Why Farmers® for Business Owners
Solutions on Target with Your Business Goals
Building and growing a business is no small feat. Every decision—from hiring to marketing to finances—shapes your path forward. With no two business plans alike, creating your own success story takes planning, flexibility, and balance. Farmers® Business Solutions offers a personalized approach to help you protect what you’ve built, plan for what’s next, and support your employees along the way.
Plan Your Future
Your hard work, passion, and personal wealth have gone into building your business. Farmers can help you diversify and protect those investments with strategies designed to provide stability and opportunities for growth.
Strategic Options with Life Insurance
| Strategy | How It Works | Advantages for Your Business |
|---|---|---|
| Buy-Sell Agreement | Use life insurance to fund buyouts if a partner retires, becomes disabled, or passes away. | Maintains continuity, provides liquidity, and ensures fair valuation. |
| Key Person Insurance | Protect your business against the loss of a critical employee with a policy on their life. | Covers replacement costs, reassures creditors and customers. |
| Executive Bonus Plan | Offer tax-deductible benefits to retain top talent through employer-paid life insurance premiums. | Helps recruit, retain, and reward employees while providing survivor benefits and retirement potential. |
| Business Life Insurance Retirement Plan | Use permanent life insurance to build cash value and supplement retirement savings. | Flexible funding, personally owned protection, and potential tax advantages. |
Help Protect Your People
Employees are the heart of your business. Farmers can help you attract and retain talent with:
- Group benefits and key person coverage.
- Retirement plans like SEP, SIMPLE IRA, 401(k), or Solo 401(k) options—with potential tax credits for startup costs.
- Access to competitive, flexible benefits to help employees save for their future.
Help Protect Your Business
Unexpected events can disrupt even the strongest operations. Farmers offers tailored solutions to safeguard your company, including:
- Business Owners Policies (BOPs): Combine major property and liability coverage into one customizable package. Add endorsements such as employment practices liability, cyber liability, or food contamination coverage for restaurants.
- Workers’ Compensation: Protect employees with wage replacement and medical coverage if they’re injured on the job—while simplifying claims and audits through tools like Farmers RealTime Billing® and the Claims Management Portal.
- Specialized Coverages: From management liability to equipment breakdown protection, you can prepare for the “what ifs” and keep your business running.
Retirement Planning for Small Businesses
Competitive retirement plans can be a powerful recruiting and retention tool. Farmers offers:
- Tax-deductible contributions for business owners.
- Tax-deferred savings for employees.
- Flexible options to fit your company’s size, goals, and budget.
- Guidance to help you understand funding, contribution limits, eligibility, and administration.
The Farmers® Advantage
With more than 90 years of experience, Farmers brings deep industry knowledge, financial strength, and a network of local agents to help you:
- Customize solutions for every stage of your business—from startup to succession.
- Balance risk management with long-term growth.
- Build a benefits package that supports your employees and protects your legacy.
Your business is unique. Farmers® can help you protect it, grow it, and plan for its future. Connect with a Farmers® agent today to explore solutions that align with your goals.
