Business Exit Planning
Protect Your Business Assets
What happens to your business if you don’t come to work tomorrow? 50% of business owners will exit their business for reasons out of their control.
Do you want your business partner’s spouse, child or new spouse to be your business partner?
Understanding all your exit options and your options available to protect your business are at the top of your mind.
Let us help you take action today!
Business Owned Life Insurance:
Life insurance can be used in so many ways to keep your business strong. A business owner can utilize life insurance as business succession plan, key person insurance, access to capital, executive bonus plans, add to business assets, funding buy-sell agreements, employee loyalty etc.
The largest banks in the wold hold billions of dollars in Life Insurance as tier 1 assets which add to their financial security.
Business Exit Plan:
Many business owners spend countless hours building their business to provide income for the family and the business can last for decades. However, very few business owners know how much their business is actually worth. Many business owners do not have a well thought out exit strategy on paper.
Failure to have a clear-cut and properly drafted plan could provide tragic results to you or your family and defeat the very purpose of your business ownership.
Contact us today to see if we can help you!
Business Owned Disability Insurance;
Businesses depend on key people to build the business and operate the business. Often times, unexpected disabling events can cause a great detriment to a business’s operation. Disability programs provide a lump-sum of money for the business to continue operations.
Business Auto Insurance:
Business auto insurance is specific to business vehicles. The vehicles must be registered in the name of the business. Some policies allow business and personal use but, some policies restrict their liability to business purposes only. Business auto insurance is not as comprehensive as personal auto policies. For example, road side assistance is a bit more restrictive for business auto policies and not included by all insurance companies.
If you own a business and you have anything less than one million dollars liability, you might want to re-assess your business plan. Anytime a business vehicle is involved in a major collision, the lawyers immediately think “deep pockets” and start seeing red.
Business Umbrella Insurance:
A business umbrella policy will not cover any personal liabilities and a personal policy will not cover business liabilities. Umbrella coverages vary with the different insurance companies but, basically, an umbrella covers any additional liability over and above the liability coverage in your business owner policy (BOP).
Business Liability Insurance:
Business liability insurance is critical to provide protection to business operations. Liability coverage is the first line of defense between your business and losing all your personal assets as a result of what an employee did. Although business liability insurance is not required by law like auto insurance but, allowing the insurance company to share the risk of liability or loss due to damage or theft is always the best business practice.
What We Do
We show business owners how to protect their business investment through proper planning, review and implementation using strategies that have been proven for hundreds of years.