Protect Your Business
- Key Person Life Insurance
- Partnership Life Insurance
- Collateral Coverage For Loans
- Group Benefits – Employees
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Key Person Life Insurance
Protecting the longevity of your enterprise is crucial. When you insure against the loss of your founders, owners, or key executives you ensure your ability to bridge the gap, or, in extreme cases, distribute money to investors, pay severance to other employees and close the business down in an orderly manner.
Does my small business need Key Person Insurance Protection?
Take a good look at your business and determine if you have key people who are irreplaceable or whose contributions are so crucial that without them, the business might just fall apart. While large businesses often have many experienced executives that could take up the slack, most small businesses depend on a few individuals to make the business work. This is why key person insurance protection is especially important for maturing small businesses.
One or more partners? With Partnership Life Insurance, the business buys life insurance on the partners and the payout is used to purchase the shares of the member that passes. Maintaining the value and ownership of the company.
You may also be eligible for tax deductions if you buy a policy for business purposes, so talk to your accountant if you plan to go this route.