Business Owners

Why is life insurance is so important for business owners?

Many of the responsibilities of owning your own business—promoting your service or product, managing cash flow, hiring and managing employees, etc.—require constant attention. Other things, like financial planning and life insurance, may not need your constant attention but are still critical to your long-term success.

However busy you are with your day-to-day operations, you always need to keep your business secure. Without proper business protection, misfortunes like the death of a key employee, a lawsuit, or a natural disaster could spell the end of your thriving business.

Everyone should prepare for the possibility of an untimely death. But as a business owner, you need to consider the financial impact of your death not only on your family but also on your business—and, by extension, the people who depend on your business for their livelihood. That’s why life insurance is an absolute necessity for business owners.

40 percent of small business owners have no insurance at all

According to the Insurance Information Institute, about 40 percent of small business owners have no insurance at all because they claim they are cash constrained.

Ask yourself:

-How would your company operations be affected by the loss of a founder or key employee?
-Would your business be able to continue in your absence?
-Would surviving partners and your family members be able to work in unison?
-Would the business need to be sold and if so, how much would a sale realistically be able to command?

PJL Financial can help you protect your business and control insurance costs. Click here to request your complimentary business insurance checkup. Your customized report can help you:

  1. Determine the kinds of insurance your business needs.
  2. Learn ways to keep your insurance costs under control.
  3. Protect your business and personal assets for the long-term.

Not having insurance, or not having the right kind of coverage, can put your business at risk. Click here to request your complimentary business insurance checkup now.