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With Business partnerships, the death, total or permanent disability, or major trauma to one of the partners, can have a dramatic effect on the business. In the event of this occurring, a Buy/Sell agreement between the partners sets out the procedure agreed on with regards to their respective interests in the business. These buy/sell obligations can be funded via Life insurance, TPD and Trauma Insurance.
Keyman insurance protects your business in the event of incapacitation or death of a key employee. A policy is taken out on the life of the business owner or a key employee whose unique ability, knowledge, or contribution is essential to the ongoing running of the business.
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