Owning a business means your family is not the only ones depending on you. Your dependents extend to your employees and business partners. They rely on you in order to maintain their lifestyles and their sense of belonging.
Business life insurance is designed to protect your company, business partners, family and key employees in case of sudden death. A business can use life insurance as a funding tool for a buy sell agreement, also known as a buyout agreement. The cash from the business life insurance plan is only received if one of the insured partners in the corporation dies. The business insurance will help limit disputes between all of the parties involved in the business and will aid the business in staying operational during this rough patch.
In the event your business can no longer continue operations you can be protected by partnership insurance. Such insurance guarantees that your business can continue operations until what is a Buy-Sell agreement comes into play.A Business Overhead Expense policy will protect you in the event you become disabled, with the insurance company paying for all regular business expenses for a period of up to 24 months based on the policy wording. The best plan for you will likely have elements of each of these policies depending on your needs as well as the very nature of your business. Contact Insurance by Mira Glinauer today so we can work together to find the best plan for you and your business!