Key Employee Insurance & Buy-Sell Agreements

Key Employee Insurance

Businesses and professional teams often rely on key individuals who are critical to the overall success and profitability of the business or team. Injury, disability or the unexpected death of one of these key individuals can result in financial ruin for the employer. Key employee insurance offers businesses and professional teams a hedge against the economic loss caused by death, disability, or injury. We successfully create key person policies for businesses and for professional sports teams from the NHL, NBA, NFL, and MLB to help protect them if a key person is lost.

 

Buy-Sell Agreements*

When a business owner dies, problems arise for the owner's heirs and the business regarding disposition of the owner's business interest. Buy-sell agreements can ease the uncertainty over the sale and purchase of the business interest by providing that someone will purchase the interest at an agreed-upon price and obligating the owner's estate to sell the interest at that price.

 

Cross-Purchase Buy-Sell Agreements*

Cross-purchase buy-sell agreements protect businesses when a business co-owner dies by requiring the deceased owner's estate to sell the business interest to the surviving owners at a pre-determined price, and the surviving owners to buy the interest at that price. These agreements enable the business to continue to run smoothly.

 

*Neither Legacy Resources Insurance Services, Inc., nor its agents, provide tax, legal, or accounting advice. Please consult your tax, legal, or accounting professional before making any decisions.