Many small businesses depend on specific individuals for the company's continuing success. Some companies could not survive if one or more key individuals suddenly died or were injured and could not work.

To guard against financial loss due to the absence of an indispensable employee, many companies take out "Key Man" insurance, in the form of life insurance,

If you own a business with others, consider establishing a buy-sell agreement, which determines how ownership of the business will be transferred if one owner dies. Buy-sell insurance is a type of business insurance that's used to fund buy-sell obligations.