Business Insurance
"Comprehensive Business Insurance Solutions"
If you are a business owner or a self-employed individual, it is a necessity to have a business insurance plan in place. There are several reasons to consider a Business Insurance Plan. Such as Income Protection for the business or the person or persons who are responsible for driving the income or revenue of the business. Whether this person is the business owner of an employee of the business, business a Business Insurance Plan will insure the revenue or income source is protected in the event the key person is no longer able to generate the revenue or income the business require to survive and grow.
Disability Insurance
Disability Insurance is not often thought of buy Business Owner of Sales Professional. However, the disability of a Business Owner, a Sales Professional who is the driver of the business revenue can seriously put the business at risk and may lead to bankruptcy.
Disability Insurance can ensure the continuation of the revenue or income in the event of a disability.
Keyperson Insurance
Key person insurance helps your business recover from the loss or disability of someone who is invaluable to your company.
If an insured employee or owner were to pass away or become disabled and unable to work, the benefits payable from a key person life or disability insurance plan could help to recruit, hire and train a replacement, pay off debt and manage creditors and ease lenders’ concerns about your company’s financial health while reassuring customers, employees and investors that your business will survive.
Business Overhead Insurance
There are some expenses that will continue regardless of revenue generation. As long as the business continues to operate these expenses still has to be paid. These expenses are named overhead of fixed expenses. Some examples of these are rent, insurance, equipment lease, some employees’ salaries and other expenses relevant to the operation of the business.
Overhead insurance provide the best protection to ensure the business continues to operate in the event of disability of the business owner. The BOE insurance benefit can be tailored to last up to 24 months.
Buy/Sell Agreement Insurance
A Buy/Sell agreement is an agreement between business owners on buying and selling the business or shares of the business to each other or someone outside the business. There are many nuances to a buy-sell agreement. If your buy-sell agreement is not set up properly it could end up causing a lot of grief to your fellow business partners, their family and your family members. Therefore, buy-sell arrangements should only be structured by an experienced business law attorney.
When considering the implementation of a buy-sell agreement funded with life insurance is imperative to consult with an experienced business law attorney who can structure your arrangement. The size of your business will typically determine the level of difficulty of properly structuring your buy-sell arrangement. The implementation of a Buy/Sell agreement should follow the same timeline as obtaining the life or disability insurance for the buy-sell agreement.
The reason you want to move on obtaining insurance right away is because the approval process can take a few days up to a few months depending on the size of the policy and the health of the proposed insured.
When considering a Business Insurance Plan:
1. Disability Insurance for the Business Owner or Sales Professional who is the one driving the revenue.
2. Business Overhead Insurance that will cover the fixed expenses the will continue regardless of whether the revenue or income is generated or not.
3. Key Person Insurance, to ensure the continuation of the income stream if the key revenue or income driver is unable to perform their function as a result of disability or death.
4. A Buy/Sell Agreement funded by a Life Insurance contract.