Executive Benefits
Business healthcare plans can be an important tool for businesses to protect themselves financially in the event of unexpected events or expenses related to healthcare. By having a plan in place, businesses can better manage risks and protect themselves from financial hardship. It's important for business owners to work with a qualified insurance professional to determine which types of healthcare plans are appropriate for their specific needs.
01
Buy/Sell Agreement
A buy/sell agreement is a contractual agreement between business partners or co-owners that outlines what will happen to the business in the event that one partner becomes disabled. With a properly drafted buy/sell agreement, the surviving partner(s) can buy out the disabled partner's share of the business at a pre-agreed price, using insurance proceeds to fund the buyout.
02
Key Person Insurance
Key person insurance is a type of health insurance policy that is purchased by a business on the life of a key employee or owner. In the event of the employee becomes disabled the policy pays the business to help cover expenses related to finding and training a replacement, and to help the business stay afloat during the transition.
03
Business Overhead Expense
Business overhead expense is designed to cover the ongoing expenses of a business in the event that the owner or key employee becomes unable to work due to disability. This type of insurance can help cover ongoing expenses such as rent, utilities, salaries, and other overhead costs, helping the business to stay afloat during a difficult time.