Protect your small business, secure ownership transitions, and maintain stability with local guidance.
Small businesses with 2–5 employees are particularly vulnerable to the unexpected loss of an owner or key employee. Life insurance can safeguard your company's finances, maintain operational continuity, and fund ownership transitions. This guide covers key person insurance, buy-sell agreements, and local examples in Richmond, Henrico, and Chesterfield.
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Key person insurance is designed to protect your business if a critical owner, partner, or employee dies. The business owns the policy, pays the premiums, and receives the death benefit.
Coverage amount is typically based on the key person’s contribution to profits and financial impact if lost.
A buy-sell agreement ensures a smooth transition of ownership if an owner passes away. Life insurance funds the purchase of the deceased owner’s share.
Working with a local advisor ensures the agreement matches your Virginia business structure, ownership count, and tax considerations.
Owner carries key person insurance for head barista who drives most daily sales. Also funded a cross-purchase buy-sell agreement to protect ownership shares.
Both owners hold life policies for each other under a buy-sell agreement to prevent disputes and fund ownership transfer.
Key person insurance covers lead accountant who brings in majority of clients, ensuring business continuity if unavailable.
Return to the Virginia Life Insurance Hub to explore term, whole, final expense, and other small business insurance pages.
