Business Insurance
Small businesses (500 or fewer employees) represent 99.7% of U.S. employer firms and created 63% of the new jobs between 1993 and 2013.*
*Small Business Administration
*Small Business Administration
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If you are a small business owner, you invest a lot of time and energy to achieve success. You routinely face the challenges of improving your operations and profits, better serving your customers, improving the performance of your employees, and winning against the competition - all while making sure your family is secure.
Ironically, it’s the success of your businesses that creates a whole new set of questions and challenges: What happens if you die or become disabled?
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What happens if a partner dies or becomes disabled?
Would your business be hurt financially if a key employee died or became disabled?
How do you make sure you don’t lose key employees to a competitor?
Recent industry research conducted with small business owners revealed:
Among 10 benefit categories, Business Protection was their first priority -protecting the cash flow, stability and value of the business from the effects of losing a key employee due to death, disability or leaving.
Their second benefit priority was Income Protection - replacing their income for their family in the event of death or disability.
Key findings regarding their potential business exit plans:
No matter what your business, well-designed insurance and executive benefits programs can protect your family, and enhance the stability and profitability of your business. Take a look through links in this section for more information about some of the ways insurance can help with:
Protecting your business from loss
Business continuation – transferring ownership
Executive compensation – fringe benefits
At NFP, our mission is to help you as a business owner protect and enhance your business. After a review of your current situation, and a discovery process regarding your risks and future goals, I will work with you to plan a strategy customized to your company’s needs. If you would like to examine your businesses protection, continuation plan or fringe benefits, please contact us.
- Who gets their stock?
- Do you want their heir to be your partner, or do you have the cash to buy out them out?
- Do you have a documented plan to govern the situation?
Would your business be hurt financially if a key employee died or became disabled?
- Do you know how to measure the value of their contribution to your revenue, or the cost to hire and train their replacement?
- How can you protect the company from the potential loss?
How do you make sure you don’t lose key employees to a competitor?
- Have any key employees ever expressed dissatisfaction with their overall compensation package?
- How can you selectively provide additional fringe benefits to those key employees?
- What can the company do additionally for you, for that matter?
Recent industry research conducted with small business owners revealed:
Among 10 benefit categories, Business Protection was their first priority -protecting the cash flow, stability and value of the business from the effects of losing a key employee due to death, disability or leaving.
Their second benefit priority was Income Protection - replacing their income for their family in the event of death or disability.
Key findings regarding their potential business exit plans:
- 39% intended to sell
- 18% expect to liquidate
- 17% want to give it to their family
- 20% are just not sure
- and, almost six in ten do not have a written plan in place.
No matter what your business, well-designed insurance and executive benefits programs can protect your family, and enhance the stability and profitability of your business. Take a look through links in this section for more information about some of the ways insurance can help with:
Protecting your business from loss
Business continuation – transferring ownership
Executive compensation – fringe benefits
At NFP, our mission is to help you as a business owner protect and enhance your business. After a review of your current situation, and a discovery process regarding your risks and future goals, I will work with you to plan a strategy customized to your company’s needs. If you would like to examine your businesses protection, continuation plan or fringe benefits, please contact us.