Topic for the Day!Why an ongoing relationship with an “Attorney At Law” and “Law Offices” are wise choices. For many years we have been taught by our insurance agents, financial advisors and tax accountants that it is wise to carry personal insurance to cover risks of loss to our homes and property including autos, boats, motorcycles, disability, life, health, long-term care and other similar coverages. Typically this protection is all organized in what is called your “risk management plan”. The reason for carrying these kinds of coverages is to protect your assets and your income against risk of loss, to accomplish replacement in certain cases, and to avoid catastrophe.

During the last 20 years our North American and Canadian societies have evolved to create substantial new risks which pose significant threats to our assets, freedoms, liberty, wealth and identity. For example, we have now become extremely litigious societies and in the U.S. some 4200 new lawsuits are filed each day for a total of about 15 million lawsuits last year. In North America the average citizen has need for an attorney on average of 1-3 times each year. Small businesses are prime targets for frivolous lawsuits and justifiable lawsuits as well. Identity Theft and Identity Fraud have been the leading complaints for the FTC for 12 consecutive years, last year totaling more than 12 million cases. ID Theft and ID Fraud have surpassed illegal drug dealing as the most expensive crime losses. 20 years ago we did not have the internet and now more than 500 – 1000 people are scammed every day by national and international criminals. In Germany, more than 80% of the population there carries legal plans for protection whereas in the U.S. only 4-7% have such protection. In some foreign countries you cannot obtain a driver’s license without a legal plan.

My point in raising these facts is to create awareness and recognition that we are now more at risk in the legal world and our personal identity world than ever before, and for risks that are much greater in many cases than for what we are paying insurance premiums.  As explanation for this I believe that many are ignoring the risks either due to financial constraints or because we have very few champions who are raising the level of importance and awareness of these risk areas. We are so busy in our society that any thing that takes longer than 30 seconds of our time will probably not hold our attention. The media reports incidents as news…not as something that we should protect ourselves against. Insurance and financial advisor professionals can be of great service to their clients by becoming familiar with what is available and acknowledging that these new risks can adversely affect you. Here are some examples of risks, recommendations and solutions that can be very informational for you.

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