Boss of one or a boss of many brings a plethora of challenges. You not only have to manage growth but also risks. Although pitfalls and challenges can't be avoided, they can be mitigated with the proper precautions, planning, and insurance coverage.
Buy/Sell Insurance
If you have at least one partner, planning for the transfer of the ownership whether it is through retirement, disagreement, disability, or death is vitally important. At death or disability, for example, the remaining owners may not want to be in business with the non-active disabled owner, or the deceased owner's heirs (who may inherit share of the business).
Proper funding should be in place to ensure that money is available to buy the shares of one partner. Insurance provides the necessary dollars at a far lower cost than borrowing to fund a buy-out. We can help you structure these in the event of the following:
Death
Disability
Critical Illness
Business Overhead And Risk Insurance
Every business is different and that’s why we do not offer one-size-fits-all insurance. You can build the right insurance coverage for your business needs which includes coverage for:
Your building and contents, including POS, software and computers
Your valuable papers and records in off-site storage
Loss of business income in the event of a claim
Errors & Omissions
Privacy/Data Breach
Coverage for the bills when your business is interrupted
And much more
Group Benefits
Employees are looking for more than just a higher paycheque, they want to feel valued.
Offering your employees flexible benefit plans and RRSP matching are a few ways to do just that. Benefit plans don’t have to be rigid and strict, there are many with flexible options that let you customize it to your needs, regardless of how many employees you have.
We can help you customize the plan, source out the best provider, and negotiate the best price. Best of all, we put it together a comparison of the best options for you in a simple, easy to comprehend format.
Questions For Business Owners
Your tax situation—What are some options for becoming more tax efficient with your business?
Your business valuation—Do you have a precise assessment of the value of your business? How does a valuation assessment affect your personal financial status?
Your employee benefits program—Can you use it to reduce your taxable income?
Your insurance and protection—What kind of protection plan helps to safeguard your business against a disruptive event of or the loss of a valued employee?
Your business succession plan—What's the most effective strategy for either selling your business or handing it over to a family member?
Your retirement—How do you plan to save for retirement? Are there ways to tax effectively do this within your corporation?
Your investment strategy—Is your stock portfolio suitably aligned with your level of risk tolerance? Are you offering your employees valuable options to help them retire?
Don't worry. We will help you answer all these questions when we look at insurance options.