One of the best ways to protect your business assets is to carry business insurance from a reputable business insurance carrier. If your business is home-based, you can get an addendum coverage on your personal homeowners insurance to cover your home-based business for materials/equipment/computers et al and personal liablity. Call your insurance company.
If you are the sole owner of your business, and do not have a succession plan, when you die, typically all your business assets will roll into your personal estate. I, unfortunately, have witnessed several businesses without a succession plan landing in the hands of the court system to work out. You really need to create a succession plan for your family and employees - so they don't have to go through the unwinding of the business, especially at a time when they are mourning over your passing.
You also may want to check into Keyman insurance which could possibly provide the financial cushion for your business and family to continue under the new management.
Marsha Powers
President & CEO
Powers Financial Group
marsha@powersfinancial-group.com
