Barclay Insurance
Business Insurance
We offer innovative insurance products for businesses. These include solutions for tax minimization, retirement planning, business succession and exit strategies, loan protection, and making cash available for unexpected changes in your business. We design customized products to give you the flexibility and protection you need, when you need it.
Whether you need extra funds to protect a mortgage or business loan, provide collateral or buy out a partner, purchasing insurance policies can help you achieve your financial requirements. Our knowledge and experience can help build a custom strategy for you.
Business Loan Insurance
You recognize the importance of using credit in building your business. Much of your company’s success depends on meeting its financial obligations and reducing risks wherever possible. So what if something should happen to you or one of your partners and your company isn’t able to make payments on outstanding loans? Business loan insurance can help manage the unexpected – the loss of a co-owner or partner due to death or if you or a partner becomes seriously ill or injured.
Buy/Sell Insurance
Most businesses have a Shareholders Agreement among the partners/shareholders that governs what happens in the event of death or disability of a shareholder. Barclay Insurance works with your accountant and lawyer to ensure that the agreement is properly written to maximize tax efficiencies, and to accurately “value” your business. We arrange life and disability insurance to fund the buy/sell portion of the agreement, to ensure your business continues to operate without interruption in the event of an unexpected tragedy involving a shareholder.
Group Retirement Savings
A group retirement savings plan provides employees with savings to enjoy in retirement. Part of an employee’s overall benefit package, a group plan offers lowers fees than found as an individual investor, meaning more bang for your buck. More of your contributions go towards your investments which allows your money to grow quicker, all the while in a tax-sheltered environment. Group retirement savings plans offer numerous tax advantages for both the employer and employee. The growth in investments is sheltered from tax until funds are withdrawn from the plan. Instead of being used to pay taxes, funds continue to grow in the investments resulting in significant additional savings over time.
Barclay Insurance offers a variety of Group Retirement options for your business and its employees.
Key Man Insurance
Most businesses have at least one (and possibly several) key employees. They may be long-term employees, or bring a valuable or unique set of skills that are not easily replaced. Many businesses have been built around the strengths and skills of these key individuals whose capital, energy, knowledge, or experience makes them a valuable asset to the organization. We offer life and disability insurance for key employees that ensure your business can absorb any financial loss that arises from the loss of a key employee.
Executive Disability Plans
We offer customized disability coverage for shareholders and executives of businesses. Our disability solution ‘carves out’ the executives from your group disability plan and replaces it with personalized coverage with enhanced disability definitions. We can also top up your group disability coverage with personalized and enhanced individual coverage. By grouping your executives together, you are able to provide an attractive, cost-effective benefit for key employees of your firm while taking advantage of beneficial tax treatment from the CRA.
