Small Business Insurance Needs
As a small business owner, you know the value of good employees and the cost of replacing them if they should leave. Turnover can be very expensive to a small company. Time is lost searching for and training a replacement.
But benefits packages for workers can seem out of reach.
We also operate as a small business and have over 10 years of experience as a business owner. We will be glad to sit down with you and examine your situation to see if we can come up with a plan of basic benefits, either contributory or non-contributory, which could increase the loyalty of your valuable workers. The options and combinations are almost unlimited. We would consider it a privilege to be of assistance.
SMALL BUSINESS LIFE INSURANCE NEEDS
If you operate as a closely held business with two or more partners or shareholders, the death of one of the owners can be a catastrophic threat to the future of the business.
Did you know that your partner’s share of the business will probably pass to his family in the event of his/her death? In the event a partner dies, the family of the deceased may want to “cash out” their share of the business. If those funds are not available, a forced sale may occur, bringing only pennies on the dollar for the business’ assets.
Even if a forced sale does not occur, could your business operate without the hard work of the deceased part-owner? Does the family of the deceased have the skills or training to come in and fill those shoes?
The Solution
With a properly structured buy-sell agreement in place, prepared by qualified legal counsel, each owner’s life can be insured for the agreed upon value of their share of the business. The proceeds of the insurance policy by-pass probate and can be used to buy out the deceased owner’s interest in the busines, placing full ownership into the remaining owner’s hands. This can ensure the future operation of the business, despite the loss of a valued partner or shareholder.
Key Persons
If you have employees, the odds are fairly good that you have a key person working for you, without whose skills and the future of your business may be in jeopardy. In the event this person were to die, could you afford to hire and train the one or more employees necessary to fill this vital role in your company?
With a key person policy, you can purchase coverage on the life of a key employee and have your company as the beneficiary. The proceeds of the policy are paid directly to the company to use in hiring and training replacement(s) for the deceased key person.
We Are Experienced and Qualified to Help
Contact us for a consultation on how business life insurance can help to enhance your business’ survivability in the event of the death of a part-owner or key employee and see how to enhance your employee retention with an attractive benefits package.
