Yesterday a dream. Today a thriving business. Tomorrow a legacy.
Many small business owners don't have a business succession plan in place, leaving them unprepared for retirement, disability or death. Whether you look to your business to provide you with a retirement income, dream of one day passing the business on to your child, or plan on selling it to a third party, it is important to develop a succession plan.
Business Insurance
Working with you and your business, we can utilize life insurance, critical illness insurance, and/or disability insurance to help achieve one or a combination of:
Your office equipment and inventory are valuable assets, but are they as valuable as your key employees? Consider a top salesperson who is unsurpassed at bringing in revenue or new accounts, or a researcher whose innovative ideas have helped the company flourish. Key employees may be your most valuable resource. Their energy, expertise and dedication can give you an edge over your competition and enable your business to succeed. What would happen if one of your key employees died or became disabled?
Profits could be affected and you might be forced to absorb the high costs associated with recruiting, hiring and training a suitable replacement. You can’t guarantee the continued good health of your employees, but insurance on the lives of your company’s key people can help prevent an unexpected loss from financially harming or even destroying the business that you have built with the help of these valuable employees.
Key person insurance can help protect your business in many ways.
- Provides tax-free funds at the exact time they’re needed
- Helps keep the business running
- Provides funds to help attract, hire and train new employees
- Compensates the business for lost revenues resulting from the death or disability of the key person
- Assures creditors that funds will be available to meet commitments
- Assures existing employees and your customers that the company will have the means to continue
Buy/Sell Agreement Funding
A buy-sell agreement is a plan that provides for an orderly change of ownership under certain circumstances; for example, when a business principal dies. It's designed to establish a value for the business, now and in the future. A buy-sell agreement sets out the terms under which the interest of the deceased shareholder will be sold. It also contains provisions for the transfer of ownership when you retire. As well, if properly funded, the shareholder's family will receive fair market value for the shares, providing them with the capital to help maintain their standard of living.
Business overhead insurance
For business owners and professional occupations
Business overhead expense coverage provides overhead protection for business owners by reimbursing actual covered office expenses incurred.
