As the owner of a business in Mastic, New York, you have to think about what would happen to your business if you were to die or become disabled and no longer be able to run your company. Would there be anyone around so the business would continue? Would you or your spouse have to sell the business? Would it just wither away and become worthless?
If you do not have some kind of business succession plan in place should you die or become disabled, it is anyone’s guess as to what will happen to the company you worked so hard to establish. Every large corporation has contingency plans in place in case the owner or a key employee should die or become disabled.
As the owner of a small business in Mastic, New York, you are the key person. You may have partners or a very valuable employee who is also key to your company’s success. A commercial insurance policy can be purchased with Key Man insurance. If you, or any other insured person in your company, dies or becomes disabled to the point where they can no longer do their job, Key Man insurance is there to pay the costs of replacing that person and help keep your business from sustaining major losses during the transition period.
You are covered for such things as the expense of hiring temporary personnel and recruiting and training someone to replace the key person that was lost. Your Key Man commercial insurance policy may also pay for lost income during the transition period.
No one is going to live forever, but a business can theoretically live on in perpetuity. Insurance, in and of itself does not insure that your business will survive after you are gone. Your goal may more accurately be described as wanting to make sure your business will retain its value as an entity should you pass on or become disabled. You may want the business to stay in the family or provide support for your spouse and children.
Commercial insurance can provide financial compensation to allow operations to continue, but you need to sit down and go over what you want to happen to your company if you die or become disable.
As your independent agent, we can offer you a number of different plans to help protect your business. Please contact us and an independent agent can discuss options such as buying a term life or commercial Key Man insurance policy.