Owning and operating a business isn’t easy, or everyone would do it. When things like COVID hit, owning a business gets even more complicated. How do you ensure your money is working for you? There are options available that can help you get more out of your hard work as a business owner. We have worked in the insurance marketplace for years, and are dedicated to helping provide customized, unique solutions to help you ensure your business is giving back to you and your loved ones.
Having a business continuity plan together in the event of an IT disaster, or having to work remotely during a snowstorm will help you when those things happen. Having the proper insurance coverage and benefits for yourself and your employees are just as vital to any business continuity plan. Should you not have a plan in mind for things like COVID, or any of the trials and tribulations that 2020 has brought to business owners, you are behind, but there are options. Here are a few quick questions that you could be looking at when thinking about your business continuity insurance plans, directly from Mark Kostrzewski, the lead man for MBK and Associates, Inc.
Here are a few questions you should be asking yourself as a business owner..
- Have you developed continuity plans in the event you or your partners become disabled, divorced, die or exit for other reasons?
- Do you have a strategy to monetize the value of your business overtime?
- Do you have key employees that would be difficult to replace? How Do You Retain Them?
- How Do You Indemnify the business if they should become disabled or die?
- Are you maximizing all the tax advantages available under the law to maximize your personal cash flow and wealth?
Your business deserves the best options for you and everyone working under you. If you have any concerns or questions about your corporate insurance plans, we can help. We can also provide incentive packages for recruiting and retaining C-Level talent for developing businesses and community banks. Retain employees with packages that can provide lifetime non-taxable supplemental retirement distributions.
Implementing an Executive Trifecta Plan, for example, selected executives are insured in favor of the Corporation providing indemnification for loss. Each executive is provided with corporate-paid survivor income benefits while employed. When the executive retires, life insurance is transferred to the executive creating a supplemental retirement set.
Check out more over at the Business Professionals Page, to learn about other options like a Tax Efficient Capital Transfer Plan or give us a call if you have any questions!