Apr 15, 2022
Summary:
Looking to plan out your business more efficiently and minimize
unforeseen risks? Clay Ogden comes on the show to talk about how
you can do this, and essentially “insure” unpredictable
obstacles/tragedies that may affect your business. This can be done
through 831(b) insurance plants, which allow business owners to
take excess profits/revenues. It can be up to 10-15% of your gross
revenue; this money is set aside, and can be deferred for the
future or invested if you don’t end up using it. Tune in to find
out more about how you can stay prepared and protect your
business.
Highlights:
-Clay Ogden is an expert in risk management and 831(b) insurance
plans
-831(b) is a section of the tax code that allows a business owner
to take excess profits/revenues out of their business and save it
for unforeseen risks (i.e. business/supply chain interruptions)
-This allows business owners to protect themselves from unexpected
issues
-They typically allow around 10-15% of gross revenues to be set
aside, depending on the scenario
-Anything unused for claims purposes can be deferred for the
future, invested, or qualified for the dividends
-The maximum that can be taken is $2.4 million annually
Useful Links:
Financial Survival Network
SRA
831(b) Admin
clay@831b.com