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03/09/2018: Coverage Insights - Protect Your Assets with Key-Person Life Insurance

March is NATIONAL ASSET MANAGEMENT AWARENESS MONTH, and we would like to help raise awareness on protecting your assets.

Most organizations employ at least one individual who is essential to the company’s success. This person may be a partner, majority stockholder or an individual with expertise that is unmatched throughout the rest of the company. If this person’s exit from the company is planned, such as retirement or voluntary termination, then you can prepare for the loss and take the necessary precautions to minimize the impact. However, if the departure is unplanned due to a death, disabling accident or quitting on the spot, then the company is exposed to financial risks. If your organization employs individuals who are vital to its success, consider Key-Person Life Insurance to offset your risk. This insurance solution can protect your organization’s solvency in the event that you lose the key person or people without warning, and also the investments made by lenders and investors to the company.

How Does Key-Person Life Insurance Work?

It is important to know how Key-Person Life insurance works while you consider if it’s the right fit for your company:

  • Employer purchases life insurance on the key individual(s).
  • Employer is the beneficiary of the life insurance policy and applies for and owns the policy. If the key employee dies prematurely, the policy pays out to the employer.
  • Tax-free dollars from the policy can be put towards finding, hiring and training a replacement employee, compensation for lost business during the transition and/or financing timely business transactions.
  • Policy can be transferred to a departing key employee as a retirement benefit or to a different key individual, upon the retirement of the original key employee.
  • Can be used to buy out the key employee’s shares or interest in the company.
  • Premiums are based on several factors, including the key employee’s age, physical conditions and health history. The amount of coverage also affects the premium.

Advantages of Key-Person Life Insurance

Key-Person Life Insurance has a number of advantages that can help mitigate your company’s risks:

  • Can be easily implemented and does not require Internal Revenue Service (IRS) approval; only requires an annual report to the IRS.
  • Life insurance benefits are paid to the company tax-free.
  • Customers, creditors, lenders and stockholders have the assurance that the business has a continuation plan and coverage in place.
  • There is flexibility in what the funds can be used for.

Considerations before Purchasing Key-Person Life Insurance

The following points should be considered before purchasing Key-Person Life Insurance:

  • Estimate the value of your key employees. Think about the projects that would be lost without these people, the amount of sales generated by these people and costs associated with replacing them.
  • Determine if this coverage is necessary, as Credit Insurance will cover outstanding loans and debts.
  • Create a business continuation plan that outlines how your business will function if you lose key employees. This plan is vital, in addition to proper coverage.

Brian BolstadFoster & Parker Insurance understands that your key assets need protecting and we are here to assist you. Please contact our Life & Health Account Executive, Brian Bolstad, RHU, at (800) 441-3259 to learn more about our Key-Person Life Insurance solutions and other ways to mitigate your risk.

[©2007/2010 Zywave Inc. All rights reserved. Use by permission. This Coverage Insights is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice. ]

03/02/2018: Happy Employee Appreciation Day!

Show your employees that you care and appreciate them with a healthy Employee Benefits Package for Group Health, Life, Ancillary Services (Vision, Dental, Prescriptions), and other Voluntary Benefits (Long-Term Disability and more)!   Call us at (800) 441-3259 and ask for Brian Bolstad, RHU or Email: bbolstad@fosterparker.com.

02/01/2018: Happy National Car Insurance Day!

01/25/2018 OSHA Notice Reminder - Post your OSHA Summary by February 1st

 

It’s that time of year: Feb. 1 marks the deadline for you to tabulate your annual OSHA Log Summary (OSHA Form 300A) and post it in a common area wherever notices to employees are usually posted.

The summary must list the total number of job-related injuries and illnesses that occurred during the previous calendar year and were logged on the OSHA 300 Form. And don’t forget to leave the Summary posted until April 30.

If you need additional assistance, have questions about recordability, or would like to compare your loss performance trends against national benchmarking data, contact us today at 559-674-8536 for more information.

