As a small business, IFN believes business continuation planning is key to durability. As a business owner you worry about serious threats to your existence, such as liability risks, market and environmental factors and your competition. The biggest threat to your business is you not being there to run it.
There are reasons why you don’t take 6 month vacations. You may have the luxury of spending a few weeks away at a time, but consider the longevity of your business if you suffered a long-term disability. Consider the following risk management tools to help sustain the business you can’t afford to lose.
- Individual Disability Income Insurance: Replaces a portion of your personal income. If your company provides Group Long Term Disability insurance, you may only need to supplement the coverage gap.
- Business Overhead Expense Insurance: Replaces lost revenue by reimbursing normal and customary business expenses. These expenses include, but are not limited to; Payroll, Rent, Utilities, and Equipment. If there you have business partners, only the respective share of ownership expenses will be covered.
- Disability Buy-Sell Insurance: Helps fund the transfer of a disabled owner’s business interest. If you have business partners, make sure your buy-sell agreement is current and contains an exit strategy for both a disability and premature death of an owner.
- Key Person Disability Insurance: Replaces lost revenue upon the disability of a key employee. This “key person” is defined as someone who is essential to the success of your business such as a top sales person or certain executives.
As a business owner, you carry an immense amount of weight on your shoulders. Regardless of what keeps you up at night, know that your business continuation plan doesn’t have to be on the list. Let us help you address these concerns so you can continue to focus on what you know best, your business.