Key Person Life Insurance
Every business has a key employee or individual who is vital to the success of the company. Perhaps he or she is the CEO with indispensible knowledge and valuable connections or a sales person with a phenomenal track record. In either case the performance of the business hinges on this person. That key person may be YOU.
Nobody likes to think about it, but what happens if the key person dies?
Without key person insurance, the business could suffer significant financial loss or a devastating drop in sales while trying to find a replacement for the key person.
Small Business Disability Insurance
With 1 in 8 workers becoming disabled in their lifetime, sudden disability is very realistic possibility. As a business owner, it’s important to protect your business if you, a business partner or key employee suddenly becomes disabled and is unable to work for a significant length of time.
If you are the heart of your business and your absence, even for a short time, would be detrimental to the growth of the company, then disability insurance is a must. You simply cannot afford to leave your company at risk. And what about the business bills that need to be paid while you’re out? That’s where a good Business Overhead Expense policy could be beneficial.
Individual Life Insurance for Business Owners
Savvy, forward-thinking business owners invest in life insurance to protect their business, employees and loved ones in the event of their death. It simply makes good business sense. There are several life insurance policy types available to guarantee proper financial security.
Whether term or permanent, whole life or universal, life insurance policies provide a means by which a business can continue after the owner has passed away. If a company has to be sold, life insurance can be just one component that makes the process go smoothly.
With permanent policies you can even use the cash value of the policy to pay for terminal illness care. Life insurance can also be used to fund a buy/sell agreement. Life is short but your legacy can live on.
Business Continuation Solutions
Building a business is no small feat. It takes hard work, dedication and tons of perseverance. But it all starts with a plan. Just as you have a business plan, you also need a business succession plan. This is a critical strategy that outlines the “what-if” scenarios that can affect a business in the event of a business owner, partner or key employee’s retirement, disability or death.