When you enter a business partnership you also need to think about what would happen in the event that you or your partner were to become disabled and unable to return to work for 6 months or even 2 years? You need to think about what would happen if one of you were to become permanently disabled? Would you be able to handle the business on your own? How would your partner feel about not being able to contribute to operating the business? This can create tension, stress and uncertainty between business partners. Not to mention the added financial stress of owning a business. This is why it is important to consider Buy-Sell Disability Insurance before disaster strikes.
Who is Disability Buy-Sell For?
All business owners are able to take advantage of Disability Buy-Sell especially if you are interested in protecting your business relationship. This policy will allow the business to continue to function while one of the partners are disabled. Small businesses or companies with several partners will see the most benefits as it makes sure that everyone with a vested interest in the business are treated equally. In most cases Disability Buy-Sell is supplemental to your Individual Disability Policy.
What is Disability Buy-Sell?
Disability Buy-Sell Insurance provides the business partners options when one of them becomes disabled. The policy will provide income to the business and working partner while the disabled partner is healing. The policy will provide income for the option of the working partner to buy out the disabled partner if he/she becomes permanently disabled.
Disability Buy-Sell Insurance does not replace income to the business it allows financial options for the business owners to keep the business intact. For more information on how this policy can help your business, please contact our office.