HOW DO YOU PROTECT YOUR BUSINESS AGAINST THE LOSS OF A KEY EMPLOYEE
Key people are vital to your business. The loss of one or more of your key employees can cause disastrous problems. Sales may be lost. Credit can become more difficult to obtain. Profits may shrink, momentum may be lost, and training a replacement will cost you time and money.
Life insurance on key employees can provide a business with a cushion to absorb the shock of such a loss. Most astute business owners insure physical assets from destruction. But when it comes to a business owner's most valuable assets?key employees?many forget to take the same precautions.To protect your business you might consider an insurance policy that protects a business when an essential employee dies. The employer pays premiums for an insurance policy on the key employee's life. The employer is the owner and beneficiary.
At the key employee's death, the employer receives the policy's tax-free death benefit.*During the life of the key employee, cash values accumulate tax-deferred free every year. The cash values also generate an asset on the business' balance sheet that can be used to create a reserve fund for opportunities and emergencies. It can also form the basis of a deferred compensation or a split dollar insurance program for the key employee. When the key employee retires, the benefit can be transferred to him or her. After the key employee's death, the tax-free proceeds provide funds to hire and train a new key employee, replace lost sales and profits and provide a death benefit for the employee's family or stock redemption (both complete and partial)*.
These funds also help assure customers and creditors of the business' solid financial position during this transitional time.A business should protect itself against the loss of its most valuable asset: key employees. Key person insurance is a business' best means of protecting itself from the loss of these important people. Good management dictates that employers protect themselves from this risk. If you employ anyone whose sudden, unexpected loss would significantly affect your sales, profits and credit, then you should consider key person insurance.*In some corporations, the death benefit may be subject to the corporate alternative minimum tax..
Keith Muth is a shareholder and Managing Partner for Virginia Asset Management (www.vamcompanies.com). He is a Certified Public Accountant, a Chartered Financial Analyst, and a Certified Financial Planner -- one of only 158 people nationwide who hold all three of these prestigious designations.ELIOS Introduces Electronic Billing and Fund Transfer Capabilities for the Property and Casualty Insurance Industry
San Ramon, California (ContentDesk) July 5, 2005 --ELIOS, the leading loss payee notification company for auto and home mortgage insurance industries launches new electronic fund transfer (EFT) feature for home owner insurance companies. "This is a natural progression in our offering of paperless solutions technologies for our more than 250 property and casualty clients." states president and CEO of ELIOS, Jordi Huguet.
ELIOS automated the process of billing mortgagees in early 2003 to eliminate insurance companies need to print and mail escrow bills to financial institutions.
"Our clients asked us if we could go one step further by providing the ability to receive funds electronically."
ELIOS has been working with its electronic trading partners who have relationships with tens of thousands of financial institutions to eliminate the need for paper check remittance and to speed up payment processing time.Aside from eliminating paperwork going back and forth...
Insurance > ELIOS Introduces Electronic Billing and Fund Transfer Capabilities for the Property and Casualty Insurance Industry
Insurance and Financial Services Sales Tactics
If you sell insurance, financial services and the like, consider the following low-cost marketing strategies to help grow your small business. It's important to first acknowledge some of the natural barriers to acquiring new clients within the insurance and financial services industries. These include, but are not limited to, customers lacking knowledge about your products and, therefore, lacking the ability to ask questions, and customers afraid of being ripped off. Unfortunately, insurance and financial salespeople often carry the same stigma as used car salespeople. And I'm certain there are some great and honest used car dealers around.
It's important to recognize this stigma so you can proactively address it in your marketing plan. Ultimately, to grow your business within the insurance and financial services industries you must strive to build an incredible reputation, built on a platform of reliability, honesty and product knowledge. I also encourage you to be very straightforward...
Insurance and Financial Services Sales Tactics
Insurance > Insurance and Financial Services Sales Tactics
OmniMD introduces Patient Portal Services with its Integrated Electronic Medical Record (EMR) Software
Tarrytown (NY) ? October 24, 2006 ? OmniMD, a New York based provider of HIPAA compliant healthcare practice solutions, has launched Practice Portal services for providers. The service will benefit physician and patient alike, by offering a two-way secure communication to enhance delivery of care.
Mr. Divan Da've, CEO - OmniMD says, "The aim to launch a Practice Portal is to bridge the gap between healthcare service providers and patients, by allowing physicians to offer high level of service and convenience to patients any time, anywhere through a secure medium. More than 60% of Americans use the internet as of source of health information ? patient portals will prove to be a great tool for preventive healthcare."
According to a recent Harris Interactive/Wall Street Journal survey, 74% percent of respondents said they would like the ability to communicate with their physician via e-mail, but only 4% of respondents currently use the technology.
62%...
OmniMD introduces Patient Portal Services with its Integrated Electronic Medical Record (EMR) Software
Insurance > OmniMD introduces Patient Portal Services with its Integrated Electronic Medical Record (EMR) Software
Bridal Shops
When a wedding is being planned, an animated discussion about the wedding gown to be worn by the bride is inevitable. This item is of paramount importance to the couple, their families and to friends and well-wishers. But there are many more such important things to be selected and purchased prior to a wedding. Visiting different stores to purchase all the items on the shopping list for a wedding can be overwhelming. For years, wedding planners have wished that the list of items required for a...
Insurance HOW DO YOU PROTECT YOUR BUSINESS AGAINST THE LOSS OF A KEY EMPLOYEE
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