Even though you may have a host of professional advisors in your support system, listen and heed their advice. Something can happen (e.g., an auto accident) that not only results in damages and claims against you but also injures you and hampers your ability to return to work.
The damage from such a scenario can be reduced with appropriate insurance coverage. As a business person and healthcare professional you need more than an agent or a website to meet your insurance needs. The licensed insurance professional you deal with from any company is technically an insurance agent, but you should select that agent with the idea in mind that he or she is a counselor and advisor — just like your accountant and your attorney.
Providing Sound Advice for Your Protection
The concept of an insurance consultant is that he or she understands your unique family, professional and personal situation and how to help you cover the risks to you achieving your goals. This is not to say you should buy every policy an agent recommends to you, but he or she should help you identify risks and understand how to manage risk through available insurance products. Your insurance advisor should also help you compare policies and explain the important features of available alternatives.
In addition to protecting you, insurance can help you achieve some of your financial goals. For example, you might consider:
- annuities as part of your financial plan
- life insurance to fund the buy/sell of your practice
- life insurance to pay estate taxes and probate costs upon your death
Your insurance advisor should be an integral part of your support system and be consulted before you make a big decision or incur a loss as a result of an accident. It is also a good idea to meet with your insurance agent at least annually to discuss any changes to your risk profile, review limits on your current policies and make sure your risk management needs are up to date and well managed.