As a business owner, you spend each day trying to better your company. However, at some point or another, the business will need to carry on without you. Business continuation is a challenging obstacle for any business, especially if it comes as a result of an unexpected death of a key member. Since your business depends on your expertise, knowledge, and presence to continue business as usual, you would benefit from the security a business life insurance policy provides.
- Your business life insurance policy will include a buy-sell agreement where your final wishes for the company are detailed. This will allow you to feel confident that everything will be okay if the worst occurs. This policy will allow the company to purchase your interest in the company from your heirs in the form of a death benefit.
- If you want your business to continue operating after you pass, this insurance policy will provide your surviving partners with lost revenue protection during the time that adjustments are made. The recovery process will be eased significantly through this business life insurance policy. Additionally, surviving owners will have help in transferring, borrowing, and selling money and assets of the company.
- If your family members would be lost without your financial support, this insurance policy would ensure that your loved ones would receive financial protection until they have the time to adjust and carry on. This amount is determined through a wide range of calculations, since this coverage option also accounts for hiring and training a successor.
- Most importantly, your employees will feel at ease knowing everything is being handled appropriately and that the company will carry on.
Contact Scavone Insurance Agency Center LLC in White Plains for all of your New York business life insurance needs. We will go above and beyond to guarantee security for your biggest investment!
