Death or disability of an owner of other key employee can create tremendous continuity problems. Companies routinely ensured themselves against the loss of buildings, equipment and capital assets. We believe it makes even more sense to insure against the unexpected loss of the most valuable asset any company has- its key employees. Listed below are needs which are typically considered in these situations.
- We work with the clients’ professional advisors on determining the best type of Buy-Sell Agreement for the client.
- The proper funding of a Buy-Sell Agreement with life and disability coverage is often critical to the successful implementation of these plans for closely held businesses.
- Protect company credit lines, which might be jeopardized with lending institutions at the death of a key employee or owner.
- The death of a key employee can cause a significant loss of revenue and profit. The purchase of Key-Person Life Insurance is considered in these situations.
- The disability of a key employee can create continuity problems within the business and cause significant loss of revenue. The purchase of appropriate Key-Person disability coverage and Business Overhead Expense disability protection is recommended in the appropriate situations.