You probably have a life insurance policy in place to protect your family in the event of your death. But, if you own a business, do you have the coverage you need as a business owner?
The knowledgeable experts at Alliance Insurance Services want to make sure you as a business owner, in or near Arvada, CO, are covered.
As a business owner when you die, you need to at the very least have in place a life insurance policy that will cover your income loss.
Following are 5 reasons why business owners need life insurance and aspects you may or may not have considered.
- Collateral coverage to cover any personal assets you may have used as collateral for business loans.
- Access to Cash Value life insurance works much like a Whole or Universal Life policy. As time goes on, your policy compounds interest earned and can be credited to a cash account.
- Protection for Key Executives means that other higher-ups in the company will not have to purchase their own individual policies to cover their loss of income when they die.
- Offer executive bonus plans that cover the cost of your workers’ policy and any tax liability as well.
- Succession Planning lists out how the business will continue after the owner’s death.
Purchase a life insurance plan that will not only cover any outstanding mortgage balance or cost of funeral and burial but will also cover monthly living expenses for your surviving family. Additionally, make sure your policy provides money for your heirs to pay estate taxes.
Contact Alliance Insurance Services servicing Arvada, CO to make sure you have the life insurance policy options you need as a business owner.
Building a business in Arvada, CO can be one of your greatest accomplishments in life. So much time, effort, money, and energy go into building and running a successful business. It goes without saying that you should certainly invest in commercial experience for your Colorado business.
Depending on your needs, commercial insurance can cover employee injuries, auto insurance for the cars your business uses, your office space or warehouse, and much more.
In order to stay compliant with Colorado laws, Alliance Insurance Services recommends you obtain commercial insurance. It can protect you and your employees, along with additional assets that help your business run smoothly.
It’s simply not worth the risk to neglect your business by failing to insure it properly. You risk getting fined large sums of money, particularly if one of your employees becomes injured while at work and you don’t have the proper insurance policy to cover any medical needs they may have.
Other types of commercial insurance include liability protection and protection for company assets. This can include your physical products, machinery, and other tools and electronics you rely on to run your business. Should any of these assets get stolen or become damaged, your commercial insurance plan can cover the cost of replacing or repairing them.
Don’t invest in the bare minimum when it comes to your business. Ensure you are fully protected and your business has the support and security it needs to flourish.
Business owners in Arvada, CO should reach out to Alliance Insurance Services for a carefully designed commercial insurance plan. We have a team of experts who can help — we know insurance can be confusing and overwhelming, and we’re happy to break down the various coverage options and policies for you.