4 Ways To Protect Your Business With Insurance
While your business may be running smoothly now, you need to be prepared in case the unexpected happens.
Insurance can help:
1.Protect your business if one of your key employees dies, becomes seriously ill or can’t work due to an injury.
2.Pay off your business loans if you die unexpectedly.
3.Provide you or your partner with the funds to buy the other person’s share of the business if one of you becomes too sick or injured to work, or dies suddenly.
4.Cover expenses for you or your family if you experience a serious illness, injury or die suddenly and aren’t able to run the business.
Ensure you have a smooth exit strategy to protect your business
At some point, you may want to retire and pass on your business. That’s why it’s important to have a plan in place to ensure a smooth transition. Insurance can help you do more with your money and fund your transition plans. Have you thought about your options to protect your business?
• Sell your business – to a business partner, current employee or someone else
• Liquidate your business – split up and sell parts of your business separately
• Pass it along to family – keep the business in the family by passing it to children
(and do so efficiently and fairly)
Leave a legacy for those you care about
It’s important to think about what will happen to your wealth when you die. Insurance can help you maximize what you leave behind.
• Do you have a plan in place to help take care of loved ones?
• Are you growing your wealth in a tax-efficient way? Doing so could provide you with more money to use while you’re still alive, and your family could get more when you die.
• What about your estate? Will it be easy to split fairly between family
members?
Downloadable PDF available here: Protect your business with insurance (canadalife.com)
