Key Person Insurance is a type of life insurance policy that businesses purchase to protect themselves from financial losses if a key employee unexpectedly dies or becomes disabled. This type of insurance provides financial support to the business by covering the costs associated with recruiting, hiring, and training a replacement for the key person. In…
As a business owner, it’s important to plan for the unexpected. While no one wants to think about what will happen if they become disabled, incapacitated or pass away, these scenarios can have a significant impact on the future of your company. That’s where buy-sell insurance comes in – a type of coverage that provides…
According to a recent study, only 15% of small business owners have a formal succession plan in place. This is a concerning statistic given that the majority of small businesses are family-owned and operated, making it critical to plan for the transfer of ownership in the event of retirement, disability, or death. One effective way…
Estate planning is an essential aspect of financial planning for businesses. It involves the creation of a comprehensive plan that outlines how assets will be distributed upon the death of a business owner or key executive. In order to ensure that their legacy is protected and their loved ones are taken care of, it is…
Business owners face a multitude of risks that can threaten their enterprise’s continuity, such as the death, disability, or retirement of a partner. To mitigate these risks, it’s essential to have a clear plan in place for the transfer of ownership and management. Buy/sell agreements and life insurance policies are two critical components of such…