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So You Want to Retire

So You Want to Retire

After years of running a successful business, through good times and bad, you have finally reached the ultimate reward for all your hard work – retirement.  You’ve got a retirement account and investments to fund your golden years, money that you’ve worked hard to accumulate. Whether you own your own business or are a partner in one, retirement is never as simple as turning off the lights and locking the door behind you when you leave.  Some work product and business contracts may still linger even after you have left the building. Don’t Leave Your Insurance Broker Out of the Loop How can you protect your retirement after you have shut your doors?  Calling your insurance broker is the best way to find out.  The insurance policies you have invested in over the years may offer some protection even after you retire, but you need to know which ones and how they can do just that. Once you have set a retirement date, make sure to call your insurance broker 60-90 days ahead of time to discuss your business insurance policies.  Retiring will not absolve you of all legal responsibilities for what you did or sold while you were in business, but your insurance coverage may offer some protection beyond retirement.  It is important to discuss with your broker how you are and are not protected, and what you can do about. Full Occurrence Liability Insurance May Not Be So Full After All Commercial general liability policies sold to businesses today are usually called “full occurrence” which means that no matter when a claim is made on the policy, the policy in effect...