Business owners know the importance of thorough business planning and the impact that the death or disability of a principal owner could have on the future operations of any company. Disability buy-out or disability buy-sell insurance is the best way to protect the business in the event that an owner becomes permanently disabled.
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What is Disability Buy-Out Insurance?
Disability buy-out insurance is designed to provide the funds needed to purchase a disabled owner or partner’s interest in the business if they become disabled. Disability buy-out insurance should be made part of any business continuation plan or business succession plan as it will assure that the disabled business owner receives a fair market value for his or her interest in the business. At the same time, it will protect all business owners from the threat that a disability may impose on the company by allowing them to buy-out the disabled owner’s interest at an agreed upon price set forth in a buy-sell agreement.