Your Business Is Your Biggest Asset. Here's How to Protect It.
Most small business owners insure their building, their equipment, and their vehicles. They forget to insure the two things that would actually destroy the business: the loss of a key person, and the death of a partner without a funded exit plan.
An independent agent who specializes in business insurance doesn't just sell you a policy — they review your business structure, identify the real risks, and design coverage that protects what you've built. Group health, key man insurance, buy-sell agreements, executive benefits — all from vetted carriers, all compared side by side, at no charge to you.
Small businesses in the US (SBA 2024)
Of group health premiums deductible as business expense
Key man death benefit received by the business
Employees typically needed for small group health coverage
The Three Insurance Coverages Every Small Business Needs
Most business owners have one. Few have all three. Here's what each one does.
Group Health Insurance
Provides health coverage for your employees. Employer contributions are 100% tax-deductible. Employee contributions are paid pre-tax. It's one of the most powerful tools for attracting and retaining employees — and it costs less per person than individual coverage for groups of 2+.
Compare Group Health PlansKey Man Life Insurance
The business owns a life insurance policy on a key employee or owner. If that person dies, the business receives the death benefit tax-free — providing capital to cover revenue loss, find a replacement, and repay any business loans that required the key person's involvement.
Learn About Key Man InsuranceBuy-Sell Agreement (Life Insurance Funded)
A legally binding contract between partners, funded with life insurance. If one partner dies, the death benefit provides the cash for the surviving partner to buy out the deceased partner's share — at a predetermined price, without a forced sale or unwanted heirs as new partners.
Protect Your PartnershipBusiness Insurance — All the Details
Straight answers on every type of business insurance coverage.
Group Health Insurance
Tax-deductible health coverage for your employees. How it works, what it costs, and how to compare plans.
Key Man Life Insurance
Protect your business from the financial impact of losing a critical employee or owner.
Buy-Sell Agreement Insurance
Fund your buy-sell agreement with life insurance. Protect your business from partner death or disability.
Business Overhead Expense Insurance
Covers your fixed business expenses if you become disabled and can't work.
Executive Bonus Plans (Section 162)
Reward and retain key employees with a tax-deductible life insurance benefit.
Business Insurance Questions — Straight Answers
What insurance does a small business owner need?
Every small business owner needs at minimum: (1) a buy-sell agreement funded with life insurance if you have a business partner — without it, your partner's heirs may inherit their share; (2) key man life insurance on any employee whose loss would materially harm the business; (3) health insurance for yourself and your employees. Beyond that, the right coverage depends on your business type, number of employees, and financial exposure. An independent agent who specializes in business insurance reviews your situation and recommends what you actually need.
What is key man insurance and does my business need it?
Key man insurance (also called key person insurance) is a life insurance policy owned by the business on a key employee or owner. The business pays the premiums and receives the death benefit. It protects the business from the financial impact of losing a critical person — covering revenue loss during the search for a replacement, loan repayment (many lenders require it), and business continuity costs. If your business would suffer materially from the loss of a specific person, you need key man insurance.
How does a buy-sell agreement work?
A buy-sell agreement is a legally binding contract between business partners that determines what happens to each partner's share if one partner dies, becomes disabled, or wants to exit. Without one, a deceased partner's heirs may inherit their share — bringing unwanted partners into your business. The agreement is funded with life insurance: each partner owns a policy on the other (cross-purchase) or the business owns policies on all partners (entity-purchase). The death benefit provides the cash to complete the buyout at a predetermined price.
Can I offer group health insurance with just a few employees?
Yes. Most states allow small group health insurance for businesses with as few as 2 eligible employees. Employer contributions to group health insurance premiums are tax-deductible as a business expense. Employee contributions are paid pre-tax through payroll, reducing their taxable income. For businesses with 50+ full-time equivalent employees, the ACA requires offering health insurance or paying a penalty. For smaller businesses, it's optional — but a powerful tool for attracting and retaining employees.
What is an executive bonus plan (Section 162 plan)?
An executive bonus plan is a simple way to provide a key employee with a life insurance benefit as part of their compensation. The business pays the premiums on a life insurance policy owned by the employee. The premium payments are tax-deductible to the business as compensation expense. The employee reports the premium as taxable income but owns the policy — including the cash value and death benefit. It's a straightforward way to reward and retain key employees without the complexity of a qualified retirement plan.
Protect Your Business. Talk to an Independent Agent.
A licensed Patriot Plans agent reviews your business structure, identifies your real risks, and compares coverage options from vetted carriers. No charge. No obligation. No pressure.
Free. No obligation. Licensed in all 50 states, USVI, and Puerto Rico.