| You’ve prepared your business plan, your marketing
plan and purchased business liability insurance, good you’ve
done your homework and are probably running a successful business.
However have you protected your business’s most valuable asset:
you the business owner? You provide the vision, drive and knowledge
that makes your business what it is.
How successful would your business be should you become ill or
injured and unable to work? Would you have a business to go back
to when you recover? Income protection coverage or “living
benefits” (because they can pay out while the policy holder
is still alive) can help preserve what you have worked so hard to
build. Living benefits come in several forms that can help the business
owner:
Disability Insurance
Disability Insurance coverage provides you with an income should
you be unable to work as result of an illness or injury. The amount
of coverage you can apply for is determined by your income. The
cost is determined by your age, job type, health status and the
features you select:
- Waiting period: how long can you be off of work before you
would need an income? You can select a waiting period between
30 and 720 days.
- How long will you need the income? 5 years 10 years or to age
65?
- Definition: do you wish to be covered if you cannot perform
the duties of your current job or only if you cannot do any job
that you may be qualified for based on your education and experience?
Business Overhead Insurance
Business overhead insurance is similar to Disability Insurance
but is designed to cover the cost or running your business while
you recover. This type of insurance can pay for rent, office expenses
and salaries for up to 2 years.
Disability Buy Sell Insurance
If your business has more than one owner a Disability Buy Sell
policy can be designed to buy out the shares of a disabled partner.
Critical Illness Insurance
Critical Illness Insurance pays a cash lump sum should you be diagnosed
with any one of 25 life threatening illnesses and survive 30 days.
You can use the cash to hire someone to run your company, take a
trip or pay for private medical care to speed up treatment.
When you are planning for your business’s future, remember
to protect its most valuable asset, you the business owner.
Dave Maynard B.Sc.,CIM,CFP
Goodison Insurance and Financial Services Limited
36 Queen Street East Suite 200
Brampton, ON L6V1A2
Telephone (905) 451-1236 extension 219
Fax (905) 451-5316
Mobile (416) 618-7025
http://www.goodison.com/
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