managing risk in business & life
DESCRIPTION
Four experts in risk mitigation and financial strategy give their key steps and approach to managing risk. Presented as part of Rising Tides Alliance Business Networking GroupTRANSCRIPT
Managing Risk in Business & LifeKey insights into how you can protect and preserve what is important to you in life and business
RISING TIDES ALLIANCEBusiness Networking
Presents
Tuckahoe, NY May 14th, 2014
PresentersLinda ReyCo-OwnerRey Insurance
Amir AsadiFinancial RepresentativeNorthwestern Mutual Financial Network
Jim NewhouseOwnerNewhouse Financial & Insurance Brokers
Camillo MonacoSupplemental Benefits ConsultantAflac
Linda Rey1. Why Is Insurance Expensive
Insurance costs are directly related to the profitability of the industry• Variable claims (increasing catastrophic claims)• Investment Returns (declining mutual fund returns)• Reinsurance Capacity and Cost (mounting global catastrophic claims trickle down and affect the
insurance Insurance Companies buy)
2. Good NewsYou should want to buy insurance for 3 reasons
• Leverage• Insurance pays a large lump sum payable to you
• Liquidity• You transfer the risk in protecting your assets’ value
• Lawyers• Insurance companies provide you with a lawyer to protect against claims and thereby protect both the
company and your risk of damages (especially if those might otherwise exceed your coverage)
3. Pay Attention and Take Responsibility• Review your insurance regularly• Discuss with your agent ways to maximize opportunities to protect and save• Know how your financial foundation will keep your household and family safe
Amir Asadi
Jim Newhouse
Strategies for Building and Protecting Wealth 1. Create an offensive and defensive strategies to build and protect your wealth.
• People tend to do piece meal planning when a perceived problem comes up, w/o coordinating all the products previously put in place.
• It is important to do periodic comprehensive reviews to cover all the bases and minimize waste and inefficiencies.
2. Ask yourself 'What's important about money to you?• Whatever the answer is, what's important about that answer to you? Examples are living too long,
dying too soon, college funding…• Do this 3 times and discover what is truly important, so that you can plan according to your critical
areas of concern.
3. Make a 1-3-5 year game plan and implement the plan! Most people don't have the resources to plan and pay for everything all at once.
• By having a game plan and periodically reviewing what's going on, there will be less stress and a better clarity about how to plan for your future, while reducing risk exposures.
• Examples include: get life insurance for spouse, set up long term care plan, get key person or buy/sell life insurance.
Camillo MonacoEnhance the value of your employee benefit package—without additional increase in cost to you. Help give your employees additional financial protection under our wing
1. Workers’ Compensation• Mandated and calculated by your state
2. Major Medical• Workers’ Compensation and Major Medical Plans help protect your employees in the event of an accident or
illness. But, they don’t cover the costs of everyday living expenses. 3. Aflac Policy Benefits
• Aflac Insurance Policies pay a cash benefit in the event of an unforeseen accident or illness, which can help your employees pay for things like travel and treatment costs. Or help with other expenses like rent, mortgage, and utility bills. It’s a value-added benefit that your employees will appreciate.
And one that doesn’t come at an additional cost to your company
The benefits of Aflac policies don’t stop there—they can: • Give your employees the ability to directly receive and manage benefit checks, unless assigned. • Attract and retain good employees. • Provide potential tax savings when made available under a cafeteria plan. • Help employees with out-of-pocket costs and possibly mitigate the need for a salary advance or company loan. • Enhance the value of benefits into retirement, because Aflac policies are portable.
Managing Health Risk
Workers comp
Major Medical
Aflac Benefits Policy
Contact InfoLinda ReyThe Rey Insurance Agency, Inc.LIFE * AUTO * HOME * BUSINESS219 No. BroadwayPOB 845Sleepy Hollow NY 10591P: 914-631-7628 ext. 303F: 914-631-7409http://www.reyinsurance.com/blogs/It’s Our Policy to Treat You Like Family SM
Amir AsadiNorthwestern Mutual Financial Network50 Main St., Suite 1520 White Plains, NY 10606 O (914) 367-0920 F (914) [email protected]
Jim NewhouseNEWHOUSE FINANCIAL & INSURANCE BROKERSProviding Insurance & Risk Management Strategies since 1980800 Westchester Avenue, Suite N409Rye Brook, NY 10573(w) 914-288-8829• (f) 914-288-8803 • [email protected] • visit us at www.newhousefinancial.comPERSONAL INSURANCE • BUSINESS • AUTO • LIFE • GROUP HEALTH • LONG-TERM CARE • ESTATE PLANNING
Camillo MonacoSupplemental Benefits ConsultantAflac(914) [email protected]
Rising Tides AllianceRising Tides Alliance, based in Westchester County, NY, is a networking organization that believes networking should be more than handing out a business card. We are givers in the true sense. The true giver knows that giving is the tide that raises all ships, that it allows you to be a person of value to others while doing very well for yourself. • www.risingtidesalliance.com• Monthly member business to business networking• Meets monthly (2nd Wednesday) at The Old Stone Mill, Tuckahoe• Monthly small group or one-on-one facilitated networking• Business Growth Programs in Sales and Key Business Issues• Member Expert Panels• Membership Info Contact:
Perry DiNapoli 914 804-6234 [email protected]