What 9 out of 10 Small Business Owners Don t Know About Small Business Insurance!

What variety of insurance do you need? Well, that depends on various factors. First is the size of your small business and how it is organized. Is one person sole proprietorship or 50 - employee corporation. Next, you should take into account how you pay for themselves and their employees. Want to pay salaries? Commissions? Then you must think about your small business " place, the impact of your responsibility or the right costumes and whether your small business selling goods or services.
Things think about:
Should you die prematurely, do you have enough life insurance to protect your Family? This is extremely important because of its small businesses will most likely not worth anything, when you die. For example, the spouse of a deceased doctor or lawyer can only sell the tools of trade, rather than customers (rightly bread and butter of any services to small businesses). If you can predict when you die, you could sell it prematurely. But it is not very likely, so you and every small service companies should make sure that you protect your family, at least seven times your gross income. So, if you make $ 100000 a year, you should have at the $ 700000 in insurance.
But say that at the time of your death, you want a family member take control of your small business. Well, there are two questions that you should ask yourself. One of them, they are able to assume, and two, they have a license?
Do you have disability insurance if you are not able to run the company because of illness or injury? Insurance disability, will pay about 60% of your income for a specified period of time. Retirement may be taxable or not taxable (depending on whether or not you deduct the premium as a business expense.)
Even more important is your answer to this question: Do you have " overhead insurance business & quot ;? If you have a commission which will cover the cost of running your small business, such as utilities, insurance and salaries? If this is not an add-on, your small business overheads will not be covered by your disability insurance.
Do you have business partners? If so, do you have " buy and sell agreement & quot;? If your partner dies, you will defend your interests in business. Here is a good example: your partner& 39;s wife wants to claim its share of business after your partner dies. Do you really want your partner deceased relatives to assume its share of the business? This type of coverage will allow you to buy your deceased partner& 39;s share of business, avoiding any conflicts or external interference parties.
Do you have a disability " ransom coverage & quot;? If your partner was to be severly disabled, you will be presented with a number of problems without this particular type of insurance. Do you think if you need to keep on paying your partner for many years when they can not do any work because of their disability? Well, if you have a disability " ransom coverage & quot;, you would never have to wory about this situation because after a period of time, your partner disabled will be forced to sell its share of business you.
Of course, it is perhaps That none of these problems can come at any time, but it& 39;s your small business after all. Now, all you need to do is turn to a professional to determine what types of insurance you need to protect your small business. Edward Green Bank Brancheau created to advise small businesses about subjects as small business affordable health insurance and to assist persons to build their wealth through mortgage.



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