| Unwanted Insurance Should You Cancel? |
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BUSINESS BASICS SERIES This may come as a surprise... When you sell your business all you want to do is to get on with your life and have no more hassles with it. But don’t rush!. Think about the process, the last thing you want to happen is to have a summons turn up on your doorstep that indicates you have missed something in the change over. TIP: Leave your insurers on good terms and you will have a better reception when you come back. Outstanding Liabilities Your insurers will be concerned about outstanding liabilities. If they expect claims against the policy, let them know this will put you in good stead if ever you need them in the future. Also you may be covered if a situation arises that requires your intervention on behalf of the insurance company. Honesty is the best policy. Once your reputation is gone, it’s gone. The Easy Way Out Some business owners and corporations take the easy way out. They sell the business and leave their policy open until it’s time to renew. Then they don’t renew it. TIP: Don’t take the easy way out! The solution to these problems is to send a copy of your policy with a covering letter outlining your concerns to your solicitor. Follow his instructions if there are any. It’ll only cost you a few dollars may save you a lot more. Expect a sale with no complications and peace of mind. I had an experience where I didn’t take advice and it cost me $4,500 in penalties. I felt I got out of that cheaply because it could have turned ugly. If you follow this advice you can avoid that outcome. TIP: Don’t learn from your own experience learn from others. Go now and write your letter and attach a copy to your solicitor and be done with it. There is a self-motivator that I live by! It’s: Do it now! Dan Cavalli If you really enjoyed this information and would like more details about this article please consider subscribing for the free enews the ABC’s of Success for Business and Personal Development Tips at http://www.commandobusiness.com home page. |
