If you’re a business owner, Life Insurance can play a critical role in protecting your business, your business partners and your family. The products are similar to those used for Personal Life Insurance, but their ownership, structure and beneficiaries are tailored to business needs, to ensure your business keeps running whether you’re there or not.
Life Insurance Solutions for Business Owners
Partnership (or Buy-Sell)
Insurance
Partnership Insurance safeguards your business and your partners’ families by providing the funds to buy out a deceased partner’s share. It helps prevent disputes or forced sale of the business, provides liquidity for the deceased partner’s family and keeps the business running without interruption. PIB can provide valuable expertise and
help you customize your protection for your business needs.
Key Person
Insurance
Key Person Insurance protects your business against
financial loss if a key employee or owner dies or becomes disabled. The business buys the policy, and the business receives the death benefit to cover lost income or replacement and keep business finances stable. PIB can help your business survive the sudden loss of a critical individual in your company.
Shared Ownership Insurance
Shared Ownership Insurance is one way for employers and executives to share the costs —and benefits — of a life insurance policy. It helps attract and retain top talent by offering valuable protection and potential cash value for employees, while allowing employers to recover premiums. At PIB, we design Shared Ownership plans that deliver a win-win for your business and your people.
Wondering what type of Life Insurance you need as a business owner?
PIB can help.
You live your life — we’ll help you protect it
Together, we’ll create a plan that fits your needs — so you can focus on the things that matter.
FAQs
What is a Business Owner’s Life Insurance policy?
Partnership Insurance, Buy Sell Insurance or Key Person Insurance all refer to insurance needs of a business. It could be covering off the buyout of a business partner, a line of credit, the bills you must pay, your mortgage or to make sure that family members who aren’t involved in the business are looked after. If you own a business, you likely have a need for one or more of these policies.
What Life Insurance covers business continuity if the owner is disabled?
Partners and business owners can purchase policies such as Disability Buy Sell, Key Person Disability or Business Overhead Expense Insurance to ensure business continuity.
Can a business own a Life Insurance policy?
Yes. A business can own and pay premiums on a policy, which provide tax and estate planning advantages.
The Power of 6
We offer a unique comprehensive suite of insurance and wealth solutions rarely found within one team. From personal to business, protection to planning, we cover every financial need with expert care and insight.