Insurance Solutions for Business Owners - The Premise Behind Buy Sell and Key Person Insurance

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Insurance Solutions for Business Owners - The Premise Behind Buy Sell and Key Person Insurance

Reviewed

August, 2023

Drew Stevens

Learning Objectives

To discuss solutions to help mitigate risk and create a sustainable organization.
To discuss insurance solutions for business owners.
To analyze 5 crucial steps to take when a key person or partner becomes disabled.
To inspect 6 methods that create a sustainable succession or exit plan.

Course Description

There is vulnerability to market forces, competition, and even consumer behavior. These are unavoidable and there is protection. Yet, most important when a company grows it relies on particular individuals because of their expertise in certain positions. While employees are expendable there are particular employees so valuable you cannot afford to lose them.

Protecting the business is crucial and there are mitigations available if you know what they are.

For business owners, insurance doesn’t just provide peace of mind. In a lot of cases, that insurance is a legal requirement. As a business owner, how can you be sure which insurance policies you need? How do you combine affordability with adequate coverage? Well, you can always talk to a financial professional.

In this Finance Course, we will discuss different insurance solutions for business owners.

Key person insurance is a life insurance policy that a company purchases on the life of an owner, a top executive, or another individual considered critical to the business. The company is the beneficiary of the policy and pays the premiums. It offers a financial cushion if the sudden loss of a certain individual would profoundly negatively affect the company's operations. The death benefit essentially buys the company time to find a new person or to implement other strategies to save (or shut down) the business.

In a small business, the key person is usually the owner, the founders, or perhaps a key employee or two. The main qualifying point is whether the person's absence would cause major financial harm to the company. If this is the case, key person insurance is definitely worth considering.

In this CPE webinar speaker, Drew Stevens will help you to understand the premise behind buy-sell and key person insurance.

Overview

Business owner issues

3 mins
The another issues is operating business is that into people-process-products

15 mins
I know what my business is worth

19 mins
Company investments

32 mins
Key person insurance

42 mins

Webinar Qualifies For

1 CPE Credit of Finance for Certified Public Accountants (CPA-US)
1 General Credit of Finance for Accountant/Bookkeeper/Tax Professionals
1 CPD Credit of Finance for CPA in Canada
1 CPE Credit of Corporate Finance for Certified Management Accountants (CMA)
1 CPE Credit of Finance for Certified Valuation Analyst (CVA)
1 CPD Credit of Finance for Accredited in Business Valuation (ABV)
1 PL Credit of Finance for Chartered Financial Analyst (CFA)
1 CPD Credit for Association of Chartered Certified Accountants (ACCA)
1 CPE Credit of Life Insurance for Chartered Financial Consultant (ChFC)
1 CPE Credit of Finance for Certified Government Financial Manager (CGFM)
1 CPD Credit for Chartered Accountant - ICAEW
1 CE Credit of Insurance Needs & Planning for Certified Senior Advisor (CSA)
1 CE Credit for Certified Wealth Strategist (CWS)
1 CPE Credit of Life Insurance for Retirement Income Certified Professional (RICP)
1 CE Credit for Certified Fiduciary and Investment Risk Specialist (CFIRS)
1 CPE Credit of Life Insurance for Financial Services Certified Professional (FSCP)
1 CPE Credit of Life Insurance for Wealth Management Certified Professional (WMCP)
1 CE Credit for Certified FP&A Professional (FP&A)
1 CPE Credit of Finance for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA)
1 CPE Credit of Life Insurance for Chartered Advisor in Senior Living (CASL)
1 CPD Credit for Chartered Accountants - Scotland
1 CPD Credit for Chartered Accountants - Ireland (CAI)
1 CPD Credit for CPA - Ireland
1 PL Credit of Finance for CIPM
1 CPE Credit of Life Insurance for Chartered Special Needs Consultant (ChSNC)

About Instructor

Drew Stevens

CEO and Leadership Change Expert, Stevens Performance

Dr. Drew Stevens founder of Wisdom to Wealth, works with individuals that grapple with finances and transforms them into wealthy professionals with the liquidity and lifestyle they desire to live with profound longevity to create a legacy. He specializes in coordinating Social Security and retirement income benefits. Drew holds the industry's most prestigious designation: NSSA© - National Social Security Advisor.

Additional Information

Duration

1 Hour

Course Level

Basic

Instructional Method

QAS Self Study

Pre-requisites

None

Advance Preparation

None

FAQ’s

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NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

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Subject Area

Finance

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Insurance Solutions for Business Owners - The Premise Behind Buy Sell and Key Person Insurance

Course Details

Learning Objectives

Course Description

Overview

Qualifies for

Webinar Qualifies For

Presenter Details

About Instructor

Drew Stevens

Other Details

Additional Information

1 Hour

Basic

QAS Self Study

None

None

FAQ’s

NASBA APPROVED

Ratings and Review

4.4

Subject Area

Unlimited Access Plan

Inclusions

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