You spend a lot of time making sure you have the correct insurance for your business, but are you giving enough attention to protecting your personal assets? This webinar will focus on protecting the personal interests of the business owner/executive. What risks should you be aware of? How can you best protect your business and your personal assets? What insurance is suitable for you? This panel will answer your lingering questions of how you can better protect your personal assets. Join the panel as we conclude this informative and rewarding series on Insurance for the Business Owner. Part of the webinar series: INSURANCE FOR THE BUSINESS OWNER - 101 2021 See more at https://www.financialpoise.com/webinars/

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Practical and entertaining education for
attorneys, accountants, business owners and
executives, and investors.

4. Disclaimer
The material in this webinar is for informational purposes only. It should not be considered
legal, financial or other professional advice. You should consult with an attorney or other
appropriate professional to determine what may be best for your individual needs. While
Financial Poise™ takes reasonable steps to ensure that information it publishes is accurate,
Financial Poise™ makes no guaranty in this regard.
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5. Meet the Faculty
MODERATOR:
Eric Hampton - Rudolph Kaplan LLC
PANELISTS:
Harvey Topitz - Rivers Insurance Group
Jeffrey Pearson – Big River Insurance Brokerage
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6. About This Series –
Insurance for the Business Owner 101
There’s one type of contract that virtually every business in the United States enters into each
and every year: their insurance contract(s). Despite being bound by and paying (sometimes
handsomely) for these contracts, they’re not always well understood by the business.
Questions as fundamental as what risks should be insured (v. self-insured or mitigated via
contract) and for how much or what losses will actually be covered and at what value are
simply not commonly understood. This Financial Poise webinar series teaches business
owners, executives and their trusted advisors, what they should know about their property &
casualty insurance so they understand how best to protect their assets and people in the
most cost effective manner.
Each Financial Poise Webinar is delivered in Plain English, understandable to investors, business owners, and
executives without much background in these areas, yet is of primary value to attorneys, accountants, and other
seasoned professionals. Each episode brings you into engaging, sometimes humorous, conversations designed to
entertain as it teaches. Each episode in the series is designed to be viewed independently of the other episodes so that
participants will enhance their knowledge of this area whether they attend one, some, or all episodes.
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7. About This Webinar –
Personal Lines for the Business Owner/Executive
You spend a lot of time making sure you have the correct insurance for your business, but are
you giving enough attention to protecting your personal assets? This webinar will focus on
protecting the personal interests of the business owner/executive.
What risks should you be aware of? How can you best protect your business and your
personal assets? What insurance is suitable for you? This panel will answer your lingering
questions of how you can better protect your personal assets. Join the panel as we conclude
this informative and rewarding series on Insurance for the Business Owner.
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8. Episodes in this Series
#1: Understanding Risk Management Basics for Business Owners
Premiere date: 6/23/21
#2: Property/Business Interruption and Cyber Liability
Premiere date: 7/21/21
#3: General Liability, Umbrella/Excess Coverage, Commercial Auto, Workers’ Compensation
Premiere date: 8/18/21
#4: Personal Lines for the Business Owner/Executive
Premiere date: 11/10/21
#5: Executive Protection – Directors’ & Officers’, Employment Practices Liability, Crime/Employee Dishonesty &
Professional Liability
Premiere date: TBA
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9. Episode #4
Personal Lines for the Business Owner/Executive
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10. Safeguarding Personal Assets
o Business entity structure
▪ Maintain corporate veil
o Trusts
o Insurance

11. Difference Between Business and Personal Assets
o Liabilities
o Insurances
o More common in smaller businesses/start ups

12. Major Personal Assets to Protect
o Home/real estate
o Vehicle(s)
o Bank account(s)

13. Importance of Protecting Personal Assets
o Business liabilities or judgments may extend past business assets
▪ Comingling funds
▪ Business assets used for personal means
▪ Business assets owned personally

14. Risks to Personal Assets
o Lawsuits
o Legal judgments
o Bankruptcy

15. Protection from a Legal Standpoint
o Contract liability
▪ Who or what entity entered into the contract(s)?
o Vendor liability?
▪ Who or what entity was the vendor working for?
▪ What bank account (business or personal) was the vendor paid?

