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Home > Business Consulting > Business Planning Insurance
Business Planning Insurance
There are many reasons why a business owner should look towards insurance to help provide for protection. From time to time, on our site, we will provide you with different problems which can be solved through proper insurance planning. If you find these information bites interesting and would like to receive more information, please use the Contact Us button or call us at 716-634-8705 or 800-279-0298.

Reasons To Consider A Protection Plan

The untimely death of a key employee or business owner can have a disastrous effect on a business. Some of the "costs" of such an event would include:

· A weakening of the company's credit rating

· The financial cost (in time and dollars) to find and hire a replacement

· Loss of productivity during the training period of the new employee

· Potential losses due to errors during training

· Distraction of other employees and departments (deadlines not met, conflicts in personalities, deteriorating morale, changes in employee confidence, etc.)

· Cash needed to fulfill any promises of "salary continuation, deferred compensation, etc., to the deceased employee's spouse or family"

· Inability to seize a business opportunity, because cash reserves are being used to recruit and train the new employee

· Loss of confidence among both suppliers and customers

· Loss of influence the key employee had with his or her business contacts Additional Problems If Key Employee Is An Owner

· Disagreements between heirs and surviving business owners or key employees

· Lack of cash to buy the interest of the deceased owner

· Surviving owners forced to work with someone who is not competent or is not motivated to make the business survive and be successful

· The business may have to be sold to pay estate taxes.
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