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Life Insurance
Business Owners Insurance
Business Owners Insurance
- Did you know that life insurance is an asset that you or your company can own that the IRS cannot touch? Properly structured cash value life insurance policies can and should supplement your retirement plan and business continuation plan. Many financial advisors will tell you to rent your life insurance by purchasing term life insurance
- Did you know that life insurance is an asset that you or your company can own that the IRS cannot touch? Properly structured cash value life insurance policies can and should supplement your retirement plan and business continuation plan. Many financial advisors will tell you to rent your life insurance by purchasing term life insurance and invest the rest into mutual funds or into a bucket of carefully selected stocks. Regardless of your belief on this, they are making a commission on your investment and when you sell your stock or shares in your mutual fund, you'll pay the taxes. Don't get us wrong on this though, because there are absolutely scenarios where term life insurance makes more sense. Especially when business partners fund a buy sell agreement by putting life insurance in place on each other.
- Why do you or does anyone actually buy life insurance? Most people buy life insurance to hedge against the risk of future lost wages, medical expenses, funeral costs, business expenses, replacing and retraining key employees, and paying off debt like mortgages, personal loans, and lines of credit. For example, business owners often utilize debt to buy equipment, tools, technology, hire employees, and more! Life insurance protects their family when they die and leave those business debts behind to be cleaned up. What happens when you buy term life insurance and become "not insurable" due to a health condition like type 2 diabetes, congestive heart failure, stroke, or cancer? If you just buy term life insurance because it's cheaper, you'll find that you've been paying premiums for life insurance to protect your business and family that almost never pays out. It almost never does what it's intended to do. You'll lose control of your finances when this happens, because new challenges that you did not plan for are suddenly the problem of your employees, wife, and children.
- The saying goes "you get what you pay for, and it is true when it comes to your life insurance too. While term life insurance is cheaper, it'll run out and you'll be faced with a new reality in your later years of life. This is why you should stay in contact with the agent that set up your insurance policy, so that they can advise you as the years go on and ensure that the policy that you purchased is still the right fit for your business and family.
- Section 7702 of the IRS code help explain the tax favorable treatment of loan proceeds from a cash value life insurance policy. Take a few minutes to understand that this code allows you to take cash loans from your life insurance without paying taxes on the proceeds! Then, go ask that same financial advisor if he or she owns cash value life insurance. If they are being honest with you, the vast majority of them will say yes because they know that it is the only generational wealth tool that preserves and protects all of the assets that they have been working to build for so many years. They also know that the death benefit is tax free to the beneficiary or beneficiaries of their life insurance policy and that money can be used to pay the estate taxes and probate fees, that will be owed by their heirs.
Business Owners Insurance
Business Owners Insurance
Business Owners Insurance
- As a business owner you're more than likely inundated with employee issues, emails, SPAM calls, taxes, and the pressure of making it all work. Not to mention your personal life or the lack thereof, especially if you are building your company from the ground up. Add in a workers compensation audit, claims, and a lawsuit, and you'll be as
- As a business owner you're more than likely inundated with employee issues, emails, SPAM calls, taxes, and the pressure of making it all work. Not to mention your personal life or the lack thereof, especially if you are building your company from the ground up. Add in a workers compensation audit, claims, and a lawsuit, and you'll be asking yourself if it is all worth it. That's why working with the right insurance agent matters and getting a general liability insurance quote, auto insurance quote, or workers compensation quote online should be personalized. Staying ahead of the daily grind takes partnering with the right professionals that have you and your businesses' best interest at heart. When you quote your workers compensation or any line of business insurance coverage with us you'll get that personalized phone call, and we'll take the time to get to know you and how your business operates. That way we can approach the right insurance providers that give us the best chance to win. To give you an example of this, we will approach our flagship carrier first and if it's not in their appetite, we'll access other carrier programs that align more directly with your company's operation and risk profile.
- Your business insurance agent is one of those trusted partners. Aside from providing important general liability coverage, workers compensation insurance, property insurance, commercial auto insurance, they'll provide other insights into how you can grow safely in a wildly competitive market. For example, your employee handbook might be missing job descriptions that need to be updated. Maybe you don't have one in place yet and need that done ASAP. You may be aware that an employee safety training program should be implemented, but you just don't have time to put one together. Your commercial insurance agent should have the resources to help with these things and should ask you these questions up front.
- Getting a workers compensation quote is easy when you're working with an agent that has access to the right commercial insurance providers. In fact, most agents that can provide you with a workers compensation quote, general liability quote, or auto insurance quote have direct access to the resources for you straight from the insurance carrier that he or she has placed you with. Almost all insurance carriers have this available and we'll be blogging to provide you with more detail on this. Business owners need the right insurance and need resources so that they can focus on increasing revenue and managing employees.
