OTHER BUSINESS INSURANCE

INSURANCE COVERAGES FOR YOUR BUSINESS

For over three decades, business owners throughout the Houston, Texas area have trusted Your Benefits Connection with their insurance needs. Your Benefits Connection is a locally-owned insurance agency that works with national providers to find the most affordable and comprehensive business insurance plans. Our team is committed to helping you protect your business.

Key Person Policy

A key person is generally anyone whose skills and/or knowledge contribute significantly to the business's revenues and profitability.


That may include:

  • Business owners or partners
  • Members of the executive leadership team
  • Top salespeople

Key man insurance is essentially a risk management tool. If a key person passes away or becomes disabled, then the policy can provide funds to continue day-to-day operations, clear outstanding debts, and/or recruit a suitable replacement.

BUY-SELL INSURANCE

Imagine losing the owner of your business tomorrow. Imagine not having access to their contact list or their specialized knowledge. Imagine what would happen if they had to leave for an extended period of time. What kind of impact would that have on your business? Would you have the finances, personnel, and resources you need to stay afloat? Would you be able to reach your current goals? How much revenue and growth opportunities would you miss as a result?


Buy-sell insurance acts to mitigate the risk that businesses face from unexpected losses by ensuring that the company that you've worked so hard to grow is still valued well. Now more than ever, it’s crucial for businesses to have proper succession and exit planning strategies defined for business partners, owners and employees and buy-sell insurance is a vital piece of this process. Let us help you make sure that your investment is secure with buy-sell insurance.

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MORTGAGE PROTECTION INSURANCE

As a small business owner, it is likely in the plan to own your own building. If you have not already achieved this level of business success, you may aspire to do so. Mortgage protection insurance serves to help in a few ways to achieve your ownership goal.


Mortgage insurance lowers the risk to the lender of making a loan to you, so you can qualify for a loan that you might not otherwise be able to get. Typically, borrowers making a down payment of less than 20 percent of the purchase price of the home will need to pay for mortgage insurance.


Another benefit of mortgage insurance is to protect your legacy. Your location is an established part of your branding. Let's say you have been fortunate enough to secure a convenient and prime location. Of course, you would want to protect that for your successor. You certainly do not want your competitor to acquire your location and your business success due to lack of planning. Mortgage insurance would pay the property off should the owner pass away.

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