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When it comes to business owners and the impact a disability can have on their business, there are many issues to address. Consider the following hypothetical case.

If you’re a business owner, you’ve most likely worked hard to build and manage a company that provides for you and your family. As a result, the income and wealth derived from your business success has become a significant portion of your estate.

Many business owners who would never think of leaving their buildings and contents uninsured overlook how much it would cost them in lost earnings if operations were down for a period of time due to a natural or man-made disaster.

While you may not be able to predict or prevent the unexpected loss of a top employee, you can receive compensation through key person insurance.

If you’re fortunate enough to own a small business, has your enterprise flourished into something a bit more complex than you ever would have expected?

Unfortunately, you can never know what tomorrow will bring. If you are currently operating without a buy-sell agreement in place, consider putting this at the top of your priority list.

In addition to providing the cash to recruit, hire, and train replacements, key person insurance can help replace lost profits so that the success of your business may continue uninterrupted.

Owners of small businesses have much the same concerns as everyone else, except they are personally responsible for the fortunes of their enterprise.

A business succession plan helps reassure all parties a business will continue to operate and helps prevent problems by coordinating each owner’s estate plan with the business.

Business owners are often so busy with the day to day issues of running and growing their companies that the issue of business succession is often overlooked or left on the “back burner” until it’s too late.