business (noun, busi-ness, \ ˈbɪznəs \) continuation (noun, con-tin-u-a-tion, \ kənˌtɪnjuˈeɪʃən \) insurance (noun, in-sur-ance, \ ɪnˈʃɜ:rəns \)
Definition: is a life insurance, a set of policies that a business or company owners purchase in order to be able to get funds necessary to continue the effective business operation and to cover the losses in the event of the disablement or the untimely death of one of the partners (or simply someone whose work is critical to the business). Business continuation insurance is an effective risk management strategy, which allows the remaining partners to proceed with the regular business functions. Business continuation insurance serves to provide a smooth and stable transition for a business when one of the owners isn’t able to manage it anymore. Moreover, it helps avoid and prevent any potential conflicts between the remaining business partners.
In a Sentence:
- Business continuation insurance may save your business in the future, so don’t hesitate to invest in it now.
- We agreed on the cross-purchase business continuation insurance. It seems to be the most beneficial option for all of the shareholders.
- In a situation like this, the most effective and the safest risk management plan is going with a business continuation insurance.
Synonyms and related words: business interruption insurance, risk management, insurance policies, business functions, disability expense insurance
