How disability Insurance Can Help Protect Your Business With an Overhead Expense Plan
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August 24, 2023
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As a business owner, you’ve worked hard to make your business a growing success. That’s why protecting it from unexpected events is so important. You, your family, and your employees may all depend on the income fromyour business to help support their livelihoods, so what happens if you become disabled and couldn’t work to generate revenue for the company? How would you keep hard earned revenue and savings from rapidly depleting within the business before you return to work? It could jeopardize everything you’ve created. It’s why you need a plan in case a disability ever does strike.
If you have monthly business expenses, it may be worth considering a disability insurance overhead expense plan. Essentially a benefit paid into the business to cover eligible expenses while you are disabled and unable to participate in business responsibilities and activities.
Here’s how this plan can help:
- It allows you to focus on a proper recovery, instead of rushing back to work before you are ready.
- Helps keep valued staff on the payroll.
- Pays for ongoing eligible expenses and helps avoid financial downfall to the business.
- Keep your business on track so that when you do recover you can pick up right where you left off.
What are eligible business expenses that this plan could cover?
- It allows you to focus on a proper recovery, instead of rushing back to work before you are ready.
- Helps keep valued staff on the payroll.
- Pays for ongoing eligible expenses and helps avoid financial downfall to the business.
- Keep your business on track so that when you do recover you can pick up right where you left off.
While your industry, occupation and the amount of eligible business expenses will determine how much coverage you can get, no one ever expects to be disabled. As a business owner you have additional risks to most individuals. So, if you haven’t already talk to Statera Financial Planners about how to protect your business and your financial future.
As financial planners, we do not provide specific tax and legal advice. You should always consult your accountant and/or lawyer where necessary. Because of the many ways a strategy may be impacted when segmented, we prefer to communicate collectively with your external professionals to ensure that all recommendations and action plans are in the overall best interest of you, with your professionals working with common goals in mind.
You are never obligated to act on our recommendations of products, services, or advice.