A quick review of insurance options small business owners should consider because life is not perfect.
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Excerpt from guide
Because life is not perfect
By Helen Hirsh Spence and Debra Yearwood
No one likes talking about insurance. Insurance brings to mind things gone wrong, plans disrupted or processes corrupted. Insurance coverage is also what will get you through all kinds of unanticipated upheavals with the minimum of fuss. Think about insurance as a backup plan, a safety valve or an additional exit. Insurance may also be the difference between a business taking a pause and a business closing.
Many small business people think they don’t need insurance. Unless the business has obvious assets like buildings, equipment or supplies, insurance can seem like an added and unnecessary cost. But what happens when things impact employees? What happens if you lose a key individual at a critical juncture in the life of your business?
What contingency plans do you have in place to ensure the viability of the business? What about sickness as a sole proprietor? Will your business be able to survive without you? Will you survive financially not being able to work? These are questions that insurance will help you address.
Disability Insurance for the Self-Employed
Disability insurance can provide you with income, overhead coverage, pay the interest on bank loans and pay deferred income taxes if you should suddenly become ill or if you have a debilitating condition. Disability insurance can be accessed through a number of methods: individual plans organized through a life insurance agent; group insurance accessed through an association or chamber of commerce; and special purpose plans that provide a one-time lump sum payment.