June 25, 2013 at 8:09pm
While life insurance is a key part of protecting your family after your death, it can also play an important role in protecting your small business. However, your insurance needs as a business owner are different from those as a provider for your family.
Insurance is just one part of the safety net you should have in place for your small business in the case of your incapacitation or death. You should also have a succession plan in place, in order to ensure that your business is transferred to someone capable, or sold to provide for your family.
Not only can life insurance ensure that your business continues, it can also be a good way to transfer ownership of the company after your death. Either your partners or your business itself can take out life insurance policies on you, and name themselves as beneficiaries. The proceeds from these policies are then used to buy out your share of the company.
Remember that before buying any kind of insurance for your business, you should consult with a financial planner or other expert to determine what kind of insurance best fits into your existing plan.
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