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Businesses deal with risk every day; it comes with the territory. Not all forms of risk are created equally, however. Some are a minor annoyance and are easily dealt with, while some can bring even large corporations to their knees. The risks associated with information technology and cybercrime often fall into the latter camp.
They say that whatever can go wrong, will go wrong. Someone gets injured at your workplace. Someone thinks you've said something libelous about them. Someone claims that your advertisement infringes on their copyright. Owning a business is like running through a minefield of potential lawsuits. Some larger businesses can easily absorb these costs, but what about smaller businesses?
We recently dedicated a blog post to the topic of funding a buy-sell agreement with life insurance. Most prudent business owners have a buy-sell agreement in place as it serves as a legally-binding agreement that governs the situation if a business owner is to die or leave the company. One of the most common ways for a buy-sell agreement to be funded is through life insurance.
With so much in the headlines these days regarding cyber theft, it's important to consider how this type of scenario would impact your business.
We recently talked in great detail about why your business needs general liability insurance and how the tremendous benefits of this type of policy can help to minimize risk for your company.
When shopping for general liability insurance, it's well worth it to do your research before selecting a policy. After all, general liability insurance will be serving as your company's safety net in the event that legal hassles arise or the unexpected occurs.
In a recent blog post, we talked in great detail about what a buy-sell agreement is and how it can be funded with life insurance.
Since clients tend to have a number of questions regarding buy-sell agreements, we thought the topic would merit another post on our blog, this time focusing on how a buy-sell agreement is beneficial to a business owner.
You've invested a lot of blood, sweat, and tears into your business over the years, allowing you to build a valuable financial interest in your company. Understanding that you won't be around forever, it's important that you proactively consider your options to ensure your family the smooth sale of your business interests.
One solution to consider is a buy-sell agreement funded with life insurance. In this scenario, the life insurance will provide a sum of money at your death that can be used to pay your family or your estate for your ownership interest in your company.
If you own a business, you absolutely can't afford to not have general liability insurance.
For a quick refresher, general liability insurance covers your business from third-party lawsuits that occur due to bodily injuries or property damage. The referenced "third-party" could be anyone other than one of your employees (customer, business partner, etc).
A great example of when general liability insurance could come in handy would be if a customer slipped on a freshly mopped floor in your store and sustained a bodily injury. If that customer chooses to pursue a lawsuit against your business, you'll want general liability insurance in place to cover the litigation and medical costs. Otherwise, such a lawsuit could put you out of business.
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We'll identify solutions that will specifically fit your needs. Any recommendations made will support your end objectives.
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