Business Insurance Services

When it comes to your business, insurance is probably one of the last things you want to think about. The right insurance strategy can help protect your business, reduce risk, and retain key employees. We offer life, long-term care, and disability insurance solutions to help protect what matters most. But we’re not here to simply sell products – we’re here to help solve problems.

Whatever questions you may have, our team is ready to answer. We are skilled at finding meaningful insurance solutions to help you work toward your goals. From employee benefits to estate planning and business protection, we help you plan with confidence.

Business valuation planning can help protect value during a sale or succession. Business valuation can change over time, especially when tax or regulatory challenges arise. For this reason having an accurate business valuation is necessary. We can provide a no-cost business valuation estimate before you invest in a full appraisal.

Most retirement plans are required by the Department of Labor to cover all eligible employees (ERISA). Some employers choose to provide enhanced retirement benefits for key employees. With our experience in non-qualified deferred compensation arrangements, we can create plans for every size and budget. We can help you create plans that are tax-deductible, IRS/DOL compliant, with optional golden handcuff provisions and possibly cost recovery.

Strong employee benefits help attract, retain, and motivate top talent. For over 100 years the advisors in our NBT Insurance Agency Benefits division have provided meaningful solutions to this very question. We create customized employee benefits packages tailored to your business goals and budget.

We offer complimentary policy reviews, regardless of your current insurance carrier. Why do a review? Because things have a way of changing over time. What if your income has changed, and you need more coverage? Or what if you lost weight, or you quit smoking? This might be the time to let your carrier know so you can get a discount. On the other hand what if your family status has changed and you don't have the correct beneficiaries anymore? For these reasons and many more we highly recommend a periodic policy review.

Keeping your business running during a disability helps support employees, customers, and financial stability. Protect your business with a plan to cover operating expenses if a business owner becomes unable to work. As business insurance professionals we provide Business Overhead Expense Insurance (BOE) to cover these risks. Keep your business running with a BOE policy to provide coverage for everyday expenses if you become disabled.

When a key employee dies a business can be left vulnerable:

if that person was responsible for bringing in revenue
maintained key client relationships, or
handled specialized day-to-day operations

Employee benefit programs help employers reduce turnover and increase morale and overall satisfaction. A Key Employee analysis helps an employer by providing capital infusion at a time when needed most. Life insurance can provide tax-free funds to help support a business during challenging times. It may take months or years to recruit and train a replacement for a key employee. Insurance takes the bumps out of the financial road during this process. We are experienced in providing economical Key Employee insurance plans.

Business owners often seek ways to protect the value of their business against future uncertainties. We help business partners plan for ownership transitions caused by retirement, disability, or death. A funded buy-sell agreement helps safeguard business continuity and future ownership transitions.

Most tax-deductible employee benefit programs are required by the Department of Labor to cover all eligible employees (ERISA). However, there may be times when you would like to offer a specialized benefit to your top people. Access flexible employee incentive and performance reward plans designed to support your compensation strategy and key talent.We create customized executive benefit solutions to fit a wide range of budgets.

Business succession planning can help family-owned businesses prepare for a successful ownership transition. It helps protect your wealth from unnecessary tax burdens. Whether transferring or selling your business, we provide guidance to help you plan for a smooth transition. We assist with the planning aspects of this important transaction. One of the first places to start is to determine the current value of your business. While a full valuation from a Business Appraiser may cost several thousand dollars, we can give you a written idea of current valuation at no charge.