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Protecting Your Business: The Basics

As a business owner, you’ve learned how to be prepared for anything. If one thing is certain today, it’s that you can’t be certain about what will happen tomorrow. You can, however, be certain that you’ve taken action to help protect yourself and your business from the unexpected.

Think about what would happen to your business if you, your business partner, or a key employee were to unexpectedly die or become too sick or injured to work. There’s no doubt that this would have a tremendous impact on your business and its continued success. But there’s good news: this is something you can plan for.

Having the foresight to protect your business against the loss of an owner or an essential employee—perhaps the company's most valuable asset—can mean the difference between business as usual or closing up shop. Just as you would insure your business property, you should also consider insuring the people who have the biggest impact on your company’s success. We can help with business planning strategies that are designed to protect your business from the unexpected and help ensure the business you’ve worked so hard to build withstands the test of time.

Disability Income Insurance

Most likely, your company has already taken the appropriate steps to protect the business in the event of the death of an owner or partner. But have you protected the business in the event of a more common scenario—an owner’s or partner’s long-term disability? If you or your business partner were to become ill or injured outside of work in the future, disability income insurance will replace some of the income lost.

Life Insurance

Some business owners may want to consider taking out a life insurance policy for him or herself and/or a key employee. In the event of the unexpected death of a key person, the policy’s death benefit can be used to buy the company time to find a replacement or shift business strategies. In these types of policies, the company is the premium payer and beneficiary.

Long Term Care Insurance

Long term care insurance is a key part of smart business planning and can help protect your business and family if a long term care need should arise. LTC insurance is an economical way to prefund long-term care and protect the income of insured executives from the cost of nursing home care.