Business Planning and Insurance Solutions

Insurance products offer diverse techniques to provide solutions for business planning. Insurance solutions can be the answer to funding buy-sell agreements and key person insurance.

Insurance is often one of the most economical options available to business owners to protect a business from the loss of human assets when they might have to buy-out other partners or shareholders. Buy-sell agreements are increasingly the answer chosen by business owners as a means of establishing a source of cash to ensure funds are available when needed.

Every business has one, two or several key employees who are crucial to its success. The loss of these employees would be detrimental to the business. Key person insurance can ensure your business has the cash when it's needed to keep your business running.

Insurance policies are effective in business planning because the proceeds are paid tax-free, directly to named beneficiaries. Many insurance policies allow multiple joint ownership, as well as a substitution provision.

You may use one joint policy to insure all the necessary employees. Should an employee leave the company, you may substitute another person under the substitution provision without a loss of coverage and minimal disruption to your business insurance plan. Both features are important in today's business environment. As your needs change, your insurance contract can also be updated or revised.

If you want more information about the insurance options for business planning, talk to a CIBC Wood Gundy Investment Advisor.

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