Business Insurance

Buy/Sell Insurance

Buy/Sell insurance, also known as Equity Insurance is a type of business insurance designed to protect the interests of business partners or co-owners in the event of a partner’s death, disability, or critical illness. It funds a buy-sell agreement, a legally binding contract that outlines how a partner’s share of the business will be bought and sold, typically by the remaining owners. The insurance payout provides the necessary funds to buy out the departing partner’s share, ensuring business continuity and financial security for both the business and the family of the departing partner.

Key Man Insurance

Key man insurance, also known as key person insurance, is a life or disability insurance policy taken out by a business on the life of a key employee, owner, or executive whose role is critical to the company’s success. The business owns the policy, pays the premiums, and is the beneficiary. If the insured key person dies or becomes incapacitated, the insurance payout helps cover the financial losses, such as loss of revenue, costs of recruiting and training a replacement, or settling debts. It helps protect the business from the financial impact of losing someone whose skills, knowledge, or connections are vital to the company’s operations.

Group Income Protection

Group Salary Continuance is an insurance policy provided by employers that offers income protection to employees if they are unable to work due to illness or injury. It provides a percentage of the employee’s salary (typically 75%) for a specified period or until they are able to return to work, retire, or reach a pre-determined age (usually 65). The premiums are usually paid by the employer, and the coverage can be tailored to the needs of the workforce. It helps employees maintain financial stability during extended periods of absence, and it’s a valuable employee benefit that can also aid in attracting and retaining staff.