A Helping Hand When You Need It Most¶
You and your top people help drive your business’s revenue. Now, imagine you or a member of your leadership team lost their ability to work — what would you do?
Protect yourself, your executives, your key employees and the future of your business with individual disability insurance and key person disability insurance. We can show you how.
Request a ConsultationProtection for Yourself and Your Key Employees¶
A disability can be the result of an accident or an injury, but not all disabilities are visible to the naked eye. Chronic pain or a mental health issue can also interfere with your ability to work.
Being sick costs money, especially when you have a business to run. Key person disability insurance coverage will provide extra support when your team needs it most, and will even help you recruit and retain top-level talent.
How Disability Insurance Protects Your Business¶
Your business has to meet its financial obligations whether owners or executives are healthy or not. Business overhead protection can help you pay for expenses like rent, utilities and salaries, so your business can continue to operate even without you there.
Partnering Up¶
If your business has multiple owners and one of them becomes disabled, it can be difficult to keep your business running smoothly.
Disability insurance (specifically, a key person buy out) can provide funds to help facilitate purchasing the disabled partner’s shares for a buy-sell agreement. A well drafted buy-sell agreement can reduce conflict between owners and heirs, helping the business get back to normal.
Individual Disability Insurance for Executives and Professionals¶
Individual disability insurance policies continue where government compensation and group disability policies leave off. They provide an additional tax-free monthly income so that you or your disabled team member earns an amount closer to their take-home pay.
This not only means that you don’t have to worry about covering personal expenses, but that you can do so without having to dip into retirement savings or other investments.
Attract Talent with Disability Insurance¶
Every business has its top performers — for a business owner like you, they may be your most valuable asset. In today’s competitive marketplace, a large paycheque might not be enough to recruit and keep top talent.
If you already offer group disability insurance, providing individual disability insurance can provide your employees and their families with better coverage — giving them another reason to work for you. This is referred to as a “wage loss replacement program” and is often coordinated with employee benefits for executive remuneration.