Business Continuation Insurance
Definition
- A life insurance policy bought by a company in order to provide protection in the event that someone integral in the business's operation dies or becomes disabled. Also known as "Business Life Insurance" or "Key Person Insurance."
Synonyms
key person insurance, keyman insurance, business insurance coverage, business life insurance
Alternate Spellings
CEO, key man insurance, keyman, president
Related Terms and Acronyms
- Business Insurance — Definition,
- An umbrella term for insurance that covers various losses that may arise due to the operation of a business.
- Business Interruption Insurance (BII) — Acronym, Important,
- Insurance that covers losses in business income after an event interrupts business operations.
- Business Life Insurance — Definition,
- Life insurance that provides coverage in the event that a person key to the operation of a business dies.
- Consequential Loss — Definition,
- The financial loss that occurs due to an entity's inability to use an asset or property.
- Entity-Purchase Agreement — Definition,
- A plan used for businesses with multiple owners where insurance policies are taken out for each owner in the amount of their ownership stake.
- Handicap Accessibility — Definition,
- A measure of how accessible a location, product or service is for people with special needs or disabilities.
- Insurable Interest — Definition,
- Something of sufficient worth and benefit that an individual or entity would have reason to insure against its lost.
