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Key person insurance is a type of business insurance designed to protect a company in the event that a key employee or owner becomes disabled, critically ill, or dies. The policy provides a death benefit or disability income to the company to help offset the financial impact of losing the key employee or owner. The funds can be used to cover costs associated with finding and training a replacement, paying off debts and other expenses related to the loss of the key person.
A buy-sell agreement is a contract between business owners that outlines how the ownership of a business will be transferred if one of the owners leaves the business, either voluntarily or involuntarily. The agreement typically includes provisions for the sale or transfer of ownership, as well as funding mechanisms, such as life insurance or disability insurance, to provide the necessary funds for the buyout.
Business overhead expense insurance is a type of business insurance that provides coverage for the regular and necessary expenses of a business if the owner becomes disabled and unable to work. Business overhead expense insurance can help protect the financial stability of a business and ensure that it can continue to operate during the owner's recovery.
Executive bonus plans, also known as Section 162 plans, are a type of non-qualified deferred compensation plan offered by employers to key executives. The employer receives a tax deduction for the premiums paid, and the plan can help attract and retain key talent in the company.