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.
Compensate the business 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.
The policy provides funds for business continuity.
If your businesses’ key person leads a healthy lifestyle, insurance will reward them for their excellent health with preferred rates.
Proceeds are tax-free.
Protection against large business debts.
Insurance designed to protect shareholders or partnership interest.
Flexibility to use the benefit to cover different expenses.
Coverage depends on what you want and what you can afford.
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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