9/10 Small Business Have Absolutely No Idea About Small Business Insurance!

because of illness or injury? Disability insurance will generally pay about 60% of your income for a stated period of time. The benefit may be taxable or non-taxable (depending on whether or not you deducted the premium as a business expense.)

Even more important is your answer to this question: Do you have “business overhead insurance”? While you’re out of commission, who will cover the costs of running your small business like utilities, insurance and salaries? Disability Insurance will not cover your small business overhead expenses, unless it is an add-on.

Got business partners? Do you have a buy/sell agreement? Should your partner die, you will be protecting your interest in the business. Here’s a great example of this: your partner dies and his wife wants to claim her share of the business. Do you really want your deceased partner’s relatives to take over their share of the business? Wouldn’t you simply rather buy out your partner’s share of the company? Well, with this additional insurance, you wouldn’t have to worry about your partner’s family interfering with your small business.

Do you have “disability buy-out coverage”? If your partner was to become severly disabled, you would be presented with several problems without this particular type of insurance. Do you want to keep paying him (or her) for work he cannot do, possibly for years? You wouldn’t have to worry about this situation if you have this type of