Disability Insurance For Business Owners
Disability insurance Solutions for Business Owners
Your business is your creation. You have put years into building it into what it has become and you don’t want any unforeseen circumstance to take everything you’ve worked for to be taken away.
There are a number of potential disability insurance plans you are considering:
Let’s Put a Plan Together
Contact a Disability Insurance Specialist at Decision Tree Financial
- You want an individual disability insurance plan to replace the salary you take from the business if you were unable to work. You want a policy that will pay your income so that you can use that money to hire someone to take care of things while you recover.
- You want a disability over head insurance plan because you are the leader of the business and the uncertainty of you not being 100% can cause problems. Your key employees will want to know that they have a job if business slows. Your creditors will want to know that they will get paid what you owe them. You need your phones and your lights on to stay in business and not have to start over when you are ready to return to work and if you aren’t, you want time to find someone who can buy your business so that you can retain the equity you created.
- You know that there are a handful of key employees you depend on. Like your business would experience difficulties if you were to be disabled, having one of them out of work due to an illness or injury for months or years would be equally devastating. A key-man disability policy will indemnify your business and allow you to whether the storm while you search for their replacement.
- You want to show your key people that you care for their well being. You may want to consider buying a supplemental disability policy that provides them with a disability policy income in the event they experience a disability.
- If you have a partner or other owners who’s efforts are vital to the business success, a disability buy-sell policy will provide you with the money needed to execute the buy-sell agreement you all drafted to protect the ongoing concern of the business should one of you become disable or die unexpectedly.