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Joe Jaspers, CFP®
Vice President, Wealth Management
Carolinas Telco Capital Advisors
Located at Carolinas Telco FCU
9813 South Blvd, Suite 101
Charlotte, NC 28273
Phone: 704-391-5600
Toll Free: 800-622-5305, ext. 2608
Fax: 704-556-1652
Email: joe.jaspers@lpl.com
January/February 2020
Insuring Your Business
If you read this newsletter regularly, you know that we talk about how life insurance can help fund various business agreements and fill out an attractive employee benefits menu. Life, health and disability insurance play prominent roles, but as a business owner you likely need to insure your company in a number of other ways. These are some ways businesses protect their financial investment:
The Foundation
If you run a business, you’ll need property insurance and general liability insurance. Property insurance protects your premises and business equipment financially if losses occur due to fire, theft and some weather events. General liability insurance protects you in case a person receives a bodily injury at your business site. Many insurers will offer a Business Owner Policy (BOP) that combines this and other coverage.Specialized Coverage
Some BOPs offer insurance to protect your business against losses caused by business interruption, employee theft and other liabilities. Depending on your business, you may also need Directors & Officers (D&O) insurance, or Errors & Omissions (E&O) insurance, which may also be sold as professional liability insurance, cyber and identity theft insurance and product liability insurance.If you have employees, your state will likely require you to cover them with worker’s compensation insurance, and it will probably mandate that your company vehicles have liability coverage, which you can find in a commercial auto package. You’ll need separate policies or endorsements for flood and earthquake coverage, and you may want to have an umbrella policy for extra coverage.
Core Offerings
Whether you run a one-person business or have 100 employees, you may want to consider how your business can help meet individual life, disability income and health protection needs. Health insurance is among the most important benefits you can offer prospective and current employees, while life insurance and disability income insurance financially protect employees and their loved ones against two potentially large exposures.As we enter 2020, now is not only a good time to talk to your property and casualty insurance professional, but to discuss with your insurance professional the individual and business challenges health, life and disability income insurance can help meet.
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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Carolinas Telco FCU and Carolinas Telco Capital Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Carolinas Telco Capital Advisors, and may also be employees of Carolinas Telco FCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, Carolinas Telco FCU or Carolinas Telco Capital Advisors. Securities and insurance offered through LPL or its affiliates are:
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