Published at 9 November 2020

What is insurance for business owners?

Business owned insurance provides a one-time payout to your company if you, your business partner or key employees die. It can help cover business debt, overhead expenses or a partner buy-out.

What insurance do I need?

Well, it depends. If you have a new business, term insurance can help cover your loans and overhead costs. But if you have an established business with a few revenue-driving employees, disability insurance or critical illness insurance can help protect your success if something were to happen to key people.

There are several insurance options that can best fit your business and its goals.

Life insurance for business owners

Insurance for your business can be a flexible way to help maintain your business’ success. You can use it to protect yourself, your business partner and the future of your business. In some cases, it can also help your business access cash value from certain policies.

Short-term when you need it most

Term life insurance for your business can help cover essential costs, especially for a new business with debts to pay. It can be an ideal way to protect your young business as well as your partners and family.

Health insurance for business owners

Planning ahead can help your business continue to thrive, whatever may come your way. Disability and critical illness insurance can help maintain your business’ success if you, your business partner or one of your key employees experiences an injury or serious illness.

Disability insurance

A disability policy owned by your company can provide a monthly payment. It can help keep your business running smoothly and cover expenses if an illness or injury keeps you from working.

Critical illness insurance

Critical illness insurance can give your business a tax-free payment if you’re diagnosed with a serious condition. Your contract will define which conditions you’re covered for, but some examples include cancer, heart attack and stroke.