Businesses have different needs and uses for insurance.  There are several different issues for business, let's take a look at some of your concerns.

If you are a sole proprietor, you have one major asset that needs to be protected.  YOU!  If you become disabled, who pays the bills?  You most likely will have business interruption insurance, but that only covers in the event of a specific set of circumstances and usually will not cover your disability.  I have business expense disability insurance that will specifically cover your business expenses such as lights, rent, etc. that are impacted if you cannot work.  Go to www.DIAwareness.com for disability insurance information.

You should also have a personal disability policy that will cover you for your own occupation, up to 60% of your salary.  This coverage will pay you in addition to any social security disability or worker's compensation.  Usually this type of policy is a bridge to cover you until your disability coverage from them becomes effective.  Disability is competitively priced and very affordable.

If you have partners in your business, have you considered what will happen if one of them dies or becomes disabled?  There should be life insurance to fund a Buy-Sell agreement in that event. All the partners should be covered to protect the life of the business.  If you don't have a Buy-Sell agreement, contact me for more information on how to create one.

Additionally, your business should have key man insurance.  This type of life insurance covers the business for monetary loss of a key employee.  If your best salesperson died, or your partner, it would have an immediate impact upon your business probably for months.  Key man insurance is designed to bridge that kind of loss to a business and possibly prevent it from being sold prematurely or failing due to the loss.

Needless to say, if you are the breadwinner for your family, then adequate life insurance is key to providing for them.  A separate life insurance policy should be maintained for them, outside of the company policies.  There are circumstances where the company may be able to assist with premiums on this type of coverage, possibly as a deferred compensation agreement.  However, benefits from such a policy can be problematic from a tax point of view.  Consult with a tax advisor before putting such a plan in place.  I can help with this information, contact me.

Lastly, insurance can provide a unique retirement planning strategy.  Annuities are presently exempt from creditor claims under Florida Law, unlike other types of retirement savings, (like 401(k)s and IRAs).  Take a look at how their presence in your retirement plans can secure your future.  Contact me for details.

561-212-8479