“Life is filled with risks,” observes Jim Everett, of Jim Everett Risk Management Planning, LLC. “Risk management can help mitigate those risks and preserve your assets. This is true whether you’re protecting personal or business assets.”
Jim explains that risk management goes far beyond simply purchasing an insurance policy.
“That’s a large part of it, of course,” he confirms, “but it’s also important to allocate resources properly.”
He recalls one client who owned a fairly large business. He bought cars for his two daughters and, in an effort to save his daughters the expense, titled and insured the cars in his company name.
“I advised a change,” says Jim. “I suggested moving the titles and insurance into the daughters’ names, so his company would not be liable if one of the girls was involved in an accident. Fortunately, he took that advice. Six months later, one of his daughters did have an accident. Had he not made that important change, his company could have been sued for damages.”
Adapting with Risk Management
Jim has been offering that kind of sage advice since he 2010, when opened his first insurance office with Allstate in Seminole. He expanded into Treasure Island in 2012. In December 2017, Jim opened his current business so he could offer a wider range of products through more insurers.
“Working with a single company was a great way to start in the insurance business,” Jim acknowledges, “but I now have greater flexibility in what I can do for my clients.”
Jim is well positioned to maximize on that flexibility: he spent more than 30 years in Information Technology, calling on businesses large and small for industry giants like Sprint. He noticed what risks companies faced, and how well or poorly they prepared for those risks.
“What I do, really, is educate people about how they’re using and protecting their assets,” he clarifies. “Most people discover that they’re not properly insured when something happens and they’re faced with an unexpected loss. I advise people to think of insurance like a financial portfolio, and make sure it covers all their contingencies.”
Risk Management Fills Gaps
He explains that insurance policies are not necessarily designed to work together, so coverage gaps are fairly common.
Jim remembers helping one client avoid a potential financial disaster simply by carefully reviewing the client’s several insurance policies.
“He had a strong insurance ‘portfolio,’” Jim remembers, “with a $2-million personal umbrella policy, and auto, flood, and home insurance policies. Even so, he was at risk. I saw that he only had $100-thousand in homeowner liability coverage, but his umbrella policy required him to carry $300-thousand. I wrote him a ‘gap’ insurance policy, because his homeowner’s policy would have left him exposed to a $200-thousand risk.”
Periodic Review Reduces Risk
Jim advises periodic reviews of asset allocation and insurance policies to ensure the best risk management.
“It is not necessary to hold quarterly reviews,” he notes, “but an annual review is wise. It is also important to review your positions after any significant life change. Marriage, divorce, the birth of a child, a death in the family, retirement, even a change in residence can affect how you manage risk. Some of these factors can also affect the discounts you can receive on your policies.”
There is a lot to know in order to provide the top quality service Jim provides. “Keeping current with laws and products involves a learning curve,” says Jim. “I hold three licenses, and was required to take more than 240 hours of instruction to earn them. I take another 20 hours of continuing education every other year to renew them.”
Jim is a member of the Board of Directors of the Treasure Island & Madeira Beach Chamber of Commerce, and has been a member since he opened his Allstate office on Treasure Island in 2012. “I like this Chamber’s focus on the beaches,” reports Jim. “With a larger Chamber, it’s harder to get oriented and make an impact. I’ve met great people through this Chamber, among them Bill Karns on Madeira Beach, and Dennis Fagan on Treasure Island, who helped me as I started my offices.”
Now firmly established, Jim says he tries to leverage his success to give back to his community. His personal and professional support go to the Chamber, which includes support for R.O.C. Park, the Gulf Beaches Rotary Club, Treasure Islettes, and the American Legion, among others. Jim also supports Big Brothers/Big Sisters of Tampa Bay, the Guardian Ad Litem program, and Special Olympics.
Reach Jim Everett Risk Management Planning, LLC, by calling 727-452-6844.