Nothing is more exhilarating than starting your own firm. But it’s also a bit terrifying. “You’re not just a lawyer anymore,” says Catherine Singzon, a group benefits advisor at Lawyers Financial, a not-for-profit that delivers financial advice and low-cost investment products to the legal profession. “You’re also the accountant, the HR department and the director of business development. It can feel like you have to think of everything.” The trick, though, is to get other people to do some of that thinking for you.
There’s a decent chance that shopping for insurance is the most overwhelming task that a business owner has to complete. You have to tackle a litany of complicated and unpleasant questions. What are the disasters that could befall your organization? Are you offering a competitive benefits package? Are you overpaying on premiums? That’s a lot to consider.
Thankfully, you’re not alone. At Lawyers Financial, advisors are standing by to help. And as a not-for-profit, Lawyers Financial offers comprehensive financial planning for the eminently reasonable price of free. But that’s not all. Here are five other reasons to contact Lawyers Financial about business insurance today.
The advisor will have your back. “When you strike out on your own, you have all kinds of anxieties,” says Singzon. “By guiding you through the insurance-buying process, we hope to take some of your anxiety from you.” You’ll be able to focus on what’s most important: serving clients and building your practice.
Buying insurance for your staff is good business. There’s no law that says you have to give your workforce a sweet benefits package, but it’s a good idea all the same. “Group benefits plans,” says Singzon, “are key to attracting and retaining top talent.”
You’ll save money. The largest firms on Bay Street buy their insurance plans in bulk, which allows them to spread risk and keep prices low — and lets them avoid having to subject their employees to intrusive medical questionnaires. You might run a smaller firm, but you can get the same deal with Lawyers Financial. “If you have at least three people in your firm,” says Singzon, “we can help you get group insurance at break-even prices, without having to submit medical underwriting for your staff.”
Your team deserves stability. Your employees depend on you for their livelihood. “You want to make sure that, if you become sick or disabled — or if you lose your life — money will still come in for at least a few months to cover everybody’s salaries,” says Singzon. Lawyers Financial can help you protect the employees who put their trust in you.
There are essential insurance products you don’t even know exist. When you start your own firm, you need to defend against a wide range of worst-case scenarios. What happens, for instance, if hackers steal your data and send you a ransom note? Cyber insurance will come in handy. What if one of your partners gets sick and can’t afford to pay their share of the rent? In that case, you’ll be glad you purchased business- expense insurance. Lawyers Financial can tell you about every available insurance product. That way, you can ride out any crisis — even the one you never saw coming.
What you need to know about Lawyers Financial
It’s your one-stop shop. Lawyers Financial, a brand of the CBIA, sponsors a full suite of insurance products: life, critical illness, disability, business expense, office, employee benefits and travel, as well as home and auto. It can also meet your investment needs with personalized advice, TFSAs, RRSPs, RESPs, non-registered plans, a defined benefit pension plan and a best-in-class selection of low-fee investment funds.
It’s a not-for-profit. Lawyers Financial measures success in satisfied clients, not dollars. That’s why it offers some of the best rates in the industry.
It’s for sharing. Lawyers Financial products and services are available to you, your family and your law-firm staff.
Ready to start adulting? Visit lawyersfinancial.ca/find-your-advisor or call 1-800-267-2242
This story is from our Summer 2021 Issue.