 

01/23/2018: Preventing and Responding to Sexual Harassment Claims

With recent viral media regarding sexual harassment in the workplace, responding to such claims is becoming a more prevalent priority for employers and insurers. We would like to help you to have the resources and knowledge for how to prevent and respond to such claims of sexual harassment. The following are some FREE resources and videos to support you:

SEXUAL HARASSMENT TRAINING – FREE ONLINE VIDEOS FROM YOUTUBE: (Click in to view.)

• Understanding Sexual Harassment

• Sexual Harassment in the Workplace

• Risky Business: Preventing Harassment eLearning Training Demo

• Reality TV Excerpts from “What Would You Do?” for use within a program: specific for the Restaurant Industry: Sexual Harassment at Work | What Would You Do? | WWYD

FREE WEBINAR & ONLINE RESOURCES FROM THINK HR: (For registered clients only – click in to view.)

• Free webinar from ThinkHR: “7 Steps for Conducting Investigations Based on Unfair Treatment or Harassment Claims”

• Free online resources from ThinkHR:  “How to Conduct a Harassment Investigation”

FREE HR MANAGEMENT GUIDANCE:

• “Management File: Workplace Policies to Prevent Harassment Claims”
Contact us to receive a copy of this publication.

We aim to help you with total HR & Compliance resources, in addition to Complete Insurance and Risk Management solutions and to provide the support, safety, and protection you need. Please contact us if we may help you with further support for your insurance, HR and compliance needs.

 

1/16/2018: Total HR & Compliance Support, plus Business Tools and Resources

We care about your business and are here to help you with total HR & Compliance support and resources, in addition to Complete Insurance and Risk Management solutions. If you are our client, you may access helpful tools and resources for your business through our client portals MyWave Connect and Think HR. Please contact us for further support and resources, or to activate your client portal access.

Also, as members of the Chamber of Commerce with our Rancho Cordova office, we are happy to share their “Tools for Business Success” to help your business prosper.

 

1/8/2018: Happy New Year - Healthy Start

 

12/27/2017: 2018 New Labor Laws For Employers

 

12/27/2017: New California Drug Law & Employers' Drug Policies

 

12/22/2017: Free Labor Law Posters

Labor Law Posters

 

12/15/2017:

Happy Holidays!

 Be Safe in the Kitchen

  

The holidays bring extra time in the kitchen with holiday cooking and festivities. At Foster & Parker Insurance we care about your safety and protection, especially from accidents. All accidents are preventable with effective prevention and safety practices. Here are some General Kitchen Home Safety Practices to support a safe and healthful kitchen for you, your family, and guests this holiday season and always.

Health & Housekeeping

  • Be sure to throw out any food items that are beyond their expiration or use-by dates for consumption.
  • Wash hands thoroughly before and after food handling and cooking.
  • Refrigerate perishable food products promptly.
  • Keep your kitchen clean and safe.
  • Clean ventilation ducts regularly, and empty grease traps to prevent accumulation of grease and oily residues on surfaces.
  • Keep stove-top fire/coils, grills, and tables with candles away from draperies, napkins and dish towels, and other combustible or flammable materials.
  • Be sure to turn all appliances off when not in use.

 

Conduct

  • While handling sharp or fragile objects in the kitchen, such as knives and glass, handle such items with care, and always direct sharp points and edges away from you, especially when cutting.
  • Be sure not to use knives with dull blades or those with loose handles, and never carry an open blade in your pocket/apron.
  • Always use oven mittens/pot holders when removing hot food from the oven, and have a clear surface ready to place the item before removing it from the oven.

 

Additional Home Safety Practices

  • Have an Emergency Plan, including awareness for Emergency Exit location(s) and a handy evacuation list.
  • Know the emergency contact numbers, including family/neighbors, as well as Fire/Police/Ambulance/911 and have them handy – posted on your kitchen refrigerator.
  • Have an Emergency First Aid Kit and Fire Extinguisher located in your kitchen and/or bathroom.
  • Wear shoes that support your feet and are slip resistant
  • Keep entrances and exits free from obstruction.

 

We wish you a safe and happy holiday,

Merry Christmas and Happy New Year 2018!