How A Business Insurance Agent Will Help Your Business

A business insurance agent is licensed and trained to meet the insurance needs of business. Their expertise in the areas of business, succession plans, financial and benefit planning is required for all businesses that wish to attract, recruit and retain quality employees and remain competitive. The business insurance agent can be a useful resource for a business and provide a valuable service to provide the business with the right products and plans for its needs.

Business Planning Needs
A business insurance agent works with businesses to determine the types of insurance that can protect the interests of the business. This includes business planning for partnerships and other business entities that would be affected by the loss of a majority owner or partner. A business buy-sell agreement funded with insurance is a way to provide for the loss of a business owner or partner due to death or disability.

A buy-sell agreement is a simple arrangement where the business or individual partners purchase insurance policies on each other’s lives. The plan offers the cash necessary to purchase the interest of a deceased or disabled owner or partner and allow the business to continue.

Succession Planning Needs
Business succession plans are similar to buy-sell agreements in that they provide a mechanism for a business to continue when a partner or majority owner decides to step away from the business. These plans, which are prepared with the help of a business insurance agent, provide funding for the business to continue and choose the partners or owners that are best equipped to help the business grow and prosper.

A succession plan is important because it helps a business determine how it will continue.  The absence of a succession plan funded by insurance means that a business would have to look at current cash flow or other assets to continue its operation.  Such a process will have an adverse affect on the business and may create a financial hardship.  An experienced business insurance agent can help address this need with the appropriate advice and products.

Financial Planning Needs
A business agent has expertise in the area of financial planning and can provide a business with the knowledge and expertise to meet its short, medium and long-term financial needs.  This includes products and advice on wealth management, executive benefits and other areas of financial planning for the business and its key employees and owners.

Benefit Planning Needs
The need of businesses to attract, hire and retain top talent is important for the business’s survival.  Benefit plans are an important offering for many employees and top talent and is required if a business wants to succeed.  A business insurance agent works with businesses to design benefit plans that meet the needs of its employees.

Benefit plans range from retirement and health insurance plans to employee incentive plans and other forms of benefits that are essential to a business.  The expertise of a business insurance agent helps the business determine the appropriate level of benefits to offer their employees.