Clover Law conducts an introductory training session designed for Advisers and Administrative Staff who will be involved in the documentation of Business Insurance cases.

The session is a structured presentation that focuses on marketing and practical issues. It is designed to help an Adviser market Business Insurance methodically and confidently.

Click here for more information about the Training Session.

Purpose of a Business Succession Plan

The purpose of a Business Succession Plan is to pre-agree a strategy that will enable the Business and its Proprietors to deal with the exit of a Business Proprietor upon:

Retirement; or
the occurrence of an Insured Event.

Usually, the Business Succession Plan is a product of asking the right questions and coming up with answers that meet the needs of the Business and its Proprietors.

What "Jobs" Can a Business Succession Plan Do?

Click here for an overview of what "jobs" a Business Succession Plan can do.

"Complete Succession Plan"

When a Business Succession Plan deals with both Retirement and Insurable Events, Clover Law describes it as a "Complete Succession Plan".

Clover Law describes a legal agreement that documents a Complete Succession Plan as a "Business Succession Agreement" or a "Complete Succession Agreement".

"Simple Succession Plan"

When a Business Succession Plan deals solely with the sale of a Proprietor's Equity in the Business in the case of an Insured Event, Clover Law describes it as a "Simple Succession Plan".

A legal agreement that documents a Simple Succession Plan is often called a "Buy/Sell Agreement".

The scope of a Buy/Sell Agreement is usually much narrower than a "Business Succession Agreement" or a "Complete Succession Agreement".

"One Page, One Policy Succession Plan"

Clover Law is able to document a Complete Succession Plan for Insurable Events, so that all of the Cover required by a Proprietor is held on One Policy.

This strategy is called a "One Page, One Policy Succession Plan".

One Page Summary

Click here to see an example of a "One Page, One Policy Succession Plan" for Insured Events.

There is a One Page Summary of this Succession Planning Case Study here.

Alternative to Multiple Policy Approach

The One Policy Strategy is an alternative to the traditional Multiple Policy approach.

Free 20 Minute Teleconference

If a Client is uncertain whether to attend a Client Meeting or use the Clover Law Documentation Service, Clover Law offers a free teleconference (of up to 20 minutes) with the Client to explain the purpose and benefits of a Complete Succession Plan and the "One Page, One Policy Strategy".

Adviser Updates:

See here for changes to Succession Planning practices and the web site.

Adviser Tip

The Adviser Support System is designed to overcome an Adviser's technical concerns about Business Succession Planning.

See more Adviser Tips

Please contact us to arrange a meeting or teleconference.