Whether you only have months until retirement or still have a decade to wait out, mature business professionals are aware that retirement is coming sooner than later. And, if you have prepared for your retirement, it will be a glorious event that marks the end of your work career. Coincidentally, there are still quite a few things that you can likely learn about preparing for and protecting your retirement fund. For one, any business professional that is not in operation as an LLC or corporation is at risk of being found personally liable for damages. Realize that even if you don’t work in a profession that could physically bring harm to a person, other types of monetary fees can be assessed for emotional harm and even punitive damages.
Your Savings Are Not the Only Thing at Risk
As a mature business professional that works for him or herself, what you have managed to save in an IRA or other type of savings account is going to serve as your retirement fund. Unfortunately, without the right kinds of protections, everything you have worked for could be at risk of being seized just because of an error. With professional liability insurance, your savings, as well as your investments, personal property, and other tangible assets, will stay secure. With insurance coverage from The Hartford, mature business professionals can be assured that their personal assets and retirement funds are fully protected. The Hartford has been serving business professionals and companies in all aspects for over 200 years.
Business Professionals Can be Sued for Anything
A person shopping in a convenience store could round a corner, trip over a box left on the floor by an associate, and become injured. While the store associated could be disciplined or even terminated, it is the person who owns the convenience store that gets to pay the medical and legal bills of the injured party. Even with the best-laid plans, mature business professionals are aware that they can get sued for almost anything at all and have their retirement funds at risk. This is what professional liability insurance is for.
Your Professional Reputation is Your Paycheck
Think about how you go about choosing a particular business professional to work within your personal life, and consider the reasons why you might decide to stop patronizing a business. For a doctor’s office, it might be an unprofessional bedside manner, long wait times, or the inability to schedule a timely appointment. Whereas, you may go to a different doctor’s office that has been getting rave reviews, discover that getting an appointment is easy, and thus switch them to your primary doctor immediately. As a mature business professional, your reputation is essentially your paycheck. And as everyone knows, a little piece of every paycheck ends up becoming a tiny fraction of your retirement fund.
Economic downturns happen in the form of recessions and depressions, and lawsuits are always looming for those in business for themselves. As you get closer to the age of retirement, you may begin to have more worries about your security nets, retirement funds, and protections. See if professional liability coverage would make you feel a little more secure about the future.