businessfall2024

Fall 2024

Insurance is Vital to Financial Health

Seventy percent of successful people  have never had a proper insurance assessment.  As a result, the same group often ends up with inadequate insurance. Recent research tells the story: 

72% of successful people  interviewed did have overall liability insurance; however, it was set at limits too low to cover their actual risks, leaving them to pay judgments and fees of over $100,000 or more. Ten percent lacked liability insurance completely.

62% of policy owners lacked any coverage at all or adequate protection for their jewelry, erroneously assuming it was covered by their homeowner’s policy.

87% did not have insurance to protect their artwork at all, even when valuables policies are typically more affordable.

87% held policies with standard insurance carriers resulting in overpaying for inadequate coverage structured with improper deductibles and limits.

Standard carriers also rarely execute valuation updates, do not provide products that address unique risk needs and do not properly estimate the total exposure of wealthy clients.

Proper counsel from an independent insurance agent will help to avoid losses and out-of-pocket payments from all of the above. Insurance should support your needs and lifestyle while taking steps to uphold and preserve financial health and security. Advisors like Meridian and other agents are the key to a properly calibrated portfolio that contributes to overall wealth management.

Jeannine Foxx is a Risk Advisor for the independent, family-owned insurance agency, Meridian Risk Management located in Pelham, delivering customized personal, commercial, life, and benefits insurance. For a complimentary, no-obligation insurance review call 914-738-5678 or visit https://meridianrisk.com/contact/request-a-quote/.