Business insurance needs
If you own a business, you may have a variety of needs that can be satisfied with the right insurance products.
- Providing health and dental insurance to your employees can help you attract and retain skilled workers.
- Term life insurance or critical illness insurance can cover a business loan or mortgage if you die before it is repaid.
- If you’re thinking of passing on your business to a relative or business partner, you can use permanent life insurance, critical illness insurance or disability insurance to help fund a buyout.
- You can also purchase permanent life insurance, critical illness insurance or disability insurance for your key employees.
- One of your most valuable assets is your ability to earn an income. We can offer disability insurance specifically for business owners.
If you own a business, there are many reasons to buy insurance. We can work with you to identify possible insurance needs including:
- Funding a future capital gains tax on the shares of the corporation at death of the owner
- Funding a buy-sell agreement at the death of one of the co-owners of the business
- Key person coverage, for companies that rely largely on one or more key people, to provide life and disability insurance and to give the company time to recover and replace the key player(s)
- Long-term debt retirement coverage in the event of an owner’s or key person’s death
- Business overhead insurance, ensuring overhead costs are paid while an owner recuperates from a disability or critical illness
You may also want to consider buying business insurance to build a pool of tax-exempt capital to:
- Finance a living buyout of shares by a co-owner
- Provide a supplemental retirement income to the business owner