​Below is a pdf download from lifehappens.org with a wealth of information for safeguarding your small business.  Please contact us for quotes, questions or for further information.


One of the first things any business owner needs to consider is how to protect against events that may threaten the future of the business, like the death or disability of a proprietor, partner or key employee. When adversity strikes, a smart business-continuation plan can help protect business partners and family members alike. 

BUY-SELL AGREEMENT
A buy-sell agreement is an agreement between owners to buy out a co-owner’s share of the business in the event of that co-owner’s retirement, disability or death. 

KEY PERSON LIFE INSURANCE
In a business, there are often certain employees who have a critical impact on the bottom line. Key person insurance is life or disability insurance purchased by the business on such an employee and payable to the business. The death or disability benefit can help make up for lost sales or earnings, or cover the cost of finding and training a replacement. 


BUSINESS OVERHEAD DISABILITY INSURANCE
Business Overhead Expense (BOE) coverage reimburses a business for overhead expenses should the owner experience a disability. Eligible benefits include: rent or mortgage payments, utilities, leasing costs, laundry/maintenance, accounting/billing and collection service fees, business insurance premiums, employee salaries, employee benefits, property tax, and other regular monthly expenses.


Key-person Disability Insurance 

Key Person Disability Insurance provides benefits to protect a company from financial hardship that may result from the loss of a key employee due to disability. The company can use the benefits to hire a temporary employee should the disabled employee's disability appear to be short-term. In the case of permanent disability, benefits are used to help defray costs related to hiring a replacement, including recruitment, training, startup, loss in revenue and unfunded salary continuation costs.




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CAN I RECEIVE A TAX CREDIT?
To qualify, a small business must:

  • Have fewer than 25 full-time equivalent employees
  • Pay average annual wages below $50,000 per FTE
  • Contribute at least 50% of each employee's premium