As 2015 comes to a close, many business owners may not have completed their entire to-do list from January. Protecting the business from an unexpected event, or putting a plan in place to help recruit and retain their top people, may have been put to the side to take care of running their business. It is not too late and in my experience here is a list of things owners would like to take care of but haven’t:
- Business Continuation: Many business owners have a buy-sell agreement or at least know they should have one. A buy-sell agreement is a contract that facilitates a seamless transfer of ownership in the event of a death, disability, retirement or any other reason a partner decides the exit the business. If there is a death or disability, insurance can provide liquidity to the other partner(s) to buy out the exiting partner or their family.
- Key Person Protection: Replacing an owner or highly valued employee takes time and money and could negatively impact your business. Key Person insurance provides liquidity and financial breathing room during this process.
- Retirement planning: Insurance can be used as a benefit for executives and employees to help save for retirement in a tax efficient way. There are many benefits to this strategy that can be used to attract and retain key personnel.
- Group Insurance: Group Insurance is a great benefit to offer to your employees. CNR Insurance can help with Life Insurance as well as Short and Long Term Disability.
You work hard in your business. Don’t let an unexpected event make that hard work go to waste.
We can start from scratch or I would be happy to review what you already have in place. We can look at your current goals and objectives and customize a plan for you. Contact David Prensky today for a free consultation!
David can be reached at 410-897-9890 ext. 221 or david@cnrinsurance.com
