Three things that keep small business owners up at night

Three things that keep small business owners up at night

Most small businesses have three common issues that can rob the owner of a good night’s sleep:

Planning for ownership transition and the continuation of the business

Planning for continuation of ownership in the event of retirement, disability or death is perhaps the fundamental need of any closely held business, especially one that has more than one owner.  

Solution: When life insurance and disability income (DI) insurance is incorporated into buy-sell planning, it can help provide the funds needed to liquidate ownership shares and allow a co-owner or partner to buy out the other partner.

Protecting the operating team of the business

Every successful business has at least one key employee or contributor who is indispensable. What if that person died unexpectedly?

Solution: Life insurance can be used to protect against the financial costs associated with the loss of a key employee. The key-employee life insurance policy helps provide liquidity to sustain cash flow, keep accounts current and cover the expense of seeking and training a replacement.

Recruiting, retaining and rewarding key employees

It is tough to attract talented employees. The best people have many choices for employment and can command their desired compensation package.

Solution: Life insurance and DI insurance can be used to recruit and retain key employees by:

  • Rewarding key personnel with a tax-advantaged retirