Business Liability Protection from Insurance Connect safeguards your company from financial strain if a business owner or key individual, who stands surety for a loan, passes away or becomes disabled. In the event of death or disability, the policy ensures that outstanding debts are covered, preventing the burden from falling on personal estates, co-owners, or business assets. This protection keeps the business running smoothly and shields personal assets from creditors.
Life and disability coverage for the individual standing surety for business debts
Lump sum payout to the business to settle outstanding loans
Protection of personal assets from creditor claims
Prevents co-owners from selling business assets to cover debts
The business takes out a policy on the life of the owner or key individual who stands surety for a loan. If the individual dies or becomes disabled, the policy pays out, allowing the business to repay the loan.
Business owners or anyone who stands surety for a loan should consider this cover to protect both personal and business assets.
This policy can cover personal, business, or any other loans where the business owner stands surety.
Without this protection, creditors can claim outstanding debts from the personal estate or assets of the individual standing surety.
Yes, the coverage amount can be adjusted to match the outstanding loan balance, ensuring full protection.
