Starting a business can be a challenge, especially at first. There are laws and requirements that must properly be followed in order to run a business properly and successfully. Part of your Business Continuation plan should be insurance coverage to protect your business now and long-term. This is called Business Continuation Insurance.
So what is Business Continuation Insurance? According to Investopedia (http://www.investopedia.com/terms/b/business-continuation-insurance.asp), Business Continuation Insurance is defined as Life insurance that a company or firm purchases to provide the funds necessary to continue business and cover the losses incurred in the event of the untimely death or disablement of someone critical to the business. This may be an owner, partner, or other employee without whom the business may cease to operate.
Businesses are structured differently, and every situation will require different coverage limitations. Whether you are the sole owner of a company, or there are multiple partners involved, protecting this asset (the business) and its long-term success is crucial. Without adequate protection, your business could suffer tremendously.
There are many different types of Business Continuation Insurance coverage you will need to consider:
Contact us today to find out what coverage you need and qualify for, based on your business structure.
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