Anyone in business today wouldn’t think twice about insuring their business against loss from fire or theft. However, there are many other circumstances that can have damaging and lasting consequences for your business. Indeed, without the right kind of protection, your business, even your family’s finances, could be in financial ruin.
Ask yourself the following:
How would your business survive if one of your key employees or shareholders became seriously ill or died suddenly?
If your business partner died what would happen to their share of the business?
How would you feel about a shareholder’s family joining your business if he died suddenly?
If you died what would happen to your share of the business?
Is your spouse/children in a position to take your place in the business?
How will your family survive financially?
It won’t happen to your company!
There is very little in life of which we can be absolutely certain, but one fact is guaranteed, we are all going to die…some day. The one unkown, thankfully, for most of us are that we have no idea when this will be. However, the odds of one partner in a 2 or 3 man business dying or becoming seriously ill before retirement are probably a lot higher than you might think.