Congratulations! You’ve just started your own business and are about to embark on the adventure of business ownership.
As a business owner, you know you will need commercial insurance, but you find yourself wondering: Do I need life insurance, too? Our Valor Insurance in Pennsylvania advisors have the answers and are here to help.
Do business owners need life insurance?
It is an excellent idea for business owners to consider life insurance as part of their insurance plan. Company-owned life insurance can provide crucial protection for a business in the case of the unexpected death of an owner, partner, or employee, which has the potential to disrupt and cause financial issues for the business. You have worked hard on and planned carefully for your business and want to set it up for the best possible success.
If you have started your business with a partner, life insurance can provide a bridge while the surviving partner determines whether to continue the business. In that scenario, the death benefit could be used to replace lost revenue and pay the costs to keep the business open. Without it, the surviving partner may face difficult decisions, such as borrowing money or selling some of the company’s assets to get through the rough patch.
Similarly, life insurance can provide for family members who rely on the income from the business during this period of loss. An unexpected death is a sudden transition, made even harsher if financial hardship enters the picture. Life insurance can protect your family’s quality of life as they adjust and move forward.
Contact our experts at Valor Insurance for help finding the right policy for you and your business in Colorado, Tennessee, Pennsylvania, or Georgia.