Business owners face risks that employees never consider: what happens to your business if you become disabled? If your partner dies? If a key employee leaves? If you are sued? Risk management for business owners goes far beyond basic life insurance — it encompasses business continuity planning, partnership protection, key person coverage, and liability management.
| Coverage Type | What It Protects | Priority |
|---|---|---|
| Disability insurance (own-occupation) | Your income if you cannot perform your specific role | Critical |
| Key person insurance | Business revenue loss if a key individual dies/disabled | High |
| Buy-sell agreement funding | Partnership continuity — funds share purchase on death/disability | Critical (if partners) |
| Critical illness insurance | Lump sum for serious illness — covers business disruption | High |
| Corporate life insurance | Estate equalization, debt coverage, wealth transfer | High |
| Overhead expense insurance | Fixed business costs during owner disability | Medium-High |
If you have business partners, a funded buy-sell agreement is non-negotiable. Without one, a partner's death could leave you in business with their spouse or estate — or force a fire sale. The agreement defines trigger events, valuation methods, and funding mechanisms. Life insurance and disability buyout insurance are the most common funding vehicles.
Explore our insurance solutions for business owners, or learn about key person insurance and buy-sell agreements in our articles. Contact us for a risk assessment.