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Small Business Specialty Insurance
When purchasing an insurance or financial product, the client must be well informed. The sole presentation of quotes and numbers do not give the complete picture of the purchase. The role of our agents is to inform our clients of all the options available for them to choose a product that meets their needs, expectations and budget. We refuse to be an online volume seller. Our unique and personalized service has been the key to our success for the past 15 years.
Hiring and training quality employees is one of the biggest investments and capital expenditure for any business. Retaining and motivate experienced and valuable employees should also be as important. Nevertheless, it remains as one of the most neglected areas in a business plan. The "golden cuffs" technique is available to most business and Secure Floridian can help you achieve the competitive advantage in the marketplace. With enhanced benefits, you will find it easier to recruit, retain, and reward the highly sought after executive and director talent that is so crucial to your success. A properly designed plan to provide the benefit to your employees can actually add to your company's bottom line, thus significantly enhancing shareholder value.
- Executive Bonus Arrangement: An executive bonus plan is a non-qualified employee benefit arrangement in which an employer pays additional compensation to one or more selected employee. This executive bonus arrangement also known as section 162 bonus plan may be of interest to employers who want to provide supplemental nonqualified benefits to selected few employees and executives without having to offer that benefit to all employees. Nonqualified executive bonus plans are increasingly popular because of their many tax advantages, and because these plans can be adopted by entities such as C Corps, S Corps, LLCs and partnerships. Bonus plans are flexible and can be tailored to the specific needs and objectives of the company and the participating executives.
- Split- Dollar Insurance Arrangement: In this type of arrangement, employer and employee share one or some of the values of a permanent life insurance policy such as premium payments, death benefit and/or cash value. The taxation of split-dollar life insurance was extensively changed over the past several years. Although the rules now are much clearer than before, many existing plans are now subject to taxation under an entirely different tax regime. Existing split-dollar life insurance plans should be carefully reviewed to determine whether they are still cost-efficient.
- Key-Man Insurance: Sometimes the inevitable happens and valuable and experienced employees must be replaced. That carries a tremendous cost and expense to the company. Training, the "learning curve" and overall adjustments especially with clients carries a cost. This product or insurance policy taken out by a business to compensate that business for financial losses that would arise from the death of a key member of the team is known as key-person or key-man insurance. The aim is to compensate the business for losses and facilitate business continuity. Key-man Insurance does not indemnify the actual losses incurred but compensates with a fixed monetary sum as specified on the insurance policy.
- Buy - Sell Agreements: Within a closely held corporation, shareholders are often concerned about what might occur if one of the owners dies. Will the deceased shareholder"s family retain the economic value of the corporate interest? Can the surviving owners avoid interference from the deceased shareholder"s family? Will the survivors have the economic resources to redeem the deceased owner"s interest? Given these concerns, corporate owners are best served by entering into a buy-sell agreement while they are all alive. Owners usually choose from two basic types of buy-sell agreements. With a cross-purchase agreement, each owner of the corporation purchases an insurance policy on the other shareholders. Another commonly used type of agreement is a stock redemption agreement, in which the corporation owns policies on the lives of the shareholders. When a shareholder dies, the corporation buys the deceased shareholder"s interest in the company with the insurance proceeds.
- Overhead Expense Protection: A tax favored way to help the employer keep the business running with minor interruptions should he or she become disabled. Although the reimbursements are taxable, premiums and business expenses are usually tax deductible.
- Non-Qualified Salary Continuation: This plan offers benefits for both the executive and the corporation. For the executive it offers supplemental retirement funds and death benefits while for the corporation it offers an executive incentive plan.