A Commercial Insurance Client recently asked me to quote a location change. The client only had Business Personal Property Insurance since she was a tenant.
I asked her for the address of the new location, the age of the building, the replacement year for the roof, whether the building has a sprinkler system, who the other tenants are, and a few other things.
She said I am not insuring the building; why do you need all this information?
I explained to her that even though we are not insuring the building, we need the extra information because the Insurance company will use that to classify the risk.
For example, if another tenant is a restaurant with a deep fryer, there is a higher chance of a fire. If the roof is old, it could leak and ruin her equipment. If there is a sprinkler, there may be less damage from a fire.
There are a lot of factors that go into determining rates from an insurance company. The more information you can provide, the better your chance of obtaining the correct coverage and not having any surprises at claim time.

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Retirement is one of the most important times in anyone’s life. Unfortunately, Social Security and Medicare are not always reliable sources of retirement income or healthcare coverage. Therefore, it’s important to create a retirement and healthcare safety net without relying on these programs. Here are some tips from D Winters Insurance Services to help you get started!
 
Reviewing Coverage Options 
One way to supplement your retirement income is to purchase disability or long-term care insurance. These policies provide a regular stream of income during periods of illness or injury, as well as provide coverage for serious medical expenses that are not covered by traditional health insurance plans.
 
Investing Wisely 
Investing in stocks, bonds, mutual funds, and other investments can help you create the financial security you need for your retirement years. It’s important to do your research and invest wisely in order to ensure that your investments will generate a steady income for you during retirement.
 
House-flipping is another potentially lucrative investment you could consider. Basically, this involves thoroughly researching your local housing market, purchasing a fixer-upper, then selling it for more than you paid (even with repair and upgrade costs factored in). This requires some planning, though, so make sure you do your due diligence!
 
Opening a Health Savings Account (HSA) 
Optum Bank explains that an HSA allows you to save money in pre-taxed dollars for medical expenses in the future. This is an excellent way to save money on medical expenses that may arise during retirement, such as prescription drugs or doctor visits.
 
Financial Advisor 
Working with a qualified financial advisor can help you create an effective retirement plan tailored specifically to your needs and goals. A good money coach can help you make wise investments, manage your finances effectively, and set realistic goals for your future.
 
Find Ways To Save 
As you approach retirement age, it’s important to start looking for ways to save money wherever possible. This could mean cutting back on unnecessary spending or finding ways to reduce monthly expenses such as groceries and utilities.
 
Postpone Social Security Benefits 
In some cases, as the Journal of Accountancy points out, delaying when you begin collecting Social Security benefits can result in larger payments down the line when compared with starting early at age 62. Delaying until age 70 means that benefits will increase by 8% each year past the full retirement age.
 
Keep An Emergency Fund 
An emergency fund is a crucial part of every retirement plan. It can provide added protection for sudden, unforeseen expenses such as home repairs, medical bills, or job loss. Without an emergency fund, it can be difficult to manage these sudden expenses without depleting your savings and putting yourself in a precarious financial position.
 
Stay Healthy 
Staying healthy in retirement can help save money by reducing medical expenses and encouraging an active lifestyle. Eating a balanced diet, exercising regularly, and staying social are all ways to stay mentally and physically healthy without spending a lot of money. Making time for relaxation activities such as yoga, reading, or journaling can also be beneficial for both your physical and mental health. Taking preventive measures such as getting regular checkups is an important part of maintaining good health and it can help save money in the long run.
 
Initiating A Startup 
Starting a business in retirement is an appealing option for many people looking to supplement their incomes. However, the success of doing so will depend on a thoughtful business plan and marketing strategy. Consideration should also be given to capital outlay and the benefits of an LLC designation for business entities. With careful planning, many retirees have found that starting an LLC can provide additional sources of income and help maintain financial security throughout retirement.
 
Next, don’t forget about marketing! In addition to spreading the word via popular social media platforms, you can help expand your customer base by creating a brochure that reflects your company and provides a more tactile reminder of your services. You can hand these brochures out at meetings or leave them at places where people gather, like coffee shops and restaurants. When looking for a free online tool that allows you to design a brochure yourself, look for one that allows you to customize templates to fit your business.
 
Boost Skills Now to Save for the Future 
Going back to school to increase income potential can seem like a daunting task, but online degree programs provide the opportunity and flexibility that make it easier than ever before. With the right online degree program, individuals can gain valuable skills and knowledge while juggling existing commitments.
 
Advancing one’s education in vocational and academic fields helps to open up new job opportunities and provides an avenue for increased earning potential. That extra income can then be put away for retirement, helping to ensure a secure financial future. Going back to school online is now achievable for working adults with busy lives, giving them the shot at achieving greater financial security.
 
Retirement isn't just about enjoying leisure activities; it's also about maintaining financial stability without having to rely on Social Security or Medicare alone. With proper planning, you can create a secure, comfortable future. By following these guidelines, including starting your own business, you'll be able to set yourself up for success in both health and wealth for this next stage in life!

​Bonnie McDonald
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