Business Continuation Coverage
Business continuation insurance coverage and business succession planning are risk management strategies. It helps cushion the financial effects and helps a business move forward if the owner dies or becomes unable to work.
The coverage doesn’t only apply to businesses with sole ownership. It is also commonly used when a business has two or more partners. It helps to ensure that the partner’s portion of the business does not face financial difficulties because of death or disability. Business continuation coverage also outlines the succession plan, allowing other partners to purchase the shares of the deceased or disabled owner.
For success, you must find the right companies to give you the best coverage. At The Batina Group LLC, you can access a team of seasoned financial advisors and insurance professionals.
We offer business continuation insurance coverage that includes two critical components. The first is a form of whole life insurance that ensures that the death or disablement of a key executive doesn’t leave a financial hole. The second is a buy-sell agreement, which indicates the path of succession. It indicates whether the company will buy back the shares owned by that partner or if the shares can be divided among other partners or purchased by any partners.
Avoiding disruptions in your business may be the difference between success and failure. So, business continuation coverage should not be an afterthought. It is essential to have the best insurance in place. For consultations, contact us right away.