Want help navigating life insurance?

Talk with one of our life insurance specialists today. Call 1-866-207-9160 or talk to a specialist.
two women reviewing information on a tablet

If you own your own business, you likely have a number of employees who depend on you for income, health insurance, retirement planning, and more. But what happens if you pass away while you are still working? Small business life insurance can help ensure the continuation of your business when you are gone, and help make this time of transition run more smoothly.

Buy/sell agreement

If you have a business partner, you may want to consider purchasing a buy/sell agreement. In this arrangement, you and your business partner will own policies covering each other’s lives. If the first business partner passes away, the other receives a death benefit that can be used to buy the remaining half of the business. This results in a cash payment to the deceased’s family, as well as security for your business to continue operating.

Key person insurance

As a business owner, you play an essential role in your business. Key person life insurance is a death benefit that can help your business cover financial losses as a result of you passing away. In the event of your death, the death benefit can be used to go towards looking for your replacement, making up any lost costs, or if the company shuts down, paying off any debts or severance packages.

Talk to your life insurance professional about how to protect your company with small business life insurance.
City Building Icon
Learn more about Nationwide business insurance or call 1-888-490-1549.
Talk to a specialist

Related topics & resources

What is workers' compensation?
How to get a good commercial vehicle insurance quote
9 best practices for small business taxes
The best way to get capital to grow your business
More small business resources

Product, coverage, discounts, insurance terms, definitions, and other descriptions are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in your individual insurance contracts, policies, and/or declaration pages from Nationwide-affiliated underwriting companies, which are controlling. Such products, coverages, terms, and discounts may vary by state and exclusions may apply.

The information included here is designed for informational purposes only. It is not legal, tax, financial or any other sort of advice, nor is it a substitute for such advice. The information may not apply to your specific situation. We have tried to make sure the information is accurate, but it could be outdated or even inaccurate in parts. It is the reader’s responsibility to comply with any applicable local, state or federal regulations. Nationwide Mutual Insurance Company, its affiliates and their employees make no warranties about the information nor guarantee of results, and they assume no liability in connection with the information provided. Nationwide and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. © 2023 Nationwide