Business Interruption Insurance Business interruption insurance is protection that covers the amounts you would be expected to earn if the covered peril disaster had not happened and suspended your operations.

Buy/Sell Insurance In a buy/sell life insurance agreement the business partners do not own life insurance policies on each other. … The company only needs to buy an insurance policy on each of the owners, rather than all the owners buying policies on each other.

Key Man/Woman Insurance Keyman insurance covers the life of a key partner or employee [thus the term keyman]  for a monetary value so in the event of that key person’s untimely death, the loss to the firm is recouped with monetary assistance (insured amount) received from the insurance policy.

Group Disability Insurance policy that provides coverage for a member of the group who is unable to work due to a disability or illness. Coverage replaces lost income and wages for a limited period of time with a maximum income benefit of approximately 60% of earnings before disability.

• Long-Term Group Disability Insurance (LTD) typically insures an employee for a long period of time (5, 10, 15, or 20 years and sometimes to age 65) depending upon the employees choice. The elimination period on a LTD policy is typical 30, 60 80 or 180 days, depending upon the employees’ choice.
• Short Term Disability Insurance (STDI) typically insures an employee for a short term period of time such as 1, 3 or 5 years) and is less expensive to both the employer and employee and has a brief elimination period (typically 15 or 30 days).