the operational, legal and reputational fallout of such events. Get up to speed with us on a topic that will continue to grow in importance in today’s data-driven marketplace.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/data-privacy-security-2019/
A detailed guide to UK contractor insuranceScott Moreton
This is a detailed guide to the differnt tyoes of insurance that you may need as a UK contractor or freelancer. The guide goes into great depth and clearly explains the reasons for protecting your business.
This is a detailed guide to the different types of insurance that you may need as a UK contractor or freelancer. The guide goes into great depth and clearly explains the reasons for protecting your business.
We offer complete commercial insurance services in Campbell CA to meet business owners insurance needs without being over insured and over charged while minimizing their liability risk.
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Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
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2. PRO ASSET PROTECTION
Your Wealth, Made Safer
www.ProAssetProtection.com
As businesses continue to close and the number of Americans
making unemployment claims have surpassed ten million as
of April 2, 2020 another recession may well be upon us.
We helped many successful individuals survive the last
recession that started in 2008 by helping them manage and
identify risks. Unfortunately, times of economic duress require
increased vigilance and attention to detail.
3. PRO ASSET PROTECTION
Your Wealth, Made Safer
www.ProAssetProtection.com
Based on nearly two decades of experience with thousands of
clients, here are some the specific threats that spike during
tough times, when people are scared, desperate and willing to
make claims that they may not ordinarily have pursued.
We hope sharing this “20/20 hindsight” allows you to identify
any areas you may need to act on now, before they become a
crisis.
4. PRO ASSET PROTECTION
Personal Injury Lawsuit Risks Spike In A Recession.
No, you are not imagining an increase in plaintiff attorney
advertising. They are aware of the pressure and are offering a
“solution”. Your wealth.
1. Car Accidents
2. Real Estate and Premises Related Liability for Landlords and
Homeowners
3. Worker’s comp claims
4. Product Injury Lawsuits
Your Wealth, Made Safer
www.ProAssetProtection.com
5. PRO ASSET PROTECTION
Business Lawsuits Increase
1. Lawsuits by investors you may have solicited for a business
project or investment project
2. Intracompany lawsuits between partners including medical
practices and family businesses
3. Lawsuits regarding the sale or purchase of a business that is now
on hard times
4. Disputes over contracts that can’t be fulfilled for any reason
including forced closure, loss of labor, loss of supply chain
5. Employment lawsuits for termination, harassment etc.
Your Wealth, Made Safer
www.ProAssetProtection.com
6. PRO ASSET PROTECTION
Property Crimes Increase
1. ID theft both in person and online through phishing etc.
2. Mail and package theft since we’ve switched to a delivery
economy
3. Burglary including break-ins at both occupied and unoccupied
commercial and residential property
4. Internal fraud, theft and embezzlement by business partners and
employees
5. Robbery and other violent crimes
Your Wealth, Made Safer
www.ProAssetProtection.com
7. PRO ASSET PROTECTION
Your Wealth, Made Safer
www.ProAssetProtection.com
Your Economic Position Becomes More Fragile
1. Your actively earned income may stop or significantly decrease
2. Your passive income from investments and real estate may stop or
decrease
3. You may not be able to service all your debts from savings
4. You may be unable to continue in your current profession
5. Your spouse or extended family, including parents or adult
children may lose employment, income or otherwise become
insolvent
9. PRO ASSET PROTECTION
Your Wealth, Made Safer
www.ProAssetProtection.com
Personal Planning Moves to Review NOW - While You Can Still Act
1. Review Key Insurance in These Areas
- Disability Insurance
- Life Insurance
- Long Term Care Insurance
- Personal Liability Insurance - including an umbrella of at least $2MM and
hi limits of UIM and UM coverage (under-insured and un-insured motorist
coverage)
2. Get an estate plan in place or update your current one
10. PRO ASSET PROTECTION
Your Wealth, Made Safer
www.ProAssetProtection.com
Personal Planning Moves to Review NOW - While You Can Still Act
3. Implement personal asset protection planning against unforeseen
circumstances
4. Re-evaluate your personal security practices including use of alarms,
cameras and other security devices
5. Secure your personal property against theft and create a visual record of
your valuables, like taking pictures and video of the contents of your home
6. Update your passwords, virus protection and use two-factor identification
for online accounts.
11. PRO ASSET PROTECTION
Your Wealth, Made Safer
www.ProAssetProtection.com
Business Defense Moves To Make NOW
1. Make sure you have all your internal corporate documents and that
they are up to date including cross-purchase and buy-sell agreements
with any partners
2. Make sure these agreements are FUNDED with life and disability
insurance as they require in case of the death or incapacity of a partner
3. Work with your CPA to create a cashflow analysis and budget
4. Review all your business insurance for loss and liability limits and cost
and in addition to general liability make sure you have the specialty
business liability required, at the right amounts.
13. PRO ASSET PROTECTION
Your Wealth, Made Safer
www.ProAssetProtection.com
Business Defense Moves To Make NOW
5. Review and upgrade all your IT and physical security protocols
6. Have an up to date employment policy manual
7. Consider your financial controls to prevent internal theft and
embezzlement – it shouldn't ever be delegated to one person who no
one checks up on
8. Consider if you need to insure any key employees in the event of their
death or disability or if you need disability overhead insurance
9. Review any public safety protocols that may be required by COVID-19
14. PRO ASSET PROTECTION
Your Wealth, Made Safer
www.ProAssetProtection.com
This list can’t ever be complete, so please apply your own facts to
these suggestions and get experienced professional help now,
before a crisis occurs.
Your options are greatest in number, lowest in cost and most
predictable if this is preventative planning.
15. PRO ASSET PROTECTION
Your Wealth, Made Safer
www.ProAssetProtection.com
About The Author:
Asset Protection Attorney Ike Devji has nearly 20 years of experience
devoted exclusively helping to protect over $5 billion in personal
wealth for a national client base that includes thousands of business
owners, real estate investors, physicians and entrepreneurs.
He is a frequent speaker, educator and author on these issues with
hundreds of national bylines in legal, financial and medical
publications.
He is the founder of Pro Asset Protection and Arizona Wealth Law and
is also of-counsel with the Arizona law firm of Davis Miles McGuire
Gardner and the leading national Asset Protection law firm of Lodmell
& Lodmell, P.C. where he was previously the firm’s managing attorney.