Protecting your company goes beyond insuring its property. Other types of business insurance can help you protect the business in the event that a key employee or owner dies or to provide for the owner's family.
If you're a business owner, it's important to provide protection for your family in the event of your death. When determining your life insurance needs, be sure to consider any costs, expenses or liabilities related to your business and how they will need to be handled when you're gone. Your Financial Advisor can provide you more information about life insurance as well as help you determine how much life insurance coverage you may need.
If you own a business with others, consider establishing a buy-sell agreement, which determines how ownership of the business will be transferred if one owner dies. Buy-sell insurance is a type of business insurance (also considered life insurance) that's used to fund buy-sell obligations.
If your company's success relies heavily on the contribution of specific individuals, you may want to consider purchasing key-employee insurance. You can use the proceeds to help offset any loss of sales, knowledge or expertise that your business would experience or expenses it may incur if a key employee dies.
Your Financial Advisor can help you determine whether key-employee insurance would fit your specific needs.
Including group insurance plans in your benefits package can help you attract and retain valuable employees by providing them an affordable way to purchase life or disability insurance coverage. Your Financial Advisor can provide you more information about incorporating group life and/or disability insurance into your benefits package.
