Protecting your business going beyond insuring its property. Even if you already have a long-term plan in place for transferring or selling your business, how will you (or your family) handle unexpected events such as death and disability? Although such possibilities are difficult to contemplate, taking the time to tackle these issues now can put your mind at ease and avoid unnecessary hardships for your business and your family.
Adequate business owner insurance coverage is an essential aspect of contingency planning. We can help you evaluate appropriate business owner insurance products and strategies, including:
Personal life insurance. This type of coverage can provide your family with funds that replace the lost value of your business (not the business itself) when you die.
Personal disability insurance. Designed to replace up to 66.67% of your pretax income in the event of either a short- or long-term disability due to injury or illness, this business owner insurance provides income for personal and family use. Short-term disability benefits are paid from the date of illness or injury for a period of up to four months. Long-term disability benefits generally are payable for a period beginning four months from the date of illness or injury. If the business owner cannot return to work, long-term disability benefits are usually payable to age 65.
Long-term care insurance. Long-term care insurance coverage can help you determine the type of care you'll receive and help you avoid depleting your assets on the high costs of long-term care.