As a business owner, you essentially have TWO families to take care of: 1) your family at home (spouse, children, relatives, partner, etc.) and 2) your work family (employees, business partners, etc.) These people rely on you to be present, engaged, and earning income. With September being Life Insurance Awareness Month, it is a great time to review your business insurance strategy and see if you can implement any of the ideas below:
- Individual Life Insurance
- A policy that covers one person and pays out a claim upon death
- Affordable coverage available in a variety of policy types
- Ideal for entrepreneur with no staff, but is a contributing income at home
- Disability Insurance
- A policy that covers one person and pays out a claim upon a qualifying disability that removes a person from their normal working capacity
- Affordable coverage available in a variety of policy types
- Ideal for protecting an income stream for business owners or employees
- Buy-Sell Agreements
- A legal contract among owners to buy out the portion of the deceased’s business share.
- Life insurance can be used to “fund” these types of contracts!
- Secure a life insurance policy naming the business partner as beneficiary for built in purchasing power to retain the business
- Key Person Insurance
- Life or disability insurance purchased by a business on an employee that is payable to the business.
- This ensures business revenues continue even if a pivotal team member is no longer able to function in their usual capacity due to death or disability
- Revenues keep business operational even in time of crisis
Your livelihood depends on income and sustained business. You’d be surprised at the creative solutions our team can develop for business owners like YOU! We’re ready to help you implement smart insurance strategies.
Contact Gateway Insurance Group at: 858-428-3929 or www.gatewayig.com/nexthome
To learn more, read the brochure, “Taking care of Business” by the nonprofit agency, Life Happens:
https://lifehappens.org/wp-content/uploads/2015/03/Brochure_TakingCareofBusiness_2014_Consumer.pdf