We got you covered

Buy-Sell Agreements

Are the Business owner and Key employees properly protected ?
Get Started

Multiple coverage options to 
choose from

100% customer satisfaction

Buy-Sell Agreements

Buy-Sell agreements help protect the business and the people who own it by ensuring that everything is taken care of if something happens to one of the owners. In other words, a buy-sell agreement helps give the business peace of mind.

What is a Buy-Sell Agreement With Life Insurance?

A buy-sell agreement is a legally binding agreement between the co-owners of a business. It is sometimes referred to as a buyout agreement. A buy-sell agreement governs the situation if a co-owner dies, is forced to leave the business, or chooses to leave the business. It is a prenuptial agreement between a company's business partners and shareholders—sometimes called a "business will."

What are the Types of Buy-Sell Agreements?

  1. Cross-purchase plan: In a cross-purchase plan, each business owner buys a life insurance policy on the other owner or owners. If one of the owners passes away, the surviving owners use the death benefit to buy the deceased owner's share of the business. 
  2. Hybrid plan: A hybrid buy-sell plan combines cross-purchase and entity redemption agreements. It gives the company the first option to purchase a deceased owner's share, followed by other owners or key employees. This plan helps maintain a stable leadership team and provides financial incentives for key employees to remain with the company.

 

Why are Buy-Sell Agreements important?

Buy-sell agreements are important for businesses because they provide a plan for what happens if one of the owners becomes disabled or passes away. These agreements outline how the business ownership will be transferred and who will take over, ensuring the business can continue to operate without disruption.

We would like to learn more about your Buy-Sell Agreements? Schedule a call today

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.
Request a Quote
Name(Required)
This field is for validation purposes and should be left unchanged.
Next Business Solutions 2
We extend coverage to individuals and businesses in Melville, NY and surrounding areas.
(516) 421-6786
© 2024 Next Business Solutions Designed by Amplispot

Get Quality and Affordable Insurance

linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram Skip to content