What kind of services does InsurYourAssets provide for small and large businesses?
InsurYourAssets will work with your business to aid you in developing a comprehensive Retirement, Insurance and Compensation program. Whether on a company-wide or individual employee basis, there are many ways to best accomplish this. Our goal is to simplify the process as much as possible in addition to keeping it the most cost-effective for the business.
Employees and Executives
One of the most important things a company can consider when advertising for an opening is the employee benefits package. Most workers are looking for specific benefits when they apply for jobs and will automatically remove a company from their consideration if it does not offer them. Most employees want things like company-paid health insurance, 401K plans, dental insurance and life insurance. In fact, these benefits are so common that they are often expected as a standard at most professional jobs.
Employee incentive programs should be a primary concern for managers today. It is becoming increasingly difficult to attract and retain good employees, and competition among businesses for the professional workforce is intense. It is only reasonable that once a company finds such a person, it should want to do everything it can to keep that person. Compensation consulting with our company can help employers come up with new and innovative ideas for employee incentives like providing education packages for family members or providing for a company severance package.
Executive compensation is a highly complex and detailed thing. It has to be big enough and special enough to attract quality candidates for upper level jobs. Executives don't respond to the normal incentives offered to lower-level employees AND Executives expect benefits such as Retirement and Insurance.
Key Person Insurance
Key person insurance is simply life insurance on the key person in a business. In a small business, this is usually the owner, the founders or perhaps a key employee or two. These are the people who are crucial to a business--the ones whose absence would sink the company. You definitely need to consider key person insurance on those people.Here's how key person insurance works: A company purchases a life insurance policy on its key employee(s), pays the premiums and is the beneficiary of the policy. If that person unexpectedly dies, the company receives the insurance payoff. The reason this coverage is important is because the death of a key person in a small company can cause the immediate death of that company. The purpose of key person insurance is to help the company survive the blow of losing the person who makes the business work.
The company can use the insurance proceeds for expenses until it can find a replacement person, or, if necessary, pay off debts, distribute money to investors, pay severance to employees and close the business down in an orderly manner. In a tragic situation, key person insurance gives the company some options other than immediate bankruptcy.
If the company is a sole proprietorship and employs just you and no other employees or has no other people who depend on it, then key person insurance isn't as necessary. You'll notice we didn't mention your family--don't confuse key person insurance with personal life insurance. If you have a spouse and/or children who depend on your income, then you should have personal life insurance for that purpose.
How do you determine who needs this insurance? Look at your business and think about who is irreplaceable in the short term. In many small businesses, it's the owner who holds the company together--he may keep the books, manage the employees, handle the key customers and so on. If that person is gone, the business pretty much stops.
How much key person insurance do you need? That depends on your business, but in general, you should get as much as you can afford. Shop around and get rates from several different agents; most life insurance agents will sell you a key person policy. Be sure to ask for term insurance--many agents will push whole or variable life, which have much higher premiums and commissions but are unnecessary for a key man policy. Ask for quotes on $100,000, $250,000, $500,000, $750,000 and $1 million, and compare the costs of each. Then think of how much money your business would need to survive until it could replace the key person, come up to speed and get the business back on its feet. Buy a policy that fits into your budget and will address your short-term cash needs in case of tragedy. (Entrepreneur.com)
Are you Self-Employed?
Have you set up a Retirement or Insurance plan for yourself? With so much competing for your time, you may have over-looked this. You have many options available; it is just a matter of figuring out which options best suits your needs. Our agents are available in person, by phone or email , can make this process quick and concise and are offered outside of “normal business hours” to best fit your time constraints. Allow us to quickly guide you through the process of determining how to set up your own compensation package.
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