Owning a business is the achievement of a lifetime, and an investment to protect. Your business provides products and services that people depend on, as well as a place of employment. The right business tools can protect your operations and your employees, and help you attract top talent.
1. A Small Business Insurance Policy
Business insurance protects your company from unpredictable damaging events, like fire, crime and liability for personal injury. A policy can provide coverage to offset loss of income and damage to your buildings, as well as liability coverage in the event that a claim is filed against you. You can also customize your business insurance with extended coverage and umbrella insurance, providing coverage beyond the limits of your policy.
2. An Employee Retirement Plan
One way to support your employees is to offer an employee retirement plan. This is a business tool that can also help you hire, retain and reward quality employees. Offering a retirement plan not only shows that you care about your employees, but also allows them to build for their futures. When deciding whether to work for your company or a competitor, talented workers might view a retirement plan as a deciding factor.
3. A Life Insurance Option
Offering life insurance is another business tool you can use to help win and retain employees. Through a company life insurance policy, your employees may be able to get lower rates than they’d get on their own. And you’ll be able to take advantage of tax deductions if you have a certain number of employees and offer certain policies. (You get to pick which policies employees can choose.)
4. Disability Income Insurance
Protect your employees by providing disability income insurance. This type of insurance provides employees a monthly income if an injury or illness prevents them from working. Disability insurance is customizable and is an option for workers no matter their profession. As with other forms of insurance, there may also be significant tax advantages to giving your employees this option.
5. Key Person Insurance
You may have employees who play major roles in your business, such as a partner with considerable skills and knowledge. What would happen if you were to suddenly lose this person? Key person insurance is a useful business tool that protects your company from the retirement, disability or untimely death of you or another crucial employee.
6. A Business Continuity Strategy
Change is inevitable. Establishing a business continuity strategy can provide funds to cover the hiring and training expenses for replacement employees, as well as the day-to-day expenses of running your business. Charting a plan now will help your business make smoother transitions in the future.
Is Your Business at Risk?
Your local Farm Bureau agent can help you protect your business and provide for your employees. Find your local agent today.