Whether you call yourself a small business owner, an independent contractor or a freelancer, you enjoy independence that many employees envy. But when it comes to responsibilities like securing insurance, you might be jealous of your regularly employed friends.
Do you know which types of insurance you need to protect yourself, your family and your business? What about where to find them, how much coverage you need or what price is reasonable? Keep reading for the answers.
Health Insurance
Your ability to work is your most valuable asset. A good health insurance policy has premiums, deductibles and cost sharing that encourage you to get screenings when you’re healthy and treatment when you’re not.
Disability insurance
Illness is the most common cause of long-term disabilities that keep people from working, but accidents are a big risk, too. A disability policy can help you cover business, living and medical expenses far more effectively than government programs.
Life Insurance
Life insurance doesn’t just cover funeral costs. A good life insurance policy can also:
- Cover your family’s living expenses.
- Pay off business and personal debts.
- Keep your business running.
It’s rarely a bad idea to buy as much coverage as you can afford as early as you can. Premiums increase with age.
Additional Policies to Consider
- Key Person Life Insurance: This coverage pays your business a death benefit if a crucial team member passes away. The money can help recruit and train a replacement.
- Buy-Sell Agreements: These provide life insurance benefits for your business to buy your ownership stake from your heirs. They’ll enjoy the financial value you’ve built up but won’t have to run your business or find a buyer.
You’re already busy, and insurance shopping can be overwhelming. We’ll do the heavy lifting for you — at no additional cost. Let’s discuss your circumstances and how we can help.