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Business Insurance for Sole Proprietors


Ranger West Financial and Insurance serves as benefit advisors to over 300 firms in the Greater Vancouver area. With over 25 years experience and access to all of the major plan providers in Canada, Ranger West delivers the coverage you need at the most competitive rates available.

As a Sole Proprietor, you are indispensable!

When you die:

  • Your business loses its key person
  • Your family’s income source disappears
  • You estate is responsible for all business liabilities
  • Creditors press for immediate payment and “accounts receivable” are often uncollectable
  • Your executor or administrator, in the absence of specific instructions, may be forced to sell the business to conserve your estate.

Your family would face three alternatives:

  1. Continue the business, if you provided for it in your will. Would your heirs:
    • Have the ability and experience?
    • Have sufficient cash after debts are paid?
    • Be able to obtain adequate credit?
    • Be able to retain your customers?
  2. Liquidate
    • A forced sale attracts bargain-hunters
    • With “goodwill” gone, value of the business is drastically reduced (40% to 90%)
  3. Sell as a going concern
    • Finding a qualified, interested buyer may be difficult
    • Cash for purchase may not be readily available
    • Agreement on a price fair to all parties may be difficult to reach

There is a Better Solution!

  • Include provisions in your will for the business to continue pending settlement of the estate, the executor to be relieved of personal liability in the interim operation of the business.
  • Provide sufficient business life insurance to carry out your plans for disposition of the business, whatever they may be.
  • Purchase personal disability insurance to provide an income in the event of your disability

Contact us today for more information on our Business Insurance for Sole Proprietors.

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