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Business Loan Insurance can ensure the financial obligations of your business are met in the face of a key employee, partner or owner’s death, disability or critical illness. All it takes is one disaster to impact a business’s economic future! Before you know it, the company is in disarray, it is unable to meet its financial obligations, and bankruptcy is looming. Having a business loan insurance policy can help secure your business’s finances and prevent it from having to file for bankruptcy or other serious business interruptions.
Proper planning regarding business loans using insurance can also ensure:
Loan Insurance Protection for businesses typically comes in four different types of coverage, including:
Health Risk will champion the evaluation of your Company or Business need for Loan Insurance Protection based on your unique situation and then recommend the appropriate insurance product or products.
For Loan Insurance Protection we would most often suggest a plan providing the most “cost effective” and “time sensitive” structure such as Term Life Insurance and Lump Sum Disability or Critical illness insurance. Health Risk always recommends that your Accountant play a role in the establishment of appropriate insurance programs in order to determine the proper tax implications for your Company or Business.
Please contact Health Risk should you have any specific questions you may have regarding Loan Insurance Protection or if you would like to receive a quotation.
Health Risk is prepared to work with your company to assist in the process of ascertaining the appropriate Buy/Sell Agreement, or if in fact you already have one in place, to identify the insurance product solutions necessary to fund your agreement. We will endeavor to work closely with your professional team of Accountants and Lawyers to ensure that every detail is covered.
We respectfully acknowledge that we are located on the traditional territories of many First Nations, Métis, and Inuit peoples who have cared for this land for generations. We honour their histories, languages, cultures, and ongoing contributions to our shared communities.
