Insight Insurance Services

11/10/2022

BUSINESS CONTINUATION PLANNING:

The Most Expensive Plan

As a firm specializing in business continuation planning, we are often asked, “what kind of plan should we have?” Cross-Purchase Agreements, Redemption Agreements, Company Purchase Agreements, and Asset Purchase Agreements. It can get complex.
For most of our clients, there are more critical questions. The most important question is, “what kind of plan SHOULDN’T we have?” The answer to that is not complex. It is pretty simple. You should NEVER have a “Wait and See Plan.” This is the most confusing and most expensive plan ever!
When a triggering event happens, trying to continue a business without a plan creates disputes about the company's valuation in a fire-sale environment. It also means that whatever is decided will be paid out dollar for dollar rather than using insurance to fund pennies on the dollar.
To learn more about how you can protect your business and your stakeholders, call us today at 615-636-1105 or download our free whitepaper at www.look2insight.com.

09/27/2022

BUSINESS CONTINUATION PLANNING: Absolute pain in the hassle it takes to get insurance.

One of the most common reasons we hear for not having a Business Continuation Plan in place is that none of the people covered by the agreement want to deal with the absolute pain in the hassle it takes to get insurance.
You know the drill… a gazillion-page application so that the insurance company knows more about you than your mom does, interminable waits for reports from doctors you may have seen, and on and on and on. But it doesn’t have to be that way.
Today, some of America’s best insurance companies have created a way to get that coverage in minutes, not months. Even better, the application process is done online. Guided by a licensed agent, you can avoid the never-ending cycle of securing the coverage you need to fund your Business Continuation Agreement.
To learn more about how you can protect your business and your stakeholders, call us today at 615-636-1105 or call us at www.look2insight.com

09/01/2022

BUSINESS CONTINUATION PLANNING: Will The Funding Be There When You Need it?

Properly designed and executed business continuation plans create financial liabilities. When someone in your organization retires, dies, becomes disabled, gets divorced, or terminates employment, having a plan in place removes the insecurity of "what comes next" from both the stakeholders and the company's clients.

It is as important to be able to fund those liabilities as it is to have a properly executed agreement. While you could always begin what financial folks call "a sinking fund" (think: savings account), that is both extremely expensive and might not be funded when that triggering event happens.

Instead of funding these liabilities on a dollar-for-dollar basis, fund them with insurance for pennies on the dollar. Even a modest premium paid today can fun a large liability tomorrow - or at any time in the future.

TO LEARN MORE, call us today at 615-636-1105 or download our free whitepaper at www.look2insight.com

08/19/2022

Do you have spousal consent in your agreement?

BUSINESS CONTINUATION PLANNING: The Consent of The Spouse
According to Principal Financial Group, an astounding 77% of Buy-Sell Agreements they review do NOT include spousal consent language.
Interestingly, of those who DID include spousal consent language in their agreements, only 44% included the required spousal signatures!
What is this missing language and why does it matter to your Buy-Sell Agreement? Spousal consent language can prevent a lawsuit in the event that an owner later passes away or goes through a divorce. Including spousal consent language at a time when all parties get along can go a long way toward preventing a later claim where the spouse didn't know about the agreement, or later believes it was unfair.
And, just as an unsigned agreement of ANY type has no legal effect, omitting spousal signatures suggests that the owners' spouses did not know of the agreement and did not have the opportunity to seek legal counsel regarding its fairness.
We can review your agreement to ensure that it includes those important provisions.
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To learn more about how you can protect your business and your stakeholders, call us today at 615-636-1105 or download our free whitepaper at www.look2insight.com

07/18/2022

Insight Insurance Services is proud to be a Bronze sponsor of The First Ever Rollick and Roll Community Field Day, with proceeds benefitting a great cause, Ellie G's Dream World. The Downtown Franklin Rotary is hosting the event. Please share this with your friends & join us either as a team or as a sponsor. The date is Sept 17th!

Field Day Benefiting Volunteer Enter a Team Become a Sponsor About Rollick & Roll Community Field Day Are you ready to have some outrageous fun with your family or work colleagues? The biggest team-building family-friendly event of its kind is coming to Franklin on September 17. This is the call for...

06/07/2022

Business continuation planning depends on having an accurate business valuation. Please share your thoughts.

01/26/2022

If you are considering life insurance this is a good article. Message or call us for more information.

The pandemic decreased life expectancy, and life insurers are reacting.

01/11/2022

Long Term Care Claims have increased over $700 Million in 2021 Compared to 2021

https://www.aaltci.org/news/long-term-care-insurance-association-news/claims-paid-2021-grow-by-700-million?utm_medium=email&utm_source=getresponse&utm_content=Claims%20Paid%202021%20By%20Long-Term%20

02/26/2021

Reminder: You can enroll in Marketplace health coverage from February 15 through May 15 due to the coronavirus disease 2019 (COVID-19) emergency.

02/25/2021

Are you an independent contractor or an employee? As the pandemic continues, many long-time employees are now picking up jobs as contractors. In the meantime, states like California are trying to force the definition of employees upon companies. Getting it wrong could cost you plenty in the way of Social Security, Medicare taxes, and other employment related taxes.