Business continuation planning is a process for outlining the goals and priorities of the business, should the owner(s) become unavailable to fulfill their responsibilities due to death or disability.
Three common insurance products used in business continuation planning include key person insurance, one-way buy/sell agreements and cross-purchase buy/sell agreements.
These legal agreements outline how the business interest of the deceased or disabled business owner will be transitioned. These policies are typically available through insurance companies that specialize in business succession products.
Here is a brief comparison of each type.
Download comparison chart (PDF)
