Executive Benefits

As a business owner or executive, you are used to making personal and professional sacrifices for the benefit of your employees. However, if something happens to you, what will happen to your business? As a complement to our employee benefits and voluntary benefits, Malden Solutions is proud to offer executive benefits. Skilled talent and intelligent preparation often mean the difference between a business that closes when the owner is temporarily unable to work and one that continues to operate and grow in periods of adversity. Executive benefits protect you, your fellow executives, and the livelihoods of your employees and all who depend on your business.

Business Overhead Expense Insurance

Business overhead expense insurance is an executive-specific form of disability insurance that protects your business expenses in the event you are unable to work. If you are disabled, business overhead expense insurance will cover monthly business payments that are established and vital to keeping your doors open.

Business overhead expense insurance should supplement your personal short-term disability insurance and long-term disability insurance by covering business-related expenses while your personal policies cover your individual or household expenses.

Business overhead expense insurance can cover:

• Lease, rent, or mortgage payments
• Loan and mortgage interest payments
• Utility bills
• Janitorial or maintenance services
• Accounting services
• Legal services
• Professional subscription dues or payments
• Employee benefit costs
• Employee salaries, not including your own
• Equipment lease or depreciation costs
• Insurance premiums
• Taxes
• Any other fixed and established business expenses

Alternative Retirement Vehicles

Executives can struggle to save enough for retirement after maxing out their 401(k) or 403(b) retirement savings plans. Many employers offer executives nonqualified deferred compensation (NQDC) plans. These alternative retirement vehicles allow your executives to defer a larger amount of their compensation and defer paying taxes on that money until the deferral is paid. Your executives can choose what portion of their salary to defer and for how long the deferral will occur, whether it is in five years, ten years, or at the time of their retirement.

Key Person Life Insurance

Key person life insurance is designed to protect the key executives and professionals at your business. In the event of a death or accident, replacing key figures at your company can exhaust a great deal of financial resources. Key person life insurance will provide your company with a benefit to offset direct financial losses as a result of an accident or death and ensure a seamless transition to new leadership.

Key person insurance addresses the financial consequences of the loss of a key person including the interruption of cash flow, the costs of attracting and hiring a replacement, the loss of clients to your competitors, and a negative impact on your credit. Key person plans provide your business with tax benefits, flexibility in the use of policy cash values, peace of mind, and simplicity of implementation.

Round Out Your Executive Benefits Package

Executive benefits are essential to attracting and retaining top talent. The unexpected departure of an executive could end up costing you up to 400% of their yearly salary, or, a devastating amount. Providing a robust and all-inclusive executive benefits package can sway experienced executives towards your company over a competitor and ensure that current executives feel taken care of.

To round out your executive benefits package, Malden Solutions offers a full range of employee insurance solutions and voluntary insurance solutions for your executives. These insurance policies include: