The Importance of a Sound Asset Protection Strategy

Let’s say you’ve got your retirement strategy down. You have an idea of how much you’re saving, the ideal age you’re retiring, everything is planned out. Suddenly, you are involved in a fender-bender and suddenly you’re looking at a lawsuit. Are your assets protected, or is there a gap in your insurance coverage?

Accidents can start as small as swerving to avoid a squirrel crossing the road and quickly build to a lot of damage if other cars or pedestrians are involved. In these cases, insurance companies and attorneys could target you, as doctors typically have a variety of assets, whether it’s a savings account, equity in your home or future earning ability.

Regardless of whether you’re covered or not, don’t fall victim to a common mistake: letting your coverage lapse or not updating your plan. As you go through changes in income growth as you progress in your career, make sure you make it a priority to re-evaluate your coverage as you go.

Another good idea is to talk to an agent to discuss total coverage, rather than shopping for coverage at a policy level. Consolidating your coverage with one company can help keep your support consistent and could even save you money.

If you’re worried about your coverage, or need a place to start, consider having a chat with your insurance agent. Talking through your lifestyle and assets can help your agent find the right coverage for you to keep you protected from a broader range of threats. You can also talk to your agent to easily change or update your policies, should your needs change.

Are there gaps in your insurance coverage?

Advisory services offered through Larson Financial Group, LLC, a Registered Investment Advisor.

Securities offered through Larson Financial Securities, LLC, member FINRA/SIPC.

Larson Financial Group, LLC, Larson Financial Securities, LLC and their representatives do not provide legal or tax advice or services. Please consult the appropriate professional regarding your legal or tax planning needs.

Professional liability services offered through MedInsure Group, LLC, a Larson Financial Group affiliated company.