- Because the insurance market for workers compensation insurance is so competitive, there are insurance agents that simply play the volume game. They know that you're busy and you just want the coverage in place so that you can get your certificate of insurance to your landlord or general contractor. Many contractors can't get paid for the work that they've done until a certificate of insurance is provided to the general contractor. We understand this part too, and we know that there are certain requirements that must be met in order to avoid delays in getting you paid or getting into your new office space.
Homeowners Insurance
Business Owners Insurance
Homeowners Insurance
- Did you know that homeowners insurance is becoming a major pain point for those looking to sell their homes? It's one of the most challenging insurance products to buy in the state of California, due to severe weather and wild fires. Many insurance carriers aren't even offering homeowners insurance quotes in states like New York, South
- Did you know that homeowners insurance is becoming a major pain point for those looking to sell their homes? It's one of the most challenging insurance products to buy in the state of California, due to severe weather and wild fires. Many insurance carriers aren't even offering homeowners insurance quotes in states like New York, South Carolina, and Florida and they are non-renewing homeowners insurance policies every day! This means that anyone looking to sell their home may be faced with a disturbing reality when they try to sell. What buyer wants to purchase a home that is not insurable and can't be quoted for a homeowners insurance policy?
- Insuring your most valuable asset can be stressful if you can't find homeowners insurance quotes that match your needs.
- Homeowners Insurance companies only have a few options when things get tight. When you see insurance companies stop writing insurance in whole states, i.e. Florida, California, South Carolina, New York, and Louisiana, it will affect your homeowners insurance policy in your state! They cut their expenses by laying off employees, and simultaneously take away coverage in "old, grandfathered homeowners insurance plans" by only offering "new homeowners insurance plans" in your state.
- In Florida, the largest property insurance company has become one that is backed by the state high risk pool. That company is Citizens Property Insurance Corporation and they are growing at a record clip. Why does that matter? Well, think about what keeps rates down and in line for consumers. It's competition that does this for us, and when you eliminate competition, then the price gets set by one entity, and we lose control to shop for homeowners insurance coverage with multiple carriers. No one that we know wants to live in an era where options are limited and you're only able to buy your coffee from Starbucks, because they bought up all the coffee beans, so to speak. They're expensive enough as it is, so we use our coffee machine at the office.
- Some states are reconsidering how and where they develop property to keep private insurers like Farmers Insurance, Allstate, State Farm, and Progressive from losing interest in their state due to higher loss costs due to inflation and many other economic factors.
Auto
Health Insurance
Flood
- Auto insurance quotes are a dime a dozen but they are becoming increasingly difficult to afford these days. One could argue that having the wrong auto insurance policy and coverage is more expensive when a claim occurs. Think about your limits of coverage on your auto policy now. Many people think that driving with state minimum liabil
- Auto insurance quotes are a dime a dozen but they are becoming increasingly difficult to afford these days. One could argue that having the wrong auto insurance policy and coverage is more expensive when a claim occurs. Think about your limits of coverage on your auto policy now. Many people think that driving with state minimum liability limits is enough to protect them in the event of a claim and lawsuit. Let us help with this and debunk a common misunderstanding about this coverage. Your auto liability coverage, often expressed as 100/300/100 or 50/100/50 is your protection when you get in an accident and damage someone else's car or worse, cause a bodily injury to them. These coverage lines
Flood
Health Insurance
Flood
- We're here and refining our content for you so that you get the information you need about your flood insurance.
Health Insurance
Health Insurance
Health Insurance
- As a business owner, have you ever been "shaken down" for a raise from an employee? Most of us have and then were faced with a decision to make. A key employee life insurance policy can provide reassurance to those deserving and valuable people on your team. Instead of waiting for these employees to approach you, go ahead and approach
- As a business owner, have you ever been "shaken down" for a raise from an employee? Most of us have and then were faced with a decision to make. A key employee life insurance policy can provide reassurance to those deserving and valuable people on your team. Instead of waiting for these employees to approach you, go ahead and approach them first with health insurance and benefits to lock in the loyalty.
- Most people wouldn't think about key employees as an insurance policy at all. Technically, they aren't but for business owners we argue that they are! For small business owners, key employees that perform at a high level often become buyers when it's time to sell the company and retire. This is the business's succession plan even when there are other family members that want to take over the business. Children and family can also be key employees, but often find other things in life to take interest in as they choose a career path. Why is any of this important? Because key employees put in the work to learn every aspect of your company for years and that is something that is irreplaceable to a small business owner that wants to retire and pass the keys to the kingdom to someone with the competency to sustain and grow. In fact, that key employee or employees will often pay the retired business owner (you) for years to come while the buyout is unfolding. Why not protect that with key employee life insurance that can be set up with a bonus distribution schedule to that employee? When you set this type of a plan up, you are offering a golden cash incentive for that employee or employees to see it through and protecting yourself, the company, and the family of the employee if they die prematurely.