Disability

For many business owners, essential business operations would be at risk if they or any of their key employees suffered an unexpected injury or illness and couldn’t return to work for an extended period of time.

Business Overhead Expense, also known as BOE, is a disability income insurance that can help cover the expenses needed to keep your business running.  It’s important to remember that BOE only covers fixed business expenses but does not cover the business owner’s salary. For this, individual disability insurance must be purchased separately.

If you’re concerned about the risks your business might face if you experience an unexpected injury or illness, BOE insurance might be the solution you’re looking for.

Buy-Sell disability insurance agreements can help a business with multiple owners effectively transfer a disabled business partners ownership to the other owners in exchange for an agreed valuation paid to the disabled partner.

Stop and think. Do you want to take on the extra work in the event your partner becomes disabled and can’t pull his or her weight? If your answer is no, a Buy-Sell disability insurance agreement might be a great solution to consider.

Key Person disability insurance can also provide coverage for the loss of a key employee due to a temporary or permanent disability. Think about how this may affect daily business operations and profits, let alone the costs involved to replace and train a new or temporary employee.

With Key Person disability insurance, if a vital employee becomes disabled, the business will receive disability income checks for the purpose of covering the financial loss and expenses needed to hire a new or temporary employee.

If you have any doubt that you might find it difficult for your business to continue operating smoothly in the event one of your key employees become disabled, Key Person disability insurance might be a fit for your business.

To see if any of these strategies are a fit, we will need to know detailed information related to your business. Give us a call or use our contact form below to schedule a confidential consultation.