If you have chosen to own and run a small business, there are a host of benefits for this change. Mostly, people dream about being their own boss and the master of their own time, all while doing what they love. However, as a small business owner, there are some considerations that you need to make that will ensure you are financially secure should something happen to you. When life makes unexpected turns, you want to have the insurance policies in place that will offer the protection that you need. Signet Insurance Group is here to talk about why small business owners may want to consider buying life insurance as well as disability insurance to make sure they have that protection for the unexpected twists and turns in life.
Why Small Business Owners Need Life Insurance
Unlike individual life insurance policies, life insurance policies for a small business owner might look a little different. When you own and run your business, you are often the driving force behind your success. There may be business partners that are involved as well, but when a key person behind the business dies, you are going to want the peace of mind that the business will be able to go on. Here are some policies that can help cement that.
– Key Person Insurance: This insurance policy would pay out in the event that a key person in the business dies. The policy and the proceeds after the death will be paid to the business. That can ensure the funds are there to keep the business going or set it up to sell.
– Buy/Sell Agreement: This is another way that the business is protected if an owner or key partner dies. It gives the cash benefit that will allow the other owners to buy out the deceased family members if that’s the direction they would like to go. If your family doesn’t want to run the business without you, this is often the best option.
– Individual Life Insurance: If you don’t have partners, it is still a good idea to have an individual life insurance policy to make sure your family is covered in the case that you pass away.
Importance of Disability Insurance for Small Businesses
If you or one of your employees were to get injured on the job that would leave them unable to work, you are going to want and need the disability insurance policies in place to keep things running. This is an investment that is worth making for any small business owners. It is worth talking to an insurance agent to find out what policies are available to you for the protection of your business.
Home, Business, Life & Auto Insurance Agency in Henderson, North LV, Reno, Spring Valley, Enterprise, Sunrise Manor, Paradise & Las Vegas, NV
If you are a small business owner and are interested in life insurance or disability insurance policies for your business, you can turn to Signet Insurance Group to help you find the right one. Call us today!
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