Business Life Insurance in North Carolina
No matter what business you’re in, each workday is dedicated to doing your job well and providing your customers with the best service possible. The Peterson Agency would like to return the favor by giving you the coverage you need to ensure the security of your business.
At The Peterson Agency, we’re committed to keeping your business protected – so you can focus on your day-to-day operations. And with the right insurance plan, your business will be covered from top to bottom.
What Is Key Person Life Insurance?
Key person life insurance, also referred to as key man life insurance, may protect your business if you lose an individual unexpectedly (e.g., owner or key employee) who is vital to your business’s success. Key person insurance may also provide your business with financial compensation if this person leaves too soon—for instance, dying unexpectedly or becoming disabled. The insurance payout from a key person life insurance policy may be able to keep your company functional until you replace this individual—or until your business decides to close.
What Is Executive Benefits Insurance?
Many businesses have key C-level executives (e.g., CEO, COO or CFO) critical to their company’s success. Retaining these executives is of great importance, so many executives may be offered various insurance policies as a benefit, and the company pays their policy premiums as an executive bonus.
What Is Company-owned Life Insurance (COLI)?
Company-owned life insurance (COLI)—or corporate-owned life insurance—is a type of life insurance policy businesses take out for key team members. Generally, the business pays the individual’s policy premium and will receive the death benefit if the insured employee dies. This type of insurance may be used by a company to proactively offset the costs of replacing this key individual.
Need More Business Insurance Coverage?
We offer the following options for your business assets:
- Commercial property insurance
- Commercial general liability
- Business owners policy (BOP)
- Inland marine insurance
- Commercial auto insurance
- Commercial umbrella insurance
- Professional liability
- Workers compensation
- Crime insurance
- And much more…