Another type of insurance available to our business customers at Kiley Insurance Agency is Business Life Insurance. This type of policy works to ensure the continuation of your business in the event that you or another key employee die while still involved actively within the business.
Working with our specialized agents to establish Succession Planning can help make for a much smoother transition to the new successor following retirement, disability or death. The plan will be based upon a funded buy-sell agreement that has been properly designed to focus on the unique aspects of your business.
Succession Planning can help establish the following:
- fair prices for interests held by the shareholder’s heirs
- ability to convert an illiquid interest into cash for surviving family members when funded with a business life insurance policy
- provides continuing profits to go to shareholders that remain active within the business
- determines who would take over leadership of the business and the value of it
Speak with one of our experienced financial and insurance experts in our Benefits Department for information about creating a successful Business Continuity plan for your company.