If you own a small business, you have a lot more to lose than the average American worker. Here are three ways that disability insurance can protect your company, your family and your retirement savings:
- BUY-SELL AGREEMENTS
Buy-Sell Agreements funded with disability insurance allow remaining business owners to buy the company interests of a permanently disabled owner at a previously agreed-upon price. These agreements can also be funded with life insurance to guard against the death of a business owner.
- BUSINESS OVERHEAD INSURANCE
Business Overhead Insurance reimburses a business for overhead expenses in the event a business owner becomes disabled. These policies typically pay benefits for one to two years, and help cover expenses like salaries, taxes, employee benefits, rent or mortgage, utilities, equipment, malpractice premiums, etc.
- KEY PERSON DISABILITY INSURANCE
Key Person Disability Insurance can provide business owners with the financial flexibility to either hire a replacement or work out an alternative arrangement when a key employee is unable to work due to a disabling illness or injury.
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