self-employed Archives - Message Magazine

Uncovered - Ruthven R Phillip, Esq Most of us have insurance coverage for our homes, vehicles, life and other concerned areas of life. However, what many are finding out is that given the increased frequency of natural disasters and life, basic insurance coverage may not be adequate. One alternative is consider obtaining umbrella insurance. Here are some basics to consider. Umbrella Fundamentals: Umbrella insurance is acquired to provide additional coverage for financially devastating events. The concept can be viewed from two perspectives. The first is that it provides coverage where your basic insurance has reached or exhausted its policy limits. The second viewpoint is that it provides coverage for events or occurrences not covered under your basic insurance policy. Is It For Me:: Before deciding whether you should obtain additional insurance you will need to qualify by owning either homeowners insurance, auto insurance or watercraft insurance. While umbrella insurance is sometimes suggested more for individuals with significant assets; in today’s economy, the valuation of your assets have increased such that what was once not significant may now be labeled as significant. Other factors to consider would be your lifestyle and family. For example, if you have young children or teenagers who will soon become vehicle drivers, umbrella insurance may be a consideration because of the high incidences of them getting into car accidents and your policy limits may not be enough to provide adequate coverage. Insurance companies usually cap payments at $500,000.00 but in this litigious society, you may be liable to be sued for much more. As for your lifestyle considerations you may want to consider umbrella insurance if you are a landlord from suits against tenants; you have a swimming pool in your home; you have aggressive pets such as dogs or you may volunteer at a small nonprofit organization which does not provide insurance. The Cost: The cost of umbrella insurance can vary depending on the value of your assets and items or situations for which you are seeking coverage. The first step would be to calculate the value of your assets which would include, home, vehicle, brokerage accounts etcetera to determine how much insurance coverage is needed. Umbrella insurance coverage are usually sold in increments of millions and the cost for a million dollar policy can range from $150.00 to $350.00 dollars annually. If you bundle an umbrella insurance policy with your other insurance policies, that may reduce the cost. WHAT’S UP! Today’s What’s Up is about salary increases. Around December 15, 2024 employees may receive their annual evaluations. You should research your position on sites such as www.glassdoor.com or www.indeed.com/career/salaries. If you are unable to receive a salary increase this year all is not lost. Try negotiating a title increase this year; that way you may be in line for a salary increase next year. .And that’s what’s up! Ruthven R. Phillip, Esq., is a tax attorney, Stewardship and Philanthropy Ministry Assistant, and CEO of Give2Getrich, LLC. Give2Get Rich, LLC 2024. All Rights Reserved. Any distribution or reproduction of part or all of the contents in any form is prohibited.

Articles, Finance, Message FeatureNovember 11, 2024<November 14, 2024

Money Monday: Why You May Need Umbrella Insurance

by Ruthven Phillip

Most of us have insurance coverage for our homes, vehicles, life and other concerned areas of life. However, what many are finding out is…

Articles, Message FeatureApril 13, 2020<April 13, 2020

The CARES Act and Help for the Self-Employed

by Ruthven Phillip

Recently, Congress passed the CARES Act which provides financial support for small businesses during this COVID-19 period. One of the programs available for small…

self-employed

Money Monday: Why You May Need Umbrella Insurance

The CARES Act and Help for the Self-Employed

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