Business Insurance                                                                                                        

Just like building a business, building an effective insurance program is done in steps.  A good first step is working with an agent from Gedminas Insurance & Financial Services  to put together the right policy for the unique challenges facing your business.

Workers' Compensation:

The difference between a Farmers Workers’ Compensation policy and one offered by another insurance company is service.

As part of our service, Farmers offers your business our 'building block' system to help you build a strong foundation for operating a safe, secure work environment. The building blocks include accident prevention and loss control, team service lead by your professional Farmers agent, claims management and our medical and disability management program referred to as Farmers Care.

What does this mean to you — the employer?
•	Reduced injuries and losses
•	Reduced medical and disability costs
•	Reduced policy adjustments
•	Reduced premium costs

We offer Workers’ Compensation focused on these ten industry groups:
•	Agriculture	•	Light manufacturing
•	Artisan contractors	•	Printing
•	Automotive	•	Retailers
•	Food service	•	Service providers
•	Hotels/Motels	•	Wholesalers/Distributors

Workers' compensation first started in Germany in the 1800's.  A need was seen to take care of injured workers so they did not suffer physically or financially from injuries resulting from working for a company.  Workers' compensation became common in the US in the 1930's and 1940's.  It continues today in all 50 states and in its territories.  Workers' compensation is basically the same and a change in benefits in a particular state may result in similar changes in other states.  When workers' compensation was first proposed, a compromise was reached between businesses and the worker.  In order to encourage businesses to accept full responsibility for the premium costs of workers' compensation, the workers gave up the right to sue the employer for damages resulting from a job related injury.  This 'doctrine' continues basically intact to this day. Rather than a benefit, workers' compensation is a legally mandated right of the worker. Businesses who meet certain requirements must provide workers' compensation for all employees of the business. There are fines and other forms of punishment for businesses (and owners) who have not provided coverage as required by law. Workers' compensation is purchased from several possible sources: Private companies, State Funds, Insurance Pools, Self Insurance Programs. Workers' compensation laws and
regulations are made by each state and are regulated by state officials. Workers' compensation by itself loses money for most carriers, so some carriers may require a business to purchase other coverages in addition to workers' compensation before voluntary workers' compensation coverage
is offered by the carrier. 

Types of Business Life Insurance

As a business owner, you spend many hours working and developing your business. But have you thought about what would happen to your business should you or your partner become disabled or die? To preserve the future of your business, it is important that your create a business continuation plan. Such plans often include a 'buy-sell' agreement. A buy-sell agreement, funded by life insurance and written while the owners are alive, ensures that your heirs can sell their share of the business to surviving owners - and that the surviving owners can buy their share. Each owner also agrees not to sell their interests without first offering it to the remaining owners at an agreed-upon price or formula. Consider the following options for your business:

Partnership Life Insurance:
Farmers Partnership Life Insurance is designed to help your business survive the loss of a partner. To preserve the business, many partnerships have a buy-sell agreement, which fixes both the price and terms of the sale in the event a surviving partner buys out a deceased partner's interest. Life insurance can provide the necessary funds no matter when the partner's death occurs.

Sole Proprietorship Life Insurance:
You may want to transfer your business to a successor, in which case life insurance purchased by your heirs can provide funds to pay estate taxes and help sustain the business during the initial period of new management. Or, if your employees are interested in carrying on your business, a buy-sell agreement can be funded with life insurance to assure that your family will receive the optimum value for the business.

Stockholder Life Insurance:
We recommend that you use life insurance to create a pre-death buy-sell agreement certifying that if a stockholder should die, the remaining stockholders can purchase his/her shares at a fixed price. This will guarantee that heirs will receive cash for their inherited business interest and that surviving stockholders will maintain control of the business