What if Wednesday: Why it Helps to Plan Ahead with Business Insurance Part 1-Disability Insurance

disability insuranceWhat if you’ve decided to start your own business but aren’t sure exactly what you need to do to stay protected in the event of a personal crisis? How important is obtaining business disability insurance in your planning? Very! Kemner-Iott Agency is here to tell you why.

Benefits of Disability Insurance

Starting your own business can be an exciting venture. Being your own boss gives you flexibility, control, and the satisfaction that comes from accomplishing success all on your own. However, with self-employment also comes the pressure of having the risk completely on your shoulders. Should something catastrophic happen to you, having business disability insurance in place will save you time, money, and stress. Some other advantages of disability insurance include:

  • Income Protection

If you are forced to close your business for any period of time due to illness or accident, business disability insurance will replace a portion of your income.

  • Asset Protection

Business disability overhead insurance will also provide a means to pay business expenses should you experience an extended illness or injury..

Advantages of Planning Ahead, a Case Study

When Tim Meredith decided to leave his job as a church pastor and open his own IT business, he was excited by the prospect of growing something all his own. He also knew he needed to protect himself and his company, and made the decision to work with an insurance agent to obtain the coverage right for him.

This decision turned out to be incredibly wise when six weeks later, Tim found himself suddenly doubled over in excruciating pain. He initially thought he had a kidney stone, but tests revealed he in fact had an iliac aneurism, which caused him to also suffer two strokes. Doctors told Tim’s wife that he had only a five percent chance of survival, and although he overcame those odds and is now slowly working his way towards recovery, he did spend three weeks in a coma, and several weeks after that in a rehabilitation center.

Fortunately for Tim and his family, the disability insurance they acquired before opening the company’s doors protected them from the financial disaster that could have come with his medical emergency. His well-planned coverage saved the family’s finances and the business, which will be ready to go back to full operations once Tim has fully recovered.

Although Tim’s situation is unique and his medical condition is rare, his foresight saved his family’s finances and his business. If you are planning your own business venture, be sure to follow his lead and protect yourself with business disability insurance!

Contact Us

Before you open your own business, contact us to discuss your business insurance needs.  Kemner-Iott Agency is here to help you with all of your questions and we will assist you through each step of putting protection for you and your company in place. Call or Contact Us today to schedule an appointment or receive a free quote!

Our toll free phone numbers are: Adrian, MI (800) 642-5875(800) 642-5875Ann Arbor, MI (800) 228-7855(800) 228-7855, and Cassopolis, MI (800) 228-7855(800) 228-7855.  We look forward to serving you!

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