Insurance Planning

The goal of insurance planning is to help clients identify and assess their risk exposure and to ensure that protection against the various risks is in place.

Insurance is a form of risk management and a critical part of a good financial plan. It is meant to protect against risks which may cause significant financial loss, such as accidents, natural disasters, illness, and death. There are many types of insurance to protect against particular risks. Below is a list of the most basic types of insurance.

1. Protect against personal loss of wealth, income and death:

Disability insurance
Life insurance
Annuity (for longevity and loss of investment risks)
Health insurance
Long term care insurance

2. Protect against property loss due to natural disasters, accidents, thefts, fraud, etc.:

Homeowner’s insurance
Renter’s insurance
Flood insurance
Earthquake insurance
Valuables, such as jewelry and fine arts
Auto, RVs, planes, boats, other water crafts and sports equipment
Commercial property insurance
Title insurance

3. Protect against liability to third parties for personal or property injury:

Umbrella liability insurance
Auto insurance also has liability provisions included in policy
Professional malpractice/error and omission (E&O) insurance
Landlord’s insurance

4. Protect the operation of a business:

Worker’s Compensation for on-the-job injury
Business interruption insurance
Loss of profits insurance
Business property and equipment insurance
General liability insurance
Board of Directors liability insurance

Given the many types of insurance that a person may need, it is part of Plenaris Advisory’s service to help clients evaluate their risk exposure to make sure that the necessary protection be in place as part of the financial plan.  

It is well known that insurance is often very expensive, and many people prefer to do without.  The problem with that approach is that insurance is something that you don’t want when you can get it.  But when you need it, it may not be available.  In a PBS report in December, 2018, more than half of homeowners in California who were fire victims were underinsured.   It is therefore critical that one has a good idea of one’s exposure to particular risks in order to have the right insurance coverage.  Contact Plenaris Advisory® for an evaluation of your insurance needs.