Roseville, CA Key Person Life Insurance For Aging Agriculture Executives Updated
Dec 21, 2023
To further enhance its executive benefits package, Ornellas Insurance (+1-916-804-9888) adds key person life insurance targeted toward agriculture executives in and around Roseville, CA.
Woodland, United States - December 21, 2023 /PressCable/ —
According to CEO Helen Ornellas, this update acknowledges that as key executives in agricultural companies age, businesses are exposed to major risks should untoward events happen to these individuals. With key personnel insurance, enterprises can mitigate the financial impact if a pivotal employee passes away.
More information about Ornellas Insurance is available at https://ornellasinsurance.com/executive-benefits/
Ornellas explains that if a company takes out key person life insurance, the business will be the designated recipient of the deceased’s benefits. This sum can then be used to cover costs related to recruiting and training a replacement, as well as to repay business debts taken out in the executive’s name.
A CRUCIAL SAFETY NET
Aside from being a personal tragedy, the loss of an experienced agriculture executive can also have a severe impact on a business’ finances. Indeed, one consulting firm estimates that the cost of replacing a key person can be as much as 200% to 300% of their salary — a heavy toll to pay, especially for small to mid-sized agribusinesses.
Ornellas Insurance allows clients to add key person coverage in their executive benefits packages to shield their bottom line from such unexpected costs. The CEO notes that this package offers three key benefits.
OFFSETTING LOST PROFITS
Key person life insurance can help mitigate lost profits, especially if the deceased occupied an important role in sales or marketing. The payout gives companies a financial buffer until they can find an equally qualified professional who can take over these two crucial business development responsibilities.
PAYING OFF LOANS
In many instances, high-level executives are signatories to debt agreements. Key person insurance can also have loan guarantees, so the death benefit can cover the balance, protecting a business’ money reserves and preventing cash flow issues.
BUYING OUT SHARES
If a key person also happens to be a shareholder, the death benefit may be used to buy out the deceased’s shares. This ensures that control of the venture remains with the founding partners, instead of being passed on to heirs.
Ornellas says: “The death of an executive is never easy. With key person insurance, however, you can promote business continuity even as your company grieves.”
For a full list of benefits included in Ornellas Insurance’s executive benefits program, prospective clients may visit https://ornellasinsurance.com/executive-benefits/
Contact Info:
Name: Helen Ornellas
Email: Send Email
Organization: Ornellas Insurance
Address: 239 W. Court Street Bldg. B , Woodland, CA 95695, United States
Website: https://ornellasinsurance.com/executive-benefits/
Source: PressCable
Release ID: 89117044
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