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Business Owner Risks

Certainly there are a number of risks that put the future of your business and your retirement in jeopardy.  It is important to recognize and protect yourself and your business from these risks.


While not every possible emergency can be anticipated or planned for, there are some common ones that have proven to have devastating effects in the past.

Health insurance is an absolute must not only to provide you with quality care in the event of a medical emergency, but to prevent all kinds of financial issues with your business.  A devastating medical expense such as cancer treatment, major surgery, etc. could mean the end of your business unless you have insurance to cover these expenses.

Having the proper Business Insurance plan is also critical to the long term viability of your business.  Things happen outside your control and in the blink of an eye an accident or casualty event could put you out of business.  Click here to be taken to our property & casualty website.


If you got hurt or sick and couldn't work, how would your business be impacted?  What about your personal income?  Most likely both would be in trouble.

Since you are the driver of your business, it's unlikely that it could function as well without you for very long.  There are three types of protection available to mitigate this risk:

Business Overhead Expense (BOE)

A BOE policy is a must-have for professional firms and businesses that rely on a few revenue producers. It covers the ongoing operating expenses of an insured’s business if they become unable to work due to an injury or illness, and protects against the use of personal assets to pay for business expenses. A BOE policy is typically short-term, from 12 to 24 months, paying a monthly benefit to keep the business running until the insured recovers.

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Disability Income (DI)

Disability Income protection will protect a portion of the income that you take from the business for your personal lifestyle.  This income would enable you to maintain your lifestyle, ensure your future, secure your children's success, safeguard your spouse and preserve your confidence.  While the BOE protects the business, personal DI protects you.

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Disability Buy/Sell

The objective of Disability Buy-Sell insurance is to provide money to assist in the purchase of a disabled owner's interest in a business in the event of a long-term disability. Many companies have protection in case of an owner's death, but overlook the financial devastation that can occur as a result of disability. Flexible funding methods are available using lump-sum and/or monthly installment payments, which help to provide the funds to effect an orderly transfer of ownership.

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In addition to having the proper business insurance program mentioned above, it is highly advisable to have the correct amount of coverage as well.  Most commercial insurance policies are limited in how much coverage they will provide.  A Commercial Umbrella policy will provide additional liability coverage on top of the existing policies (Commercial Liability, Commercial Auto, etc.) in increments of $1,000,000.  Of course there is no way to know for sure how much you could be sued for, but a good insurance agent can help you determine at reasonable level of coverage.


It is much easier for crooks to commit fraud against an unsuspecting business owner today due to our connected world.  Cyber fraud is the leading threat to any business, large or small, that is connected to the internet.

Business owners should take care that their hardware networks are up to date and guarded with the latest software technology to fend off all types of hackers.

In addition to hardware and software protection, it is recommended that businesses carry a comprehensive Cyber Insurance policy to cover all the just-in-case scenarios.  Between the cost of identity restoration, cyber extortion, income loss, reputation management, digital restoration and even civil penalties, a cyber event can easily put a small business out of business without the proper protection.

Insuring Your Business Against Cyber Liability

Insuring Your Business Against Cyber Liability

90% of small businesses in the U.S. don't protect their data from cyber attacks. Is your business at risk?


One of the most tragic ends to a business can come with the death of the business owner.  Although the owner's death is tragic in and of itself, there doesn't have to be a tragic end for the business as well.  With a little planning, an orderly transition for the business and the owner's family can be accomplished.

There are two planning tools that can help smooth the transition at the death of the business owner:

  1. A well-executed succession plan put in place with a suitable successor.
  2. Non-Qualified Plans such as an Executive Bonus or SERP can help provide additional tax-free money to the business and/or the owner's family.
Insuring Your Business With a Buy/Sell Agreement

Insuring Your Business With a Buy/Sell Agreement

It may help your business be better prepared in the event of the death of a principal or key employee.
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Non-Qualified Plans

Non-Qualified Plans

These plans are typically funded with specially-designed permanent life insurance with the objective of providing tax-advantaged retirement income for the owner or employee.  However, in the event of a premature death, the policy will pay the death benefit on an income tax-free basis.

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