Every business needs a plan.

WHETHER AN INSURANCE OR RETIREMENT PLAN, LET’S MAKE SURE YOURS IS UP TO DATE.

Chances are your business’s needs have changed over the past year or so, just as your company has. Here are some items to review:

MEDICAL COVERAGE.¹

Rising costs have made health care the wild card of your company’s planning strategy. Three points to consider:

1. Health care is a key factor in an employee’s decision to come on board and stay.
2. With costs as high as they are, you probably cannot afford to go without.
3. Health care is an area undergoing rapid, innovative change. There are ways to control costs.

QUESTIONS TO ASK.

• Does our coverage meet our needs, or is it leaving us and our employees dangerously exposed?
• Are our deductibles as high as we can comfortably afford?
• Are we aware of all the options available to us as a company, especially the recent developments designed to maintain quality health care services while controlling costs?

KEY EXECUTIVE LIFE INSURANCE.

Your key people are your greatest assets. Life insurance can reimburse the company for loss of services if a key person dies. If you don’t have key person coverage on your most valuable people (that includes you), you ought to at least explore its advantages. If you already have this valuable insurance, it may be time to review it.

QUESTIONS TO ASK.

• Are all key players covered, including the owner(s)?
• Are the amounts right in proportion to the value of each key person?
• Should names be changed on policies where a key person has left?
• What’s the cash value on each policy?

DISABILITY INSURANCE²

If you, a partner, or a key employee become disabled, the loss to the company could be just as great as if he or she died. In fact, it could be worse, because that person would still require an income.

QUESTIONS TO ASK.

• Do I have adequate disability insurance on myself?
• Do we have coverage on our key employees to help meet our responsibilities to them if they become disabled?

BUSINESS PROTECTION, PROPERTY,² AND LIABILITY COVERAGE.²

A fire, vandal, or storm can wipe out your business in minutes. A bigger risk is being sued. Consider this, according to the Association of Trial Lawyers of America, civil lawsuits cost the U.S. economy $233 billion annually in early 2013. For the same period, the average compensation payout for injury lawsuits was $60,000.³ That’s why it’s important to make sure your assets are protected.

QUESTIONS TO ASK.

• Do I have business continuation coverage? If so, is it adequate?
• If my facilities were destroyed, would my business be able to recover?
• Is my liability-related coverage up to date?
• Is my umbrella insurance coverage adequate?

BUSINESS SUCCESSION OR BUY-SELL PLAN AND THE INSURANCE COVERAGE TO FUND IT.

If you don’t have such a plan, perhaps this is the year to implement one. This type of plan helps ensure that your family is appropriately compensated for the business if anything happens to you.

QUESTIONS TO ASK.

• If we have a plan already in place, is it current?
• Is adequate life insurance in place to fund the buy- out?
• Does it include disability insurance needed to help replace my salary or income if I become ill or injured?

DEFERRED COMPENSATION.

Deferred compensation allows you to pay a portion of an employee’s compensation at a future date. It’s an attractive incentive for select employees as well. By deferring a current raise today, you can potentially get a tax break for yourself. Plus, you will be providing for your own future. As always, check with a tax professional about any potential tax implications.

QUESTIONS TO ASK.

• Am I fully aware of all the advantages and benefits of a deferred comp plan?
• If there is a plan in force, am I taking maximum advantage of it?

QUALIFIED RETIREMENT PLANS.

Many small businesses are looking for ways to provide a retirement plan for their employees and for themselves.There are a number of options, including Profit Sharing Plans, Simplified Employee Pensions, and SIMPLE Plans that can help you build a retirement plan for your business.

QUESTIONS TO ASK.

• Are you looking for tax deductions?
• Are you looking to contribute for just yourself or make matching contributions?
• Am I aware of all options that are available?

A New York Life Agent would be happy to review your life insurance and retirement plan needs during a no-cost no-obligation meeting.

1 Products available through one or more carriers not affiliated with New York Life Insurance Company; dependent on carrier authorization and product availability in your state or locality.

2 Property and liability is not offered through New York Life.

3 Statistic Brain, Association of Trial Lawyers of America, 4/28/13 http://www.statisticbrain.com/civil-lawsuit-statistics.

This material is for informational purposes only. Neither New York Life nor its Agents provide tax, legal, or accounting advice. Please consult your own tax, legal, or accounting professional before making any decisions.