Learning Center

Visit the Learning Center to Find the Answers to Your Insurance Questions

When it comes to understanding the intricacies of the insurance world, the more resources you have at your disposal, the better. That's why TruOptions has created a home base for you to find all the tools you need to stay informed about the insurance industry and all of your options.

When you team with TruOptions, not only do you get the benefit of nearly 30 years of experience, but we also offer a variety of resources to help you expand your base of knowledge when it comes to insurance. We provide a wide variety of articles covering a host of pertinent topics, plus glossaries, FAQs and calculators.

After you've found all the information you need in our Learning Center, give us a call us at 919.957.3333 or send us an e-mail to schedule an appointment with your personal advisor.

A Strategic Plan and Mission Statement

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Some smaller family companies reject the idea of a “mission statement” as too “high-brow” for them.  “We build homes”, said one business owner.  “What kind of mission can you make out of that?”

A mission statement not only describes what the business does, it also describes how it does business and for what purpose.  A mission statement reminds everyone how it does business and for what purpose.  A mission statement reminds everyone why the family is in this business, what its standard of quality is, and what goals it hopes to achieve.  If the company slips off track at some point, reference to mission statement can help bring it back.

A Hard Days Work for a Hard Earned Dollar

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More than one company has split at the seams because there was no agreement on what kind and level of effort was required of family members who wanted to enjoy the business’ benefits.  Without that agreement, the idea emerged – and perhaps having a token title – was the only criterion for taking home money or enjoying perquisites.

The moral of family members and non-family employees alike plummets at the sight of a family member putting in 12 hours and taking home the same or better compensation as another employee who puts in 12 hours a day.  It may take a hard nose to do it, but the family has to set forth in clear terms what inputs are required to be eligible for the outputs.

A Policies and Procedures Manual

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Family members working together many hours a week to run a five or six person business might feel they have no time for putting together a policies and procedures manual.

But what they really have time for is an endless series of disputes and disagreements over compensation, benefits, work schedules, holidays and vacations, incurring debt, hiring and firing offspring and other family members, sharing ownership, and other vital issues.  In most cases, a few nights and weekends devoted to ironing out such details and developing written company policies and procedures that everyone can refer to will save untold hours, dollars and heartaches later on.

Transition Planning

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Even the struggling setup company or the very small business, is owned by somebody.  If that includes family members or other co-owners of closely held shares, it’s never too early to negotiate a buy-sell agreement to define how ownership changes will be handled.

No family company is immune to the difficulties that can be caused by death, divorce or hard-headedness within the family.  Before such things appear, they should be covered by a buy-sell agreement that has been worked out under relaxed conditions with competent professional advice.  The time to plan for bad times is during good times.

Commercial Insurance Matters

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Commercial Insurance enables a business to transfer the financial consequences of a loss to an insurance company.  The insurance company, in turn, pays the policyholder for covered losses.

Commercial Insurance is one of several techniques used in risk management, which is the process of identifying, analyzing and managing loss exposures so that an organization can meet its objectives.  These techniques can be used as part of an overall process to help your business succeed.

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Bruce Matthews

C. Bruce Matthews, CWM®, CTEP®
Founder Of Truoptions

With over 25 years of
experience in aiding North
Carolinians, Bruce Matthews
is the choice as a
knowledgeable partner
to help you understand
your insurance and
financial options.