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Business Insurance Part 3: Insuring the Individuals

In part 2 we covered business insurance that will protect your business assets. In the final blog post of this series we will be looking at another important aspect of your business that may need protection: the wellbeing of the owners and staff.

Every business has individuals who are crucial to the company. Whether it is the owners, partners or other key employees they are what keeps the company going. Insurance can make sure that the business is protected in the event that these individuals are not able to work.

Insurance for owners, partners and key employees can include:

  • Life insurance – covers the family of the business owner, partner or employee in the event of their death, ensuring they are not responsible for any debt.
  • Disability insurance – provides income in the event that illness or injury leads to loss of work.
  • Partnership insurance or buy-sell insurance – allows business partners to purchase remaining shares and continue business in the event of untimely passing.
  • Critical illness insurance – provides a lump sum benefit if diagnosed with critical illness.
  • Key person insurance – protects against the loss of key employees.

When it comes to commercial auto insurance, please be aware that generally vehicle insurance is not included in commercial insurance policies where public auto insurance coverage is available. However, non-owned auto liability coverage is usually included.

Many of these insurances are deductible, so if any of these sound right for you be sure to speak to your accountant.