One of the most amazing aspects of my job is the conversations I have with business owners here in Michigan. With that, I find out a lot about choices of insurance and what is considered necessary.
By far, people just do not have enough disability insurance on themselves. Think about it, what would happen if you were in an accident or became ill and was disabled? How would you pay your bills? Now, some of us are lucky and have disability insurance at our employment. Is that enough? Well that could be a whole other question down the road.
For the self-employed business owner, disability insurance should be a must. You work hard to develop a successful business, and again what would happen if you became ill, or would suffer a terrible accident? You must be able to survive. You must be able to pay your bills.
Above we talk about individual disability insurance. What about a policy to protect your business that you started? Business Overhead Expense insurance is also available. I know a lot of business owners have told me they worry about salaries, rent, utilities, taxes, etc if they became disabled. That is what the Business Overhead Expense (BOE) disability covers. Again, a policy that is a must for any business owner.
Please note, consult with a tax attorney on the possibility of BOE policy being tax-deductible for a business Owner.
Request more information at RPalmer@PalmerQuotes.com
