Insurance Strategies Designed for Business Owners
Explore insurance options that may help protect your business, your partners, your employees, and the future you're building. Coverage availability and costs vary by carrier, underwriting, and state.
Key Person Life Insurance
Key person insurance is a life insurance policy a business takes out on an owner, partner, or essential employee. In the event of that person's death, the policy may provide a death benefit to the business, which may help cover revenue loss, recruiting costs, or operational expenses during the transition. Coverage amounts, costs, and eligibility depend on the carrier, underwriting, and the individual being insured. May help stabilize business operations after an unexpected loss. Can be structured as term or permanent coverage depending on your goals. Premiums and coverage are subject to underwriting and carrier approval.
Executive & Owner Protection
As a business owner, your personal financial security is often tied directly to your business. Life insurance solutions designed for executives and owners may help protect your income, provide for your family, and supplement retirement planning. Options may include term life, whole life, or indexed universal life depending on your situation and goals. Income replacement options for owners and key executives. May support long-term financial planning depending on product structure. Benefits and costs vary by policy type, carrier, and underwriting.
Business Continuation Planning
What happens to your business if you're no longer able to run it? Business continuation planning involves putting structures in place, including appropriate insurance coverage that may help ensure your business can continue operating or transfer smoothly. This is particularly important for sole proprietors and family-owned businesses. Helps identify potential vulnerabilities in your current business structure. Insurance may be one component of a broader continuation strategy. Works best when coordinated with legal and financial advisors.
Insurance products are subject to underwriting, carrier approval, policy terms, exclusions, limitations, and state availability. This content is for educational purposes only and does not constitute financial, legal, or tax advice.
Buy-Sell Agreement Funding
A buy-sell agreement outlines what happens to a business owner's share if they pass away, become disabled, or want to exit. Life insurance is commonly used to help fund these agreements, providing the surviving partner(s) with money to purchase the departing owner's share. The structure and tax treatment of these arrangements can vary, consulting a legal or tax professional is recommended. Life insurance may provide liquidity for ownership transitions. Can be set up under different structures (cross-purchase, entity purchase, etc.). Policy design depends on your business structure, goals, and needs.
Employee Benefits Guidance
Offering competitive benefits may help your business attract and retain quality employees. Group health insurance, life insurance, and supplemental benefits are common options explored by small businesses. Availability, cost, and structure depend on group size, state regulations, and carrier eligibility requirements. Group health plans may be available depending on employee count and state. Dental, vision, and supplemental benefit options may also be available. Group life insurance can be offered as part of an employee benefits package.