Owning a business can be rewarding. But it also means you have a lot more responsibilities – to your business, your employees and most importantly, your family.

Here are some questions you should be considering to make sure you’ve adequately planned for the responsibilities:

1. What will happen to my business if I die
2. What will happen if I become disabled
3. What will happen when I retire?
4. What will happen if certain key employees die?
5. How can I ensure my business will be able to weather through unforeseen financial hardships?

Life insurance not only protects your family, it also protects your business. Take for instance, what happens if a key member of your company dies?  You can protect your business in such cases through “key person life insurance“, which provides the owners with the financial flexibility required to either hire a replacement or work out an alternative arrangement.  Individual life insurance can protect your family by providing funds to cover debts, ongoing living expenses and future plans in the event that something happens to you.
If you have a partner, a buy-sell agreement is an agreement between owners to buy out a deceased owner’s share of the business in the event of the co-owner’s retirement, disability or death.

These are just a few of the types of life insurance you should take into consideration when opening your own business. For a more detailed evaluation of your needs, contact us at 800-442-9899.