Business owners have put in long hours to become successful. Many owners have either succession plans or ideas about selling the business at the time of their retirement. The business itself represents a valuable asset to the owner. The problem with most business DI plans is that the coverage amount may not be adequate to sufficiently address the need.
Businesses can take years to build and a matter of weeks to be destroyed by a disability. A disability that strikes either the owner, business partner or one or more employees who are critical to the operation of the business will have a major impact. While a personal disability policy will help the owner or employee to pay bills at home, the business is still left vulnerable. Business DI is really about making sure the business has enough cash flow to keep the business running until new arrangements can be made or to pay off the equity of a disabled partner.
Orion can arm you with a variety of specialized business disability products. There are several types and uses for business disability insurance plans.
Ask you client the following: