Business Owner Resources
Business Owner Protection Checklist
Business protection is easier to review when the questions are organized. Use this checklist to gather what you already have documented, then note where a conversation with your advisers may be useful.
Review each item and note what still needs attention. Printing this page creates a working copy.
Ownership and agreements
- List every current owner, the percentage held, and the date each interest was acquired.
- Confirm whether a written buy-sell or ownership agreement exists and where the signed copy is kept.
- Check whether the agreement names current owners and reflects any ownership changes since it was signed.
- Note whether the agreement describes how an ownership interest would be valued.
Protection and funding
- Identify which people — owners or key employees — the business could not easily operate without.
- Note any life or disability coverage already owned by the business or by individual owners.
- Confirm the beneficiary and ownership designations on existing policies match the current plan.
- Ask whether a funding arrangement exists for any obligation described in the ownership agreement.
Employees
- List the employees whose departure would materially affect revenue or operations.
- Note which retention or benefit arrangements are currently offered, and to whom.
- Confirm new hires receive plan documents and eligibility information at the appropriate time.
Business debt and obligations
- Summarize outstanding business loans, leases, and lines of credit.
- Identify any personal guarantees signed by an owner.
- Ask lenders whether any obligation depends on a specific individual remaining active in the business.
Continuity and documentation
- Confirm where critical documents are stored and who else can access them.
- Describe what the business would do in the first thirty days after an owner's death or disability.
- Identify the attorney, CPA, and financial professionals involved, and confirm their contact details are current.
Review rhythm
- Set a recurring date to review ownership, coverage, and obligations — annually is common.
- Revisit the plan after any major change: a new owner, a large loan, a new location, or a family event.
Content is provided for general educational and informational purposes only and is not individualized insurance, investment, legal, or tax advice. Insurance availability, eligibility, benefits, and costs depend on applicable policy terms, underwriting, and other factors. Consult qualified legal, tax, and financial professionals regarding your specific circumstances.