Business insurance – protection for your nest egg

Running a business is hard enough without having to think of lawsuits, employee benefits and the complexities of estate planning.

That’s why the Co-operators have put the solutions for all these problems together.

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“We have a service called, One Place for Business,” says Insurance and Financial Advisor Daniel Wang of Daniel Wang Agencies, explaining that business insurance is crucial for business owners – from tradesmen to property owners and manufacturers.

“It’s not just to manage property and assets,” Wang says. “What happens when you retire? How are you going to get that money out? What’s your exit strategy?”

Once you’ve built your nest egg in a company, and you want to retire and draw money out, Wang will help you tap into those retained earnings in a tax-efficient way.

The Co-operators also supplies group dental and health insurance, disability insurance, health and eye care.

“Think of it as a way to keep your employees happy,” says Wang. “Having good benefits helps smaller companies compete against larger businesses.”

Talking to a Co-operators agent can also give you peace of mind if you have a business that you want to pass on to your children, especially if there are complications, such as when you want to give a portion of the business to an heir without dissolving the business in the process.

“We know how to have the estate distributed to achieve that,” Wang says, adding that his office works with accountants and lawyers when it comes to issues like estate planning and equalization. “We help finance the way.”

Other insurance protection that businesses need to consider are:

-       Commercial liability. Protection in case your product causes damage to a person or property.

-       Business interruption. If you have to close your business due to a fire, how will you pay yourself or your employees?

-       Directors and Officers liability. If you are on the board of an association or non-profit that makes a decision that negatively impacts the organization financially, you could be sued for negligence and deemed personally responsible for compensating the financial loss.

-       Crime coverage. Organizations that deal with cash need to protect themselves against white-collar crime.

For more information on the One Place for Business service, contact Daniel Wang Agencies. Visit their website, call 604-270-4233 or email.

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