Starting a business isn’t a walk in the park. There are tons of decisions that need to be made and several questions that need to be answered. Here are a few of them:
- Are you going to start as a small business and expand later on?
- What’s your demographic?
- Who’s your competition?
- Are you aiming to be a public or private company?
- What type of employee benefits are you going to offer?
- Is a Key Persons Benefit Program worth considering?
That last one always takes entrepreneurs by surprise. While hiring individuals who can help manage our business is important, we rarely think about what to do if something happens to them unexpectedly or they leave suddenly.
A Key Persons Benefit Program can do a lot for your business.
Here’s how:
Protects Your Business If a Key Person Passes Away
This is one of the biggest reasons why you should offer a Key Persons Benefits Program. Let’s say one of the executives of your company unexpectedly passes away; the premiums you’ve paid for their life insurance will cover the financial loss to your business.
In addition, it also covers the executive’s family, ensuring they don’t go through a financial crisis. This is a win-win situation for both the company and the business.
Medical Reimbursement
Let’s say that your key employee has been ill for quite some time. This has resulted in large medical bills. A Key Persons Benefits Program covers the premiums and deductibles, reimbursing the employee.
Dental expenses, eye costs, hospital fees, and medicines are all covered by the program.
Disability Benefits for the Business
Let’s say your key employee has a disability that doesn’t allow them to work for some time. This can be a loss for the business because you’re going to have to find a temporary replacement and cover for businesses expenses as well on top of medical expenses for the employee.
The Key Persons Benefits Program covers all the premiums and pays for the everyday expenses of the business.
The benefits program will also cover for payroll, rent, utilities, and other types of expenses.
The Key Person Benefits Program only focuses on key personnel of the business. This is usually the business owner, executives, or directors. This does not include managers.
This type of benefits program can be beneficial for your organization because it’ll cover all the finances in case you’re unable to work. It will also cover the finances of your family in case something happens to you.
JS Benefits Group helps develop and implement employee benefits programs for businesses in Delaware, Pennsylvania. Some of our services include but are not limited to: dental, vision, group insurance, health and wellness program, and other voluntary services.
Call 877-355-6070 to avail our services!
