If you were considering going to the world of business on your own the first thought was likely to be excited about the possibilities including more freedom, happier customers, and a greater earnings potential. But, later on, your thought might have turned to the possibility of something going wrong, too. This is where insurance comes in to assist.
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If you’re a small-business owner or entrepreneur, influencer, or freelancer, you’re your own business and your business is entirely on your. The good news is that insurance is available to help you in the event that events take a surprising direction. You’ve probably considered general liability insurance, or any other commercial insurance but what about disability and life insurance?
- In particular, life insurance offers security for your company, as well as everyone who relies on you, including employees, family members, and clients in the case of passing.
- In the same way, disability insurance will provide an income in the event you are disabled from work because of an injury or illness.
Why Entrepreneurs Need Life Insurance
Small-scale business owners are accustomed to being busy and managing a hectic schedule. However, occasionally it’s important to step away from your “doing” role and take on your strategic planning position. Although it’s not on anyone’s to-do list, this strategic thinking must include planning for the worst-case scenarios.
Freelancers, entrepreneurs and other freelancers form the driving force behind their enterprises. They boost expansion, care for clients and encourage their employees or colleagues. What happens to their businesses and all those they help when a major (or sole) person passes away?
A sound investment option that could assist in the event of a significant loss in a person’s life can be life insurance. Life insurance is a way to ensure your business has the capacity to be able to continue taking care of its business even if you’re gone.
In this instance there are a number of ways to use life insurance to help support your small-scale company. Here are some important guidelines to take into consideration.
Key Person Insurance
Key Person Insurance is a life insurance policy which pays the moment a key employee or owner dies. The business purchases the policy, and the profits of the benefit at death are transferred directly to the company.
The primary advantage that comes with Key Person Insurance is that the money it provides can serve as a bridge for the next step of the life of the business, whether it’s the search for a replacement for a key employee or selling the business, or moving to other initiatives.
Buy/Sell Agreement
If your business is owned by multiple owners, you can use the Buy/Sell Agreement is another option to limit the risk of the death of a crucial partner. Entrepreneurs can make use of life insurance to finance the Buy/Sell contract. The cash benefits then allow the owners of the other company to buy the interest of the deceased partner from the remaining family members. If you’re a partner who has a family member who can’t, or doesn’t wish to run your business in the case of your death the Buy/Sell financing is a viable alternative.
Individual Life Insurance
In addition, even if do not have a partner You should think about the purchase of a life insurance policy to protect your debts and obligations. If you pass away your family members will receive the financial benefit of a cash reward that could allow them to close down or even sell your business in the event that they do not wish to carry on your business.
If you’re searching for life insurance for funeral expenses, look no further than our affordable and Flexible Life Insurance Policies. Life insurance for funeral home, life insurance for funeral for over 80, and whole life insurance for funeral programs are designed to help cover the final expenses of your loved ones. Life insurance is a unique and affordable way to help cover the costs of a funeral.
Importance of disability insurance for entrepreneurs
A more serious concern for entrepreneurs is what happens if you don’t actually die, but you become disabled? You depend on the hard work you put into your business to pay expenses. Therefore, small-scale entrepreneurs like you should have the protection provided by disability insurance. In the event of an injury or illness could guarantee at least a part of your income, assuming you’re unable to work.
Disability Insurance for employees in comparison to Entrepreneurs
Based on the Social Security Administration, one out of four individuals will become disabled during their work life. In light of this that disability insurance is an essential insurance for all workers, regardless of whether you’re an employee or an entrepreneur.
Disability of Employees
In many cases, businesses offer their employees long-term disability insurance that is in the amount of a specific percentage (usually about six percent of regular pay). In addition, employees are able to purchase additional disability insurance to protect more. Furthermore, they offer or help with short-term disability plans (that provide coverage for around three months) for their employees.
Disabilities For Entrepreneurs
However, entrepreneurs who are small, such as freelancers, entrepreneurs, and solopreneurs need to purchase and pay for your own insurance for disability. Without corporate support most entrepreneurs believe that disability insurance will be prohibitively expensive. But, there are a variety of prices for various insurance policies on disability. A professional insurance agent is capable of helping you locate one that is suitable for your requirements and budget.
If you’re a small business owner that doesn’t have disability insurance or is concerned that you don’t possess enough insurance for disability, your first step should be to figure out the amount (or the amount) you’ll require. Start with the disability Insurance Needs Calculator to get an estimate. The next step is to speak with a licensed insurance professional to assist you in understanding the options that are available to you.
