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Insurance for Business Owners
Comprehensive protection for your business, your partners, and your family.
What is Insurance for Business Owners?
As a business owner, your personal and business finances are closely intertwined. A comprehensive insurance strategy ensures that if something happens to you, your business can continue, your partners are protected, and your family's lifestyle is preserved.
Key Benefits
- Key person insurance to protect against loss of critical talent
- Buy-sell agreement funding for business succession
- Corporate-owned life insurance for tax-efficient wealth transfer
- Disability insurance to replace income if you cannot work
- Critical illness coverage for business continuity
- Group benefits planning for you and your employees
- Protecting business loans and personal guarantees
- Estate planning integration for business owners
Why Do You Need It?
Over 70% of small businesses in Canada do not survive the unexpected death or disability of an owner. Without a proper plan, your business could be forced to liquidate, your family could lose their income, and your partners could be left with a difficult situation.
Frequently Asked Questions
What is key person insurance?
Key person insurance covers the life or disability of individuals whose loss would significantly impact the business — typically founders, top salespeople, or technical experts. The business receives the payout to cover lost revenue, recruit replacements, or repay loans.
How does a buy-sell agreement work with insurance?
A buy-sell agreement funded with life insurance ensures that if a business partner dies, the surviving partners receive insurance proceeds to buy out the deceased partner's share from their estate at a pre-agreed price.
Can my corporation own a life insurance policy?
Yes. Corporate-owned life insurance (COLI) can be an extremely tax-efficient strategy for business owners to accumulate wealth and create a tax-free death benefit for the estate.
Do I need personal insurance if I have business insurance?
Yes. Business insurance protects the enterprise, but you and your family also need personal life and disability coverage to maintain your lifestyle if you cannot work.
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Speak with Tushar Patel today for personalized, no-obligation advice.
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