Ep 27: Is Creditor Insurance Hurting Your Business | Founder Matthew Inglis

04/26/22 • 43 min

Are you safeguarding your business or your bank? Make sure your debts don't hurt your pocket or your business!

Canadians, particularly business owners, must be knowledgeable about various insurances currently offered to them and take the information seriously; this will not only help them save money, but it will also keep their businesses from being jeopardized, and avoiding to risk their millions of dollars for a false sense of security.

In another episode of Mind Your Biz Podcast, Mehul speaks with Matthew Inglis, Founder of Creditor Insurance Watchdogs, a division of Mobile Advisors. Matthew specializes in educating people and providing tools to help them get better rates and coverage on their creditor insurance. He will elaborate more on creditor insurance and how it can help you better your business.

If you are a business owner, this episode would be a BIG help for you! What are you waiting for? Hit that play button now!

Highlights:

[01:15] The Thought Behind MOBILE ADVISORS

[06:47] Creditor Insurance in a Nutshell

[09:33] The Surface Issues of Creditor Insurance

[14:25] Understanding the Differences Between Life Insurance Policy and Creditor Insurance

[16:00] Why it is crucial to get a Licensed Insurance Professional

[20:00] The importance of fact-checking and who answered the forms correctly upon time of application

[24:10] How is Creditor Insurance Priced + Pricing of the Premiums for Creditor Insurance versus Traditional Insurance

[26:29] What is the difference between “I'm going to lend you a million dollars, and I'm going to charge you a million dollars to ensure it”?

[28:41] One tier bank that offers more than a million dollars worth of creditor insurance protection

[33:09] Why should business owners develop a relationship with financial advisors, financial planners, and licensed insurance professionals?

[34:02] What should be your next step as a business owner?

[38:19] Take the creditor insurance. Get the loan. Cancel it: How does that work?

[40:48] Categorizing Creditor Insurance Products

Links:

Website: https://mobile-advisors.ca/about-us/

LinkedIn: https://www.linkedin.com/in/matthew-inglis-4b960069/?originalSubdomain=ca

Email: [email protected]

Are you safeguarding your business or your bank? Make sure your debts don't hurt your pocket or your business!

If you are a business owner, this episode would be a BIG help for you! What are you waiting for? Hit that play button now!

Highlights:

[01:15] The Thought Behind MOBILE ADVISORS

[06:47] Creditor Insurance in a Nutshell

[09:33] The Surface Issues of Creditor Insurance

[14:25] Understanding the Differences Between Life Insurance Policy and Creditor Insurance

[16:00] Why it is crucial to get a Licensed Insurance Professional

[20:00] The importance of fact-checking and who answered the forms correctly upon time of application

[24:10] How is Creditor Insurance Priced + Pricing of the Premiums for Creditor Insurance versus Traditional Insurance

[26:29] What is the difference between “I'm going to lend you a million dollars, and I'm going to charge you a million dollars to ensure it”?

[28:41] One tier bank that offers more than a million dollars worth of creditor insurance protection

[33:09] Why should business owners develop a relationship with financial advisors, financial planners, and licensed insurance professionals?

[34:02] What should be your next step as a business owner?

[38:19] Take the creditor insurance. Get the loan. Cancel it: How does that work?

[40:48] Categorizing Creditor Insurance Products

Links:

Website: https://mobile-advisors.ca/about-us/

LinkedIn: https://www.linkedin.com/in/matthew-inglis-4b960069/?originalSubdomain=ca

Email: [email protected]

Previous Episode

Ep 26: Shareholder Agreements to Protect Your Biz | Business Lawyer Steve Parr

Problems are unavoidable and can arise at any time, and business owners are no exception, but I'm sure you wouldn't want to deal with disagreements the size of a whale.

Even so, this should not be a daunting task because it only requires you to take the opportunity to address and even clarify issues through shareholder agreements. Not just that, you will also be able to avoid disagreements which makes it easier for you to succeed and improve with only minimal problems along the way.

In this episode of the Mind Your Biz Podcast, we are joined by Steve Parr, Founder of Parr Business Law as he talks about his journey in the law world and discusses straightforward shareholder agreements and why it is important in your business, plus he will talk about the Five D’s of why you should get this agreement.

Take some time to unravel the importance of shareholder agreements by tuning in to this episode and don’t forget to share it with your fellow entrepreneurs!

Highlights:

[01:44] Parr Business Law’s Origin Story

[08:28] Directional Shift: Rental Property Management to Business Law

[10:07] What caused him to create a practice that is flexible?

[13:57] Hiring for Remote Employees

[18:36] What is a Shareholder and Partnership Agreement + How it Differs from one another

[19:50] Consequences to Creating Partnerships

[21:20] The FIVE D’s

[23:55] Who needs a Shareholders’ Agreement?

[25:55] When is the right time to get a shareholders agreement?

[30:35] How can a complimentary professional convince business owner clients to have a shareholders’ agreement?

[34:11] The Barriers Business Owners Face to Get the Shareholders' Agreement Done

[42:22] Rules of Intestacy from Shareholder or Business Partners

[51:20] Costs of a Shareholder’s Agreement

Links:

Website: Parr Business Law

LinkedIn: https://www.linkedin.com/in/steveaparr?originalSubdomain=ca

Twitter: SteveParrVic

Next Episode

Ep 28: The Surplus Stripping Tax Strategy for Business Owners | Tax Expert Kim Moody

Are you an business owner or incorporated professional with "healthy" retained earnings? This episode is for you!
We are joined by Kim Moody, author, one of Canada's leading tax experts, and CEO of Moodys Private Client and Moodys Tax.

Kim’s primary area of expertise is tax and estate planning for owner-managers of private corporations and executives, particularly those who have entered into the tax complexities that come with being affluent.

Mehul and Kim get into the nitty-gritty details of surplus stripping and Kim shares his view on what entrepreneurs need to look out for when considering the strategy.

In this episode, you will learn about our the Canadian Tax system, the difference between dividends and capital gains, and what to do with your retained earnings. Kim does not hold back and it is refreshing for someone in his position to "tell it how it is"!

Highlights:

[01:56]How did he get into the World of Tax?

[09:39]Accounting 101: Surplus Stripping and Dividend

[17:18]The history of capital gains tax in Canada?

[19:06]How to Pay Yourself: Salary and Dividend

[28:05]2017 Proposal on Surplus Stripping

[40:07]Increasing Inclusion Rate: Potential Consequences

[44:02]Long-Term vs. Short-Term Capital Gains: What's the difference?

[44:13] The Idea of Having a Tiered Capital Gains Rate

Links:

Website:https://moodysprivateclient.com/

LinkedIn:https://www.linkedin.com/in/kimmoody/?originalSubdomain=ca