business life insurance

If you own your company solely or with a partnership, you need a business life insurance policy. Ask yourself these questions:

• Who will operate your company in the event of your death?
• How will your company have the necessary revenue to continue to operate after your death?
• Who will own your company after your death?
• What would happen to your employees in the event of your death?

These questions left unaddressed could cause your company to file bankruptcy or go out of business shortly after your death. By having a business life insurance policy, you are making sure that your company has the money needed to continue its operations, even if you are not there to operate it.

If you have a partnership, it is extremely important that each partner has enough life insurance to buy the deceased partner’s shares in the corporation.  A buy-sell agreement would be needed by the partners through a legal document normally written by an attorney. Without a buy-sell agreement and a life insurance policy on each partner, the surviving partner(s) could find themselves in partnership with the deceased partners spouse or closest surviving relatives. This could put a huge burden on the operation of the business and could cause loss of revenue.

Our agency can assist you with a business life policy to make sure you have adequate protection for your business and for yourself. Contact us for a personal consultation appointment.