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Should a partner die or otherwise become unable to participate in a company’s ongoing operations, Business Continuation Insurance is a bundle of life and disability policies that are structured to maintain the continuity needs of the remaining ownership of a business. It is an important component of Succession Planning, which is the overall process of identifying and developing potential future successors to leadership positions within a business.

Buy-Sell Funding Insurance

In the event of an owner – or partner within a business interest – dying, retiring or becoming disabled, the Buy-Sell Agreement provides a predetermined formula that mandates business shares be sold to the company or the remaining partners of the business. In the event of death, the Buy-Sell process is often funded by life insurance policies put in place for this purpose.

Key Person Coverage

If the unexpected death of any one crucial executive within a business would severely impact its operations, this coverage will provide the financial means to cushion the blow and give the company time to develop a recovery strategy.

Disability Overhead Expense Insurance

If a key executive or employee becomes temporarily disabled and cannot perform the core responsibilities of their position, this type of policy will offset most of the overhead business expenses associated with that person’s absence.

Disability Buy-Out Protection Insurance

If an owner or partner within a business interest becomes permanently disabled, this coverage provides the funds for that person’s business shares be sold to the company or the remaining partners of the business – either in a lump-sum or installments.