Combined Insurance Services provides services to our clientele which focus on ensuring that their business can sustain its normal operations in the event of a premature death or a disability of key individuals to the business.

Besides providing the funding and successful transfer of ownership, a primary benefit of these plans is the protection of relationships between business partners, particularly within family-owned businesses. One of the most common occurrences after the death of a business partner is an inability to properly fund the transfer of ownership to the deceased partner’s family. This usually results in the sale of the business to satisfy the surviving family’s income needs. There are several plans that can help prevent that from occurring. Some of the more common plans we help implement are:

Buy-Sell Agreements

These plans provide for the successful transfer of ownership based on a predetermined agreement. The goal is to provide funding to the deceased partner’s family so they can redeem the shareholder’s interest in the business without requiring the sale of the business.

Key-Person Protection

This plan will help a business survive the loss of an owner or key employee(s) who are crucial to the success of a company. This is especially important for small to medium sized businesses because of the reliance on fewer, key individuals for revenue production.

Wage Continuation Plans

The disability of an employee typically results in hardship for the employee as well as the business. Wage continuation plans ensure that revenue is available from an insurance contract to cover the employee’s salary for the business in the event of a disability. An important element to these plans is that a set of guidelines are established which classify someone as being disabled and the amount and length of the benefit they will receive. The result is an elimination of uncertainty for the business and the employee.

Call us today so we can determine the appropriate plan for your needs.