- Personal: home, auto, health, disability, dental, life, umbrella, and many more.
- Business: property and casualty, business services liability, director’s and officer’s liability, worker’s compensation, business interruption, auto, non-owned auto if you have employees driving for you using their own cars, health insurance for workers, life insurance for officers, and many more.
As our businesses grow and our schedules fill with serving clients, it’s easy to overlook how our personal financial needs might have changed. Here are eight best-practice tips of millionaire business owners and how they personally protect their wealth. 1. Move your money from banks to brokerage accounts. Instead of having their money tied up at banks, most affluent individuals hold brokerage accounts at investment companies. The advantage is that you can more easily invest excess cash in fairly low-risk interest- or dividend-bearing investments such as bonds. Many multi-millionaires use their brokerage accounts as checking accounts. The bottom line is your money should always be working for you. Make sure you don’t have huge amounts of cash lying around earning no interest. It’s harder these days to get a good interest rate, but not impossible, and every little bit helps. 2. Protect yourself with insurance. I suspect everyone reading this has the requisite auto and homeowner’s insurance. The question is, are you fully covered for every contingency that could happen, and if not, are you willing to shoulder the risk? Just a few of the types of policies to consider include: