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What if I get hit by a bus?
We thought the above title would catch your attention. Unfortunately, it is possible. Its happened before, and it could happen again. So what do you do? The last thing you want to do is not be prepared.
For that purpose, we have prepared the following guidelines for corporate executives alike who intend not to get caught run over without the proper contingency planning:
Guide #1: Always make sure you create a register and backup of all important passwords and business documents in a safe place, and easy to find by your colleagues in the event you become roak kill.
Guide #2: If you don't have life insurance, now is a good time to consider taking out a policy. There may be certain people in your life that will need financial support once your gone.
Guide #3: Write a will! Don't forget to include any last wishes.
Guide #4: Always be nice and courteous to your colleagues and acquaintances, the way you would like to be remembered. Trust us, nobody will attend the funeral of the bully around the office!
Guide #5: Say your I love you's! There will be no time for good byes!
Guide #6: Do not leave for tomorrow what you can do for today. There may be no tomorrow!
Guide #7: Have the big Mac you've been dying to have. Trust us, its not going to get in the way!
Guide #8: Take another look at your life. Are you happy doing what you are doing? Maybe its finally time to relocate to mexico, and relax for the rest of your days!
Guide #9: Send as many greetings cards as possible during the next holiday. Its nice to be in touch before going permanently out of touch. This way, people may just remember you!
Guide #10: Remember your mother in law's birthday. What will it hurt when your gone!
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10 rules to follow when purchasing insurance!
The title of this article is self explanatory. For a lot of our readers, we hope this will serve as a guide for those that do not enjoy the service of an insurance and risk manangement consultant.
Rule #1: A proper insurance program begins with what you are insuring. What is the nature of your business, where do you do business, what risks do you feel pose the greatest threat to that business?
Rule #2: YOur Values! When completing an insurance porposal form, always make sure you are properly filling in the values. When it comes to property, we will always recommend that businesses insure on reinstatement basis when possible. (i.e. The basis of new for old) Do not be afraid to state your true reinstatement values. Please remember that in the event of the claim, should your values be mispresented in anyway, your claim will be subjected to average!
Rule #3: Purchase your insurances either direct from insurers with the help of a risk advisor, or through proper insurance broker. We always recommend to our clients the first option. However, if you have an existing relationship, please do not purchase through non-registered, non-licensed brokers. That will prove burdensome in the event of a claim.
Rule #4: When soliciting quotations from the market, please arrange for a consultant to design your insurance requirements first! When receiving multiple quotations every year, as a strategy consult with your advisors on your yearly insurance requirements.
Rule #5: Choice of security should never be compromised. Please remember that in the event of a claim, only well managed, well capitalized insurers will be there to pay. Do not compromise on security to achieve short term savings. It will cost you more in the long run!
Rule #6: Insurance premiums go up and down depending on the global insurance cycle. Please remember that!
Rule #7: Whilst it is healthy to go to tender every year, we do not recommend that you change insurers every year. A good relationship builds trust.
Rule #8: When you have a claim, report immediately to your insurers, and advisors.
Rule #9: Consult your advisors prior to submitting any claims documentations to insurers. Such action may void an otherwise payable claim.
Rule #10: Stay informed. Make it a habit to request periodic updates on the state of the local insurance and international market place from your advisors.
The above has been prepared courtesy of CIC, leading providers of independent insurance and risk advise to over 150 corporate clients in the Middle East, Europe, and Africa. For more information, please visit www.cicme.com .
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