Avionics News March 2015 - 60

series

Aviation Insurance 101
B Y

K YLE

W HI T E

&

B R Y A N

A V E RI L L

OF

A V I A TI ON

S OL U TI ON S

Do you have the proper
insurance to protect
your business?
EDITOR'S NOTE
Contributed by Kyle White,
Aviation Solutions president, and
Bryan Averill, insurance broker
for Aviation Solutions. White is
a published author for aviation
magazines and frequent speaker
at aviation conventions. Averill is
a former avionics technician in the
U.S. Marine Corps, and specializes
in avionics insurance liabilities.
Aviation Solutions provides an
expert analysis on the insurance
needs for general aviation,
offering an array of coverages,
including product and completed
operations. For more information,
visit aviationsolutions.aero.

60

avionics news

*

march

2015

A

s a business owner, there are many things to consider. Among some
of the most important items would be how to protect your business
as you grow. This is true regardless of how big or how long you've
been in business. A good avionics repair shop is constantly evaluating the cost to do business. The lower the cost, the more competitive
the shop's pricing can be to the aviation consumer.
One incurred overhead cost is insurance. Some shops have gone several years
without a loss and begin to feel that money is being wasted unnecessarily. The
mentality turns to, "Sue me - all you'll get is my tool box and truck," or "It doesn't
matter how much insurance I buy - anything available is what the lawyers will
get."
These are both false assumptions. On the flip side, other business owners keep
their insurance as a moral or ethical obligation to be financially responsible in the
event they are found negligent and/or cause bodily harm or property damage due to
services rendered. So the question remains, how does a business stay competitive and
overcome the expense of insurance each year? The answer is to ensure you are not
overpaying for the required coverage.
Here are three reasons, among many, why you should consider protecting you and
the people you care about through maintaining the right insurance coverage. Most
likely, one of the following will resonate with you:
1. Protect your professional reputation, net worth and ability to generate future
income for you and your family.
2. You have a moral obligation to be financially accountable to your fellow aviators if you are negligent, as well as your employees if they are sued as a result
of work done for your company.
3. You want to generate more clients, which will generate more revenue.
Accidents and incidents happen every day in general aviation. Granted, a valid
argument revolves around the speculation of what the pilot failed to do in any given



http://www.aviationsolutions.aero

Avionics News March 2015

Table of Contents for the Digital Edition of Avionics News March 2015

Point of Communication
AEA Now
The View from Washington
International News and Regulatory Updates
'Cell'-ular Changes
Member Profile
NextGen Connection
Avionics Corrosion Control
Member Profile
AEA Convention Information
Business Basics
What's Working?
Aviation Insurance 101
Legal Ease
A Conversation With...
Best Advice
Aviation Aces
Honoring our Heroes
What's New
Before & After
Marketplace Classifieds
Avionics News March 2015 - Intro
Avionics News March 2015 - Cover1
Avionics News March 2015 - Cover2
Avionics News March 2015 - 1
Avionics News March 2015 - 2
Avionics News March 2015 - 3
Avionics News March 2015 - Point of Communication
Avionics News March 2015 - 5
Avionics News March 2015 - AEA Now
Avionics News March 2015 - 7
Avionics News March 2015 - 8
Avionics News March 2015 - 9
Avionics News March 2015 - 10
Avionics News March 2015 - 11
Avionics News March 2015 - The View from Washington
Avionics News March 2015 - 13
Avionics News March 2015 - International News and Regulatory Updates
Avionics News March 2015 - 15
Avionics News March 2015 - 16
Avionics News March 2015 - 17
Avionics News March 2015 - 'Cell'-ular Changes
Avionics News March 2015 - 19
Avionics News March 2015 - 20
Avionics News March 2015 - 21
Avionics News March 2015 - Member Profile
Avionics News March 2015 - 23
Avionics News March 2015 - 24
Avionics News March 2015 - 25
Avionics News March 2015 - NextGen Connection
Avionics News March 2015 - 27
Avionics News March 2015 - 28
Avionics News March 2015 - 29
Avionics News March 2015 - 30
Avionics News March 2015 - 31
Avionics News March 2015 - Avionics Corrosion Control
Avionics News March 2015 - 33
Avionics News March 2015 - 34
Avionics News March 2015 - 35
Avionics News March 2015 - 36
Avionics News March 2015 - 37
Avionics News March 2015 - Member Profile
Avionics News March 2015 - 39
Avionics News March 2015 - 40
Avionics News March 2015 - 41
Avionics News March 2015 - 42
Avionics News March 2015 - AEA Convention Information
Avionics News March 2015 - 44
Avionics News March 2015 - 45
Avionics News March 2015 - 46
Avionics News March 2015 - 47
Avionics News March 2015 - 48
Avionics News March 2015 - 49
Avionics News March 2015 - 50
Avionics News March 2015 - 51
Avionics News March 2015 - Business Basics
Avionics News March 2015 - 53
Avionics News March 2015 - 54
Avionics News March 2015 - 55
Avionics News March 2015 - What's Working?
Avionics News March 2015 - 57
Avionics News March 2015 - 58
Avionics News March 2015 - 59
Avionics News March 2015 - Aviation Insurance 101
Avionics News March 2015 - 61
Avionics News March 2015 - Legal Ease
Avionics News March 2015 - 63
Avionics News March 2015 - 64
Avionics News March 2015 - 65
Avionics News March 2015 - A Conversation With...
Avionics News March 2015 - 67
Avionics News March 2015 - Best Advice
Avionics News March 2015 - 69
Avionics News March 2015 - 70
Avionics News March 2015 - 71
Avionics News March 2015 - Aviation Aces
Avionics News March 2015 - 73
Avionics News March 2015 - 74
Avionics News March 2015 - 75
Avionics News March 2015 - Honoring our Heroes
Avionics News March 2015 - 77
Avionics News March 2015 - 78
Avionics News March 2015 - 79
Avionics News March 2015 - What's New
Avionics News March 2015 - 81
Avionics News March 2015 - 82
Avionics News March 2015 - 83
Avionics News March 2015 - 84
Avionics News March 2015 - Before & After
Avionics News March 2015 - Marketplace Classifieds
Avionics News March 2015 - 87
Avionics News March 2015 - 88
Avionics News March 2015 - Cover3
Avionics News March 2015 - Cover4
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