May 8, 2012

Mariano Rivera Has A Good Retirement Plan

By Paul Bieber

He is the greatest reliever in the history of the game. last week he tore his ACL chasing a fly ball during batting practice and this season is finished, and just maybe his career.  He is a guaranteed member of the Baseball Hall of Fame.  He is a class act and a super athlete, no questions asked.  Mariano will have no financial problems.

What about you?

I ran a glass fabricator for 20 years and in that time we had many customers who were slow paying.  The most often cited reason was the poor economy at any given time. (No one, ever, didn’t run their business perfectly.)  The second-most reason was that the glass shop principal was sick or  injured.  For these cases, I was very glad to work out a payment plan and our customers usually appreciated our care.  But, (and there is always a but), the tax collector, the utility companies and the credit card bills must be paid.  There is little ability to work out these situations because of an accident.

It always surprised me that in New York, and in many other states, the owners of a business can exclude themselves, and if working at the company, their family, from eligibility for worker’s comp insurance.  We are not in a relatively safe industry; just look at our worker’s comp rates for proof of this.  Yet, most small glass shop owners are willing to gamble they are Superman, in order to save on their insurance.  You should be doing just the opposite.  If Ralph Rookie in your glazing shop has an accident, insurance pays his medical bills and a percentage of his salary.  For you, nothing.

Yes, you have more experience than Ralph, but that doesn’t protect you or your business from a drunk driver, a heart attack or a torn ACL.  Call your insurance broker and get the low-down on what insurances will protect your business and yourself if you are sick or hurt.  You have invested your entire life in your glass shop.  When you are playing softball next Sunday, your ACL won’t be any stronger than Mariano’s.