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LIFE INSURANCE AND SMALL BUSINESS

When it comes to running a small business, life insurance can do more than just mitigate risk – it can actually help chart a course for a stable, successful future. The price of being one’s own boss means dealing with uncertainty, such as concerns about cash flow, business development, and continuation plans, not to mention the risk of unforeseen events, such as the death of a business partner. Most small business owners we talk to are especially aware of this risk, viewing life insurance as a necessary piece of the puzzle that helps protect against loss and keep business operations running smoothly.

What is the role of life insurance in the success of your business?

Life insurance also plays an important role in succession planning. Whether you’re looking to transfer ownership of the business to a family member or to an outside partner, having the right life insurance policy in place can help ensure a smooth transition. It can provide the financial resources needed to cover the cost of buying out a deceased partner’s share of the business or to help the business bridge a challenging time period.

In addition to providing financial security, life insurance can also be an invaluable tool for business owners when it comes to tax planning. Life insurance provides a tax-advantaged way to transfer wealth and can help business owners save money in the long run.

When it comes to running a successful small business, life insurance can be an invaluable asset. By providing financial security, protecting against loss, and helping with succession planning and tax planning, life insurance can help business owners chart a course for a stable, successful future.

Key person insurance

Key person life insurance is an invaluable asset for any business to protect against the sudden death of a critical employee. When an employee who is integral to a business’s success passes away, the loss of their expertise can be devastating to the organization. Not only would the business have to find a suitable replacement and train them, but the process of doing so could take months, if not longer. During this time, the business would have to bear the cost of finding and training a new employee, as well as potentially suffering a major financial loss due to the absence of the key employee. Additionally, replacing a key employee can be difficult without the right resources. Having key person life insurance in place can help offset the cost of replacing the key employee, ensuring that the business has the necessary resources to keep operations running smoothly. Furthermore, the cash value of the life insurance policy can also be used to help fund any operational losses that occur while the business is without the key employee. This makes key person life insurance a crucial asset for any business that cannot afford to lose a key employee.

The importance of group insurance plans.

There is no doubt that a good employee benefits program can attract new employees and retain existing ones. In fact, it’s one of the most appealing factors for new job seekers. But benefits like group insurance, disability, and retirement plans are expensive for employers. That’s why many employers share the cost with their employees. As an employer, you have the option of setting up a group retirement plan and also the employees can participate in this plan, with benefits such as tax returns being offered to both parties. The owner-employee relationship in a company can be improved through many different ways depending on the company’s situation.

Some information about your business to help assess your needs.

  • In your company, how many business owners are there? What is the percentage of ownership each person has in the business?

  • Are you a family-owned business?

  • When you retire, who do you want to run the business?

  • What is the number of employees at your company?
  • How much does your business make per year in gross sales?

  • What is your business type – sole proprietorship, general partnership, etc.?

From there, we’ll help you find the most affordable small business life insurance and guide you through various plan options that help you prepare for the future. 

Maria Konias

Maria Konias

Insurance Agent

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