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Would happen if you became too sick to work?

If you’re the owner of a small to medium-sized business, you’re probably key to the success of that business. And, with all the time you spend running the business, you may not have considered what would happen if you became too sick to work. What assets do you have to cover a disability that lasts three months, six months or longer? Even a short-term disability could eliminate years of savings.

That’s where Business Income Protection comes in.

It may seem unlikely, but, disabilities happen more often than you may think. That’s why it’s important to think about how to protect yourself and your business. Let’s take a closer look at three concerns that can come up if you, another owner or a key employee became disabled:

1. Keeping your business running
Overhead Expense insurance covers things like employee salaries, insurance premiums, mortgage or rent, utilities and other typical business expenses.

2. Providing funds to buy-out a permanently disabled owner
Disability Buy-Out insurance funds a buy-sell agreement to purchase an owner’s business interest. With this coverage, remaining owners can continue the business without:

  • Using business revenue
  • Obtaining loans
  • Selling shares of the business for capital

3. Dealing with the loss of a key person
Key Person Replacement insurance pays benefits to the business to be used to help offset hiring costs, staffing needs and replacing the revenue.

With the right income protection in place, you can shield your loved one and assets from unpredictable risks and life events. Option Insurance Group can customize a plan that supports your short and long-term goals and objectives.

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