Business insurance

Safeguard your business.

Business owners use insurance for many purposes, ranging from asset protection and succession planning to tax planning and wealth transfer. We can help you identify your needs and determine how insurance may fit into your overall business strategy.

Talk with a Wealth Management professional about your business insurance needs.

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Business planning

As you plan ahead to transfer or sell your business, our team of experienced advisors can serve as your strategic partner.

Business Owner Advisory Services

Succession planning

You need a succession plan to ensure that your business continues successfully, especially if an owner or key employee dies. “Key employee insurance” provides cash to the business which can be used by the surviving business owners to maintain the business after the loss of a critical employee. Insurance can also be used to fund a buy/sell agreement. Policy proceeds can provide the necessary cash for a partner, employees or children to buy all or part of the business.

Tax planning

There are typically no federal income taxes on insurance policy proceeds. You might also bypass probate. When you structure your insurance plan properly, you may receive proceeds free from estate taxes.

Another potential benefit of an insurance policy is that the cash value builds on a tax-deferred basis. No taxes are due as long as the insurance policy remains in force.

Wealth transfer

If you transition your business to your children, a partner or another party, an estate plan can help ensure that your assets are distributed as you wish. Many plans include one or more types of trusts, each of which fulfills a specific need. Revocable trusts allow you to retain control of your assets during your lifetime. You can change this type of trust at any time. You can also create irrevocable trusts for a wide variety of objectives. These trusts generally can't be changed after they are established.

Learn about types of trusts

Talk with a Wealth Management professional about your business insurance needs.

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