Various Insurance for Protection of Your Business
In the most recent annual survey conducted by MetLife, employees value health insurance more than any other employee benefit, and more than any other aspect of the company for which they work, including the opportunity for advancement. Premiums can be tax-free for both the employer and the employee, making health insurance a great way to keep your employees – and your business – healthy and happy!
1) Health Insurance
The ability to continue business operations while you're disabled can be reassuring to your customers/patients, creditors, and employees. Without business overhead expense coverage, you might find yourself using personal funds or taking on debt to meet business expenses. You might even be forced to close the business. With this coverage, you'll be able to keep your business afloat, at least for a period of time. And if you decide to sell your business after becoming disabled, the benefits paid under such a policy can keep your business operating and give you some breathing room to find a suitable buyer.
2) Life Insurance
Life insurance is another great employee benefit. Many employees do not own individual policies, so the life insurance they get from their employers is all they have to protect their families if they die prematurely. But life insurance has other business uses as well. Many businesses carry insurance on the owner and other key employees. If the insured dies, the company gets enough money to continue operations while a suitable replacement is found. Life insurance can even be used to purchase a partner's share of the business from his family through a buy-sell agreement.
3) Split Dollar Insurance
Split dollar insurance is a life insurance buying contract between an employer and an employee. The two parties share in the cost of the premiums, and if the employee dies, the employer gets back the premiums paid towards the employee's policy. Split dollar plan is a great way to offer a valuable and affordable employee benefit.
4) Disability Insurance
Like life insurance, disability income insurance is another coverage that most employees own only because it is provided by their employer. But also like life insurance, disability insurance can be purchased by the company on the owner or other key employees. If the owner becomes disabled, the company receives financial benefits in order to keep going while the owner recovers.
5) Property and Casualty Insurance
Property and Casualty Insurance protects your business from physical losses. You can buy a policy that protects against one specific type of loss, like fire, or against a variety of hazards. Other property and casualty policies cover your accounts receivable, your valuable documents, your building and equipment, and even your cash flow should an event like a fire or flood disrupt your daily operations. Not all property and casualty coverages are required, but most states do require you to carry Workers' Compensation insurance, which compensates employees who are injured on the job, while prohibiting employees from suing your business for compensation on those same injuries.
6) Liability Insurance
Liability insurance protects your business when the business is responsible or is alleged to be responsible for an injury that is suffered by a third party. Specific forms of liability protection include bonds, directors and officers insurance, environmental protection, umbrella policy, errors and omissions coverage, malpractice insurance, manufacturers and contractors coverage, and product liability insurance.
Your business is your livelihood, and often your life's work. Make sure it's protected by speaking with a BeamaLife specialist today! Call us at (877) 972-3262 or complete this short quote request form now.