Business Continuity Planning
When privately owned businesses fail, it is often due to the fact that they did not plan for the future. When you have a business continuity plan in place, you can run your business without any fears because you know you will be covered even in the worst of scenarios such as disability or death.
Who Should Consider Business Continuity Planning?
If you own a business or play a key role in business operations, you need a business continuity plan to ensure your company can successfully carry on without you.
What Does Business Continuity Planning Include?
There are several issues that may have to be addressed under these circumstances:
- Payment of estate taxes for a deceased owner
- Payment to the owner or the owner’s heir(s) for their share of the business
- Providing funds to cover the resulting loss of income while a replacement is hired and trained
Generally, your attorney and your accountant should be involved in examining options and preparing a succession and continuity plan. In addition, the expertise of an insurance professional with private enterprise estate planning and continuity experience is important to help you select appropriate coverages to provide for estate taxes, buyouts and loss of income.
With a team of financial planners with legal and accounting expertise, SBB can help you develop an insurance program to address your estate planning needs, the sale or purchase of a business, insurance for CEOs or other key people and other business succession plans.
Set your business up for success. Get a business continuity planning quote today.