What is business owner insurance?

Whether you’re starting out or looking for ways to grow your business, business owner insurance can help you protect yourself, your partners and employees and your family.

In the early stages of your business, we can help you create a plan to keep your business running and your cash flow consistent. This way, you can remain on track even if you lose a key member of your team. Or if you suddenly need cash for a buy-sell agreement if a partner dies.

What happens when it’s time to tap into assets to help pay for your retirement, wrap up your business or pass it down? Our estate planning professionals can help you plan for a tax-efficient transfer. And in between, we can help you protect yourself, your family and your employees with life, health and disability insurance.

I take the time to understand your specific business situation and find the right coverage to safeguard your success.

Think about insurance for business owners if:

  • You and your family rely on your business for your main source of income.
  • You want to give your employees the benefit of health or life insurance.
  • You want a business planning strategy that will help protect your business by protecting key people in it.
  • You want to make sure there will be money to fund a buy-sell agreement if you or one of your business partners die.
  • You’re looking for assets to use as security for a business loan.
  • You want to minimize your tax bill when drawing on corporate assets during retirement.
  • You want to minimize your tax bill when passing your assets along to your heirs as part of your estate.

Types of insurance:

Life and health insurance can go a long way in helping you protect your business.

Term life insurance

  • Term life insurance helps provide for your family if you die. It covers you for a specified time, like 20 or 30 years.
  • What happens if a key employee or business partner dies? The benefit of a term life insurance policy can help you continue business operations.
  • It can also provide money to surviving partners to complete a buy-sell agreement. This allows you to buy out the share of a partner who has died. Business owners may need life insurance to get a loan.

Critical illness insurance

  • Critical illness insurance helps ease the financial impact if you or a key person in your business becomes seriously ill with a covered condition.
  • It gives you a one-time payment that lets you focus on recovery instead of worrying about paying your bills.
  • You can enhance your protection with a return-of-premium option. This way, you get some or all of your money back if you don’t make a claim before the coverage ends. That means you can put the money back into your business.

Permanent life insurance

  • Permanent life insurance helps provide for your family if you die. It covers you for the rest of your life.
  • Some permanent life insurance policies can build cash value over time.
  • Business owners often use permanent life insurance as part of a corporate investment or retirement strategy. It can be a tax-efficient way to help transfer assets out of the business.

Disability insurance

  • Disability insurance helps protect you from income loss if an illness or injury prevents you from working. It can also help protect your employees.
  • It gives you regular, income-style payments so you can focus on recovery.
  • You can buy it for yourself or as part of a group plan for your employees.

*Content Courtesy of Sunlife

Contact Me:

Arvin Jimenez

Life and Health Insurance Broker

604-626-8447  | arvin@arvinjimenez.com