Disability insurance for business owners

Disability insurance can help cover day-to-day business expenses as well as protect the people who drive your company’s success.

What is disability insurance?

Disability insurance is designed to help mitigate risk by providing your business with financial support if you or a business partner can no longer carry out your professional duties because of an illness or injury.

Who is it for?

As a business owner, you know there are vitally important employees – such as yourself or members of your management team – whose contributions would be heavily missed if they were unable to work. Losing this involvement and expertise to a disability could have a major impact on both your business’s performance and its bottom line.

Disability insurance can provide you with the necessary resources to help meet your personal and professional obligations.

How does it work?

If you or a fellow owner are unable to work due to an illness or injury and thus are unable to earn an income, you would receive a monthly payment after a pre-determined waiting period has passed.

How does it benefit your business?

Cover overhead expenses
Overhead Expense Plan coverage can help pay expenses associated with running your business while you recover. Overhead protection helps provide money for costs related to employee salaries, rent and utilities.

Ensure a smooth transition
If you are in a partnership with a buy-sell agreement, it’s important to ensure disabilities are covered and ensure a buyout is properly funded. This type of agreement can help reduce potential conflict among existing shareholders or between owners and heirs. Disability buy-sell insurance can provide funds to assist with the purchase of a disabled colleague’s shares or ownership interest as part of a buy-sell agreement.

Attract key people
Anyone who operates a business knows there are certain people critical to the organization’s overall success. Even if your company already provides group disability insurance coverage, individual disability insurance can complement disability coverage for key employees and business partners. Individual disability insurance typically provides more comprehensive coverage and offers more flexibility to better meet their needs. It can help attract and retain top talent.