You've worked hard to build your business. The thought of losing the ability to work everyday, due to an accident or illness, has probably occurred to you. And that's a valid concern, because the costs of running your business doesn't stop, just because you do. That's where Business Owner Disability Income and/or Business Operating Expense Insurance becomes an essential part of any business plan.
If you became disabled from an accident or sickness, how would you address these considerations:
When you close your business temporarily, you risk losing customers - and employees - permanently. Customers rely on your goods or services, and your employees depend on their job for their income. Neither can wait indefinitely.
Only you can determine who would best fill your shoes. But if you're disabled, you most likely won't be in a position to search for, hire, or train a part-time replacement.
Possibly. But as an individual, your savings and/or disability benefits are designed to help meet your personal financial needs if you become disabled. You may not be able to stretch those dollars far enough to cover business expenses, as well. Hence the need for Business Operating Expense coverage.
This option may not be viable, or profitable. An emergency liquidation sale rarely generates top dollar on your investment. And it leaves you with nothing to come back to after you recover.
With years of experience, we are confident that we can find a solution that suits your needs.
Business Operating Expense insurance has been designed to meet the requirements of Internal Revenue Service rulings, which allow certain business professionals who are sole proprietors, partners and stockholders/employees of a business to use premiums for the policy as direct business expense for tax deduction. This is based on current tax code.
For a detailed analysis of all your "Employer Disability Income" needs, please contact our specialists today for a non-binding consultation.
Contact us by phone, or use our online Contact Form.
We also consult on the following types of coverage:
Spirit Financial Concepts is a member of the National Association of Health Underwriters.