Business Insurance or Key Person Insurance
Things you need to know
You have worked hard to build a successful business, now it’s time to safeguard your efforts with a Business Insurance policy. In the event that the key person or partner of your business passes away, a term insurance policy provides the financial security to ensure operations run smoothly while necessary business arrangements are made.
An insurance policy to ensure your company’s continuity
Definition
- Coverage in case of the sudden loss of a key member that would negatively impact business operations.
- Funds paid are used to find a new person or to implement other strategies to save the business.
- Helps business partners purchase the business in case of key person’s death.
- The business pays premiums and is a designated beneficiary.
Affordable Rates
Business pays premiums
You can include coverage against a serious injury resulting in a disability.
Provides funds to recruit and train key person’s replacement or compensate the owners for lost income.
Helps your business manage creditors and make debt payments.
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Family can benefit as they would receive payments for key person’s share of the business.If your businesses’ key person leads a healthy lifestyle, insurance will reward them for their excellent health with preferred rates.
Proceeds are tax-free.
Insurance designed to protect shareholders or partnership interest.
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Options to add disability.
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Provides funds to recruit and train key person’s replacement or compensate the owners for lost income if business closes.
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Family can benefit as they would receive payments for key person’s share of the business as quickly as possible.
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Life Insurance
Travel Insurance
Critical Illness
Group Employee Benefits