16. Internal Business Assets
o Assets of the entity
▪ Property
▪ Vehicles
▪ Equipment
▪ Accounts receivable

17. External Assets
o Not limited to assets of the entity
▪ Personal assets within reach of a creditor
▪ Potentially exposed with negligent/fraudulent actions
▪ Can be exposed with improper business operations

18. Asset Types
o Dangerous – increased risk for liability
▪ Examples: real estate, vehicles, commercial property, equipment
o Safe – less risk of liability
▪ Examples: jewelry, artwork, stocks, bonds, individual bank accounts

19. Appropriate Business Insurance to Protect
Personal Assets
o Comprehensive commercial insurance policy
▪ Injuries to third parties
▪ Trespassers
▪ Higher limits rider
o Umbrella insurance
o General liability insurance

20. Appropriate Business Insurance to Protect
Personal Assets (cont’d)
o Professional liability insurance
o Product liability insurance
o Directors & Officers Insurance
o Employment Practices Liability Insurance

21. Personal Umbrella Insurance
o Excess coverage from personal insurance
o Differs from umbrella insurance for businesses
▪ Offers greater protection

22. Business Owner’s Policy
o General liability
o Property insurance
o Business income coverage

23. When Will Your Business Insurance Not Cover:
o A claim
o A lawsuit
o A judgment

24. Common Business Insurance Policy Exclusions
o Property damage due to poor maintenance
o Intentional acts
o Infringement of patent, trademark or trade secret

25. Flip the Script
o A creditor has a personal judgment and attempts to go after business assets
o Business insurance will cover the business assets, but are assets correctly
named under the insurance policy?
▪ Avoid comingling asset use (personal and business) otherwise, could lead
to different result

26. Personal Asset Risks of Being Underinsured
o After insurance is paid, businesses may be responsible for out-of-pocket
expenses/judgment
o Could lead to creditor going after personal assets to satisfy remainder of
judgment
o If uninsured, personally responsible for entire amount

27. Mid-Size Businesses
o Does each officer/director need their own insurance to protect individual
personal assets?
▪ If so, how much is adequate?
o If one partner/member takes action that leads to business liability, will an
insurance policy prevent liability to the other partners/members’ personal
assets?

28. Intangible Property – Intellectual Property
o How does it differ from personal assets?
o Covered by business liability insurances?
o Need specific insurance policy?

29. Remote Working Challenges for Insurance Purposes
o General Liability – may not provide the same coverage for remote working
o Umbrella/Excess Coverage
o Other insurance policies may not provide the same coverage for employees
working remote or hybrid working

30. About the Faculty
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31. About The Faculty
Eric Hampton, Rudolph Kaplan, LLC – ehampton@rudolphkaplan.com
Eric is an associate attorney with Rudolph Kaplan, LLC and focuses his practice on commercial
and residential real estate transactional matters; real estate disputes involving condominium
associations, unit owners, developers, and contractors; and related litigation matters. Eric has
experience representing a variety of entities in all stages of commercial litigation and construction
law cases. Eric received his Bachelor of Arts degree from Kansas State University in 2014. Eric
earned his Juris Doctorate degree from The University of Iowa College of Law in 2018, where he
was a writer on the Journal of Corporation Law, worked on estate planning matters in The
University of Iowa Clinical Law Program, and worked as a research assistant. During the summer
following his second year of law school, Eric worked as a summer associate at a boutique
corporate restructuring law firm in Chicago. Eric is admitted to practice law in the State of Illinois
and the Northern District of Illinois.
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32. About The Faculty
Jeffrey Pearson, Big River Insurance Brokerage – Jeffrey@bigriv.biz
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33. About The Faculty
Harvey Topitz, Rivers Insurance Group – htopitz@ri-gi.com
Harvey is the founder and principal of Rivers Insurance Group. Harvey is a graduate of City University of
New York with a Bachelor of Science degree in economics/accounting. He is a non-practicing NYS Certified
Public Accountant. Harvey has more than 39 years of experience in the insurance industry, placing property
casualty insurance for all industries and specializing in providing coverage for those businesses hardest to
insure. He began his insurance career at Liberty Mutual, where he was awarded Top Producers designation
and was a member of the prestigious Millionaires Club.At BRI Insurance Brokerage he introduced innovating
programs such as an asbestos abatement contractor’s program.While with Tanenbaum Harber, now
Alliant/T&H Brokers, he excelled in the hard-to-insure employee leasing industry (PEO) and the
entertainment sector insuring celebrities like EMINEM and 50 Cent. Harvey founded Rivers Insurance Group
in 2005. Harvey saw a void in the difficult to place coverage area for companies that were in distress or
working through a Chapter 11 Reorganization. Trustees, Bankruptcy Lawyers and Turnaround professionals
know that Topitz and his team at Rivers Insurance can get the coverage that most brokers run away from. He
has been on the Board of Directors of the New Jersey Turnaround Management Association for almost 10
years and is known as the Go-To Insurance Guru.
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34. Questions or Comments?
If you have any questions about this webinar that you did not get to ask during the live
premiere, or if you are watching this webinar On Demand, please do not hesitate to email us
at info@financialpoise.com with any questions or comments you may have. Please include
the name of the webinar in your email and we will do our best to provide a timely response.
IMPORTANT NOTE: The material in this presentation is for general educational purposes
only. It has been prepared primarily for attorneys and accountants for use in the pursuit of
their continuing legal education and continuing professional education.
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35. About Financial Poise
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business owners and executives, and investors. It’s
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entertaining, explanations about legal, financial, and
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