Business continuation Plan is a type of life and disability insurance that covers losses if a key executive, owner, or partner of a business dies or becomes disabled. The insurance provides funds that the business would need to minimize disruption so it can continue its operations. It also helps businesses adopt and adhere to a specific succession strategy in the event of losing a key employee.


Business Continuation Plan has two common types: Individual and cross buying policies. Individual purchase policies name the business itself as beneficiary of the policy. A cross-buying policy covers specific individual business owners and partners, each of whom receives benefits directly under the terms of the policy.


The death or disablement of a key executive can cause stress and financial difficulties. In some cases, the lack of clear leadership and business struggles can create disruption so severe that the business may fail. Business Continuation  Plan combines life and disability insurance so that other partners or owners can plan ahead, knowing they can acquire that executive’s share of the business under a clear succession plan without misunderstandings or undue conflict over who will continue to lead operations. Combined with clear buy-sell agreements, Business Continuity Plan can help businesses with multiple owners and partners maintain an orderly succession strategy. Such Plan also addresses the need to be sure that the portion of a business owned by one person can be purchased by other partners or owners. Otherwise the ownership may be passed on to key executive’s heirs. (Nightmare)!!!


Various forms of Business Continuity Plan include TERM LIFE or WHOLE LIFE insurance policies that name specific individuals who would purchase the business as beneficiaries. Disability policies can also be used for that purpose. In other cases, the policy names a business itself as beneficiary so the business entity can buy its own equity. Yet it is not just the loss of an owner of a business that can cause disruption. Life insurance and disability insurance can mitigate losses for any person vital to the operation of a business, even if they do not own a share of it.


  • Have a qualified Financial Adviser to have an initial discussion with your Accountant
  • Draft out the Economic Life Value for each partner
  • Draft all the disruption and consequences will happen in the event of “IF”
  • Have a financial statement clearly spelt out the losses
  • Design smooth take over of buy-sell agreement and put in place
  • The premium paid for this Business Continuation Plan can be off-set as an expense of the company
  • Who will be the beneficiary also need to clearly stated in the Buy – Sell agreement


Article by: Strategic Coach & Mentor – FINWAZE


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