1. Fund a buy-sell agreement on your business partner
In the unfortunate event that your business partner dies or becomes unable to work because of a disability, having a buy-sell agreement in place allows for the continuity of your business, on your terms. By spelling out details (like who buys what for how much), it protects you from potential conflicts and allows for a smooth business transition.
2. Protect the company from the loss of a key person.
Key-person insurance uses life insurance and disability insurance policies to protect your business from financial loss if there is a physical loss of a key contributor, due to death or disability respectively. The business buys the policies, pays the premiums, and is the beneficiary.
3. Deliver extra incentives for executive bonus planning
Through executive bonus planning, your business can offer specialized perks tailored to the needs of executives, including fully-paid-for, higher-level insurance policies you can give as an extra (and persuasive) financial incentive
4. Help cover business overhead expenses
If a disability prevents you, the owner, from working for an extended time, Business Operating Expense insurance can keep your business running optimally. It provides necessary cash flow to take care of your fixed operating expenses and the people who depend on you for their livelihoods.
5. Use insurance to build your employee benefits plan.
An attractive group benefits packages is a great enticement for all personnel—current and yet to be hired. Insurance is a strong foundation for it. Offering a health plan is table stakes, but incorporating life, disability, dental, and vision plans gives your business a more competitive advantage.
Learn about the different types of insurance
Life, disability, and long-term care insurance all can be important parts of your protection portfolio. While each one serves a specific purpose, they all are used to help lessen the financial impact you or your family experiences a loss.
Life Insurance
Provides your loved ones with an income-tax-free lump sum of money they can use to cover their living expenses when you’re no longer here to help take care of them yourself.
Disability Insurance
Supplies a steady stream of cash flow to replace lost income if you’re ever unable to work for an extended period of time due to illness, accident, or injury, or need to stop working completely.
Long-term Care Insurance
Safeguards your assets from the high costs of extended non-medical care that is not covered by private health insurance or Medicare, if you routinely need help performing activities of daily living (ADLs).
Learn about the different types of insurance
Life, disability, and long-term care insurance all can be important parts of your protection portfolio. While each one serves a specific purpose, they all are used to help lessen the financial impact you or your family experiences a loss.
Life Insurance
Provides your loved ones with an income-tax-free lump sum of money they can use to cover their living expenses when you’re no longer here to help take care of them yourself.
Disability Insurance
Supplies a steady stream of cash flow to replace lost income if you’re ever unable to work for an extended period of time due to illness, accident, or injury, or need to stop working completely.
Long-term Care Insurance
Safeguards your assets from the high costs of extended non-medical care that is not covered by private health insurance or Medicare, if you routinely need help performing activities of daily living (ADLs).
How to put insurance to work for your business
Along with you, your people are some of your most important assets—from partners to top producers to support staff, everyone impacts your business success. To protect your business, you need to protect your people. There are several ways insurance can help.
1. Fund a buy-sell agreement on your business partner
In the unfortunate event that your business partner dies or becomes unable to work because of a disability, having a buy-sell agreement in place allows for the continuity of your business, on your terms. By spelling out details (like who buys what for how much), it protects you from potential conflicts and allows for a smooth business transition.
2. Protect the company from the loss of a key person.
Key-person insurance uses life insurance and disability insurance policies to protect your business from financial loss if there is a physical loss of a key contributor, due to death or disability respectively. The business buys the policies, pays the premiums, and is the beneficiary.
3. Deliver extra incentives for executive bonus planning
Through executive bonus planning, your business can offer specialized perks tailored to the needs of executives, including fully-paid-for, higher-level insurance policies you can give as an extra (and persuasive) financial incentive
4. Help cover business overhead expenses
If a disability prevents you, the owner, from working for an extended time, Business Operating Expense insurance can keep your business running optimally. It provides necessary cash flow to take care of your fixed operating expenses and the people who depend on you for their livelihoods.
5. Use insurance to build your employee benefits plan.
An attractive group benefits packages is a great enticement for all personnel—current and yet to be hired. Insurance is a strong foundation for it. Offering a health plan is table stakes, but incorporating life, disability, dental, and vision plans gives your business a more competitive advantage.