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Keeping the Doors to your Small Business Open!

If you are a small business owner, you wear many hats. You are the manager, accountant, IT department, and janitor. You are also most likely in charge of revenue generation. The revenue you generate is the fuel on which your business runs. It pays the lease or mortgage. It pays to keep the lights on and food on your employees’ tables. The revenue you generate pays for everything. What happens if the revenue stops? What happens if you get too sick or hurt to run your business? It dies.

Business owners don't look for this coverage - they need to be educated on how it works - that's where you need to be proactive as their personal insurance agent or financial advisor!

Customers move on. Competitors rush in. Everything you have spent your career building fades away. What do you do now? What if you could promote a key employee to run your business while you are focusing on getting healthy again?

For many business owners, there are only three options.

What if you could promote a key employee to run your business while you are focusing on getting healthy again?

One. Close the business. Despite laying off all of your employees and shutting down the business, you still may not be free of your financial obligations. What about the lease or mortgage? Many times you personally guarantee these payments. Where will the money come from to cover this ongoing expense?

Two. Hang on as long as you can. Maybe you will recover. Try as hard as you might, it won’t be long until you have exhausted all of your personal savings and put your own family at financial risk trying to hang on to a dream that may be lost.

Three. Sell the business. It sounds easy enough. But, what kind of offers are you going to get once potential buyers learn that you are struggling to keep the doors open due to your disability? You will end up liquidating your business for pennies on the dollar.

None of these options are appealing or acceptable to the entrepreneur who stepped out to blaze their own path. However, there is good news. You don’t have to watch your business die. You don’t have to choose option one, two, or three. You can choose option four, business overhead expense insurance.

If you know these products are right for your client and they aren't taking action - we can help!

Business overhead expense insurance (BOE) is a special disability insurance policy designed to cover the fixed expenses of a business. It can keep the lights on and your employees paid. BOE insurance buys you time.

It buys you time to recover from your disability. It avoids you having to tap into personal savings and using personal disability insurance benefits to cover business obligations. Business overhead expense insurance gives you the ability to negotiate a fair price for your business if you are not going make it back to work. By having the funds to keep your business viable, you can avoid liquidation. As a bonus - unlike other personal coverages - BOE Coverage is TAX-DEDUCTIBLE

Here is an accounting test for you. Sit down and create a balance sheet. Place your revenue on one side of the ledger and your expenses on the other. What is your net income? Now do it again.

Only this time, remove all of the revenue you generate for your business. Has your net gone from green to red If it has, that's a sign you might need to talk to an insurance professional about business overhead expense insurance.

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