What happens to your business if you die? What happens to any debt that your business has accrued if you die? As it's only owner or, sole proprietor, the law makes no distinction between your personal assets/debt and your business assets/debts. This is incredibly important information to know when planning your Business Insurance needs. Should something happen to you, all of your business debt is transferred to your state and its heirs.
Sole Proprietorship Life Insurance is insurance for transferring your business to a successor, in which case Life Insurance purchased by your heirs can provide funds to pay estate taxes and help sustain the business during the initial period of new management. Or, if your employees are interested in carrying on your business, a buy-sell agreement can be funded with Life Insurance to assure that your family will receive the optimum value for the business.
If you are a sole proprietor or single owner of a business, contact me today for more coverage information.
