Does Your Business Have the Right Protection?
“The coverage has kept the office running without us having to worry. It’s given the staff peace of mind, too, because they don’t feel like the business is going to fail. It’s just brought a sigh of relief.”
-Sherron Williams, wife of James Williams, an attorney who benefited from disability insurance.
You can protect your accomplishments. You’ve worked hard to build and grow your business. And whether you’ve just started or you’ve been a part of the community for years, it’s an achievement you’re rightfully proud of. That’s why you should protect it. Disability income protection insurance helps you protect your personal income, business and employees—like a safety net. With it, you can focus on taking care of business, not worrying about what will happen if an illness or injury keeps you, another owner or an employee from working.
Maybe you’ve done research online or talked to friends, family or other business owners about disability insurance. If so, you may have come across some common misconceptions like these:
“That happens to other people. Not me.”
- Most disabilities are caused by illnesses, such as cancer, heart conditions and strokes. Although we can’t predict the future and what our health will be, we can protect ourselves.
“My business can run without me.”
- While that may be true for some, many businesses rely on the owner to keep it running.
“I’d rather put my money into growing my business.”
- It doesn’t have to be an either/or situation. Disability insurance can be customized to fit your budget. There are discounts available, and you can set up coverage on a tax-advantaged basis.
Individual disability insurance helps you deal with these realities. If you, an employee or fellow owner become too sick or hurt to work, it can help you:
- Pay everyday living expenses and maintain your lifestyle, without having to drain savings or business profits
- Provide a well-rounded benefit package that employees will really value
- Continue to save for retirement
- Pay business expenses, like rent and salaries, to keep the business open until you can return to work
- Ease the transition to another owner if a disability is permanent