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Life Insurance Vancouver

Business Owners

Business owners have a ton of different things they must consider to protect their business. The reality is building a business is a labour of love. For business owners, having their business on solid, stable footing is not just a matter of fiduciary responsibility but also a matter of pride. When you look around your business, your fingerprints are everywhere. How would you feel if you lost everything through no fault of your own? Instead of something like mismanagement, some untimely accident to a valued employee or lacking the ability to attract the best people are reasons why nearly 80% of small businesses are out of business within five years. Ensuring the security of your business is critical to driving profits.
    Business Owners    

Insurance for Business Owners

Key Person Insurance, Corporate Insurance Strategies, Employee Benefits

The following are important components to a well-rounded business and ensure that your business will have incredible stability during the times that challenge business owners most:
  Key Person Insurance: These policies exist for employees your business literally could not operate without. If something happens to this employee preventing them from working, this policy allows you to cover the losses generated by that employee’s absence while finding a new person to fill their shoes. Of course, no person is irreplaceable, but with key person insurance you have the ability to ensure the legacy of that valued employee’s contribution to your business. Having key person insurance allows your business to have the most flexibility when dealing with labor hiccups.
  Corporate Insurance Strategies: Protect your business in the long and short term through corporate insurance strategies. Designed to protect against a multitude of different circumstances, the right corporate insurance strategies are the rainy-day fund that you never wish to use but will be glad is there. When your business is faced with a situation requiring it to knuckle up to survive, having the right corporate insurance strategies means that the tough times are not so tough, and the good times are that much sweeter because you know your business is secure.
  Corporate Insured Retirement Plan: This plan is perfect for small businesses seeking to have extra cash on hand to fund a variety of activities including, but not limited to: life insurance protection, transferring other policies into tax-deferment options, cash to distribute to shareholders or other business reasons. With Corporate Insured Retirement Plans, your business has the flexibility to handle a multitude of different scenarios that may not have the easiest solutions. Of course, if the shareholders are being paid, that solves many problems, so having the most flexible and generous corporate insured retirement plan is a requirement for successful businesses.
  Buy-Sell Funding: Many times businesses are owned by more than one party. In the event that one member of the business is unable to complete their duties due to either an ailment, injury, or death, buy-sell funding is a legally binding document that kicks in immediately. This allows power to be transferred to the person still able to operate the business along with providing the other party who is unable or unwilling to work in the business a lump sum payout for their efforts in building the business.
  Employee Benefits: Having the best benefits packages allow businesses to recruit and retain the best people. The bottom line is a business is only as good as the people working in it. Because the labour market is so competitive, it is imperative that businesses offer the most lucrative employee benefit packages otherwise another company offering a competitive salary with benefits taking care of the employee is far more likely to retain and recruit the talent that could take your business to the next level. Click here to learn more about our employee benefit packages.
  Group RRSPs (Registered Retirement Savings Plan) These pre-tax deductions allow your employees the security of knowing their retirement is funded. Because the deductions are made prior to tax assessment, your employees will not be penalized twice for their retirement. The only tax they pay is upon withdrawing the funds after retiring. Having the best group RRSPs helps your business recruit employees who are thinking about a long-term future with your company, not just employees who are transient and lacking that long term focus that businesspeople like yourself know is critical to the growth of a business.
The bottom line is your business is extremely valuable. Having the right plans in place in case something goes terribly wrong is the responsible move for a business owner like you. You care about your employees and their future. The products listed above ensure your employees have security knowing your business is ready for all situation and in return they are less likely to seek out other employment.

Let’s have a conversation about the needs of your company. Regardless of how large or small your business is, we have the plans and the products that will deliver yourself and your team an unmated level of security. Call us today at (604) 648-8923 or email our team at for more information!


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