1 / 12

The Role of P&C Insurance in Exit Planning: Playing for the Defense

The Role of P&C Insurance in Exit Planning: Playing for the Defense. John E. Rogers Gurry & Rogers. Step 1: Owner’s Objectives Step 2: Business and Personal Financial Resources Step 3: Maximizing and Protecting Business Value Step 4: Transfers to Third Parties

ryanadan
Download Presentation

The Role of P&C Insurance in Exit Planning: Playing for the Defense

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. The Role of P&C Insurance in Exit Planning: Playing for the Defense John E. Rogers Gurry & Rogers

  2. Step 1: Owner’s Objectives Step 2: Business and Personal Financial Resources Step 3: Maximizing and Protecting Business Value Step 4: Transfers to Third Parties Step 5: Transfers to Insiders Step 6: Business Continuity Step 7: Personal Wealth and Estate Planning Where Does P&C Insurance Fit in the Exit Planning Process?

  3. What about fears? First, we find out what they want to do. Next, delve into their dangers. What do they worry about? What keeps them awake at night? Step One: Owner’s Objectives

  4. Collect all Business and Personal Insurance Records Policy Declaration Pages Certificates of Insurance Policy Summary Pages Recruit the Broker as Part of the “Team” Step Two: Business and Personal Financial Resources

  5. Replacement Cost Insurance Limits & Deductibles for Buildings Replacement Cost Insurance Limits & Deductibles for Contents Earthquake & Flood Insurance Limits & Deductibles Estimated Market Values for Mobile Equipment (e.g. Bulldozers) Business Income/Business Interruption Insurance Limits Employee Dishonesty Insurance Limits General & Professional Liability Insurance for all activities & entities Auto Insurance Liability Limits and Deductibles Employment Practices Liability Limits & Management Procedures Personal Auto, Home, Boat, (etc.) and Personal Umbrella Worker’s Compensation: In State/Out of State/Out of Country Business Life & Disability for Buy Sell/Key Person/Estate Planning The Business Owner’s Insurance Checklist

  6. The Business Owner’s Insurance Check List Match the “Worries and Concerns (step 1) to the insurance summaries. Involve the broker as part of the team. Review and discuss all of the items with both the business owner and the broker. Step Three: Maximizing and Protecting Business Value

  7. Correct Transfer of all Entities Watch for Real Estate Tail Professional and Product Liability Exposures The Broker will Love You! Step Four: Ownership Transfers to Third Parties

  8. Personal Insurance Reviews for Insiders Personal Umbrellas for Insiders Bring in the Broker Good Networking She will Love You! Step Five: Ownership Transfers to Insiders

  9. Business Income Insurance Protect Business Operational Overhead Protect Business Net Income Equipment Breakdown Electrical Disturbance Loss of Power Step Six: Business Continuity

  10. Important P&C Insurance Issues Personal Liability Limits (Personal Umbrella) Real Estate and Personal Property Trust Planning Children of the Insured Step Seven: Personal Wealth and Estate Planning

  11. Employment Practices Liability Fiduciary Identity Theft Social Media Kidnap and Ransom Emerging Markets: “I Mean Risks”

  12. Q&A John E. Rogers Gurry & Rogers

More Related