Owners and Employees
Owners and Employees - Think Outside the Package
Your Orr Insurance Broker will design a benefits package that’s right for your business
You’ll probably be surprised by the range of flexible, creative ways you can protect your employees and key shareholders from healthcare costs and ownership crises. Leaving you to focus on running your business. And because we are Insurance and Investment Brokers, we have access to the entire market of providers and plans. We can show you alternatives and comparisons that go beyond the stock answers you might get from insurers themselves.
An employee benefits package is a significant investment in your employees, who in turn are a key factor in your success. Benefits are a cost-effective tool for:
- recruiting and retaining the talent you want
- improving total compensation without increasing wage costs
- looking out for employees who come into difficult times.
Orr Insurance & Investment has decades of experience with a wide array of clients and providers, which will help you make informed decisions about the design, or redesign, of your benefits package. Your Orr Insurance & Investment Broker has seen what works, and how to arrive at the right mix of options for owners and employees.
And if you have any experience with benefits packages, then you know maintenance is an issue. As your Broker, we’ll be there for you to:
- monitor the development of the programme
- step in to maintain service levels from the benefits providers
- help you negotiate if claims are held up or declined
- review your rates to ensure that you are paying a fair price.
There are two paths the sale or transfer of a business can take: within a family, or to an outside interest. Each has its advantages, sticking points, pitfalls and personal dynamics to plan for. And because every business plan brings a unique set of circumstances, needs, wants and personalities, it is important to know what your options are. Your Orr Insurance and Investment Broker has expertise and experience to help you lay out a succession plan that lines up with your wishes.
Business owners, partners and shareholders have a variety of strategies they can apply to insure against unexpected turns of events derailing the company’s long-term business plans.
Buy-Sell Arrangements are designed to provide the capital needed to facilitate the purchase of company shares in the event of death or disability. To solve problems with share liquidity, key shareholders are covered by life insurance or disability insurance policies to provide funds needed to purchase their shares.
A protection policy for key shareholders will ensure surviving shareholders have the right, and liquidity, to buy the deceased’s share of the business from his or her estate. This is a planning strategy to prevent problems where a significant shareholder or business partner passes away and the shares are left to someone who is uninterested in the company.
Is there a significant employee in your company whose absence would threaten the viability of your business? A Key Person policy is an insurance contract that covers such a person, giving the company financial flexibility to bring someone into that role.