Business Risk Management
Every business comes with risk.
- Property damage
- Loss of damage to inventor
- Liabilities from customers
- Business interruption
- Disability of an owner of Key Employee
- Death of an owner of Key Employee.
Additionally, the business needs to take into account the potential losses such as relationship damage, time lost locating, hiring and training, cost of replacements, employees doing double duty, and many more.
Business Owner Policy (BOP)
This is usually the most appropriate coverage plan a business owner would get for a small to medium sized company. BOP will provide protection of all major property and liability risks in this single package.
Property
Be protected by damage to property such as buildings, documents, assets and more that is covered by your plan. Every business is different, this calls for the need to have a custom plan that perfectly serves the business' goals. Does your company have property coverage?
Buy-Sell Agreement
What is it?
Buy-Sell Agreements are legally binding contracts that can be used with all types of business.
Must be drafted by an attorney.
Succession planning helps preserve control and value of a business at the death of a business owner.
This agreement provides that the estate of a deceased owner will be paid a fair value for his/her interest and that the surviving owners will maintain control and ownership of the business. Life Insurance on the owners can be a source of money to fund this arrangement.
The estate of a deceased owner will be paid a fair value for his/her interest and the remaining owners will keep control and ownership of the business.
They are two types of this agreement:
- Cross Purchase: Each owner who agrees to buy all or part of a deceased owner's interest, will then sell at a predetermined price. The interest will be shared among the surviving owners
- Entity Purchase: At an owner's death, the business will buy the interest and each owner agrees to sell the interest at a predetermined price. The interest is then considered "retired" leaving the owners with an increase in their owner's percentage slip.
If you would like to know more, contact me and we'll answer all your questions.
Buy-Sell Agreements or Key will help protect yourself and your business from economic loss and increase the likelihood of success. It reduces the risk of loss at the death of a Key Person or Partner.
Plan to retain control of business and assure the funds will be available to provide financial flexibility.
Income
Protect yourself from financial health instability by having the right policy in place. Be confident that you are financially protected if you happen to have a loss of income due to illness or injury.
Accident Coverage
Get payed for accidents that are covered in your policy for you or another family member. The cost for recovering from accidents are constantly rising! Which makes this coverage increasingly important to have. Do you have an accident coverage policy?
Mortgage
Find it hard to pay your mortgage due to illness or injury which is preventing you from working? Your mortgage insurance policy will help you to be at ease in this dire situation.
Commercial Auto
Just like personal auto insurance, but for your company's vehicle. Again, don’t put yourself in a situation where you don't need to be and don't deserve to be in! Contact me to know what to do in a vehicle collision.