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What insurance protections are available for small business owners?

UPDATED: August 5, 2012

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The insurance industry has designed special policies to deal with these setbacks associated with small businesses or self-employed individuals. The most popular types of business insurance protection policies include the following options—which may be built into some polices, available as an option with others:

Disability buy-out: if the business is co-owned, both owners active, this option funds a buy-sell agreement in the event of disability by a co-owner.

Business overhead expense (BUE): pays the fixed business bills (rent, taxes, utilities, malpractice insurance, staff salaries, etc.) in the event of your disability.

Key person insurance coverage: reimbursement for the financial loss of a key employee due to sickness or accident.

Recovery benefits: supplements your income after returning to work full time for the percentage of income lost during the period you are reestablishing a customer base.

Not all packages are alike; different insurance companies hawk different premiums for coverage. It is recommended to check with an attorney, experienced in insurance matters, the different contract features and options to protect your livelihood while you’re out on disability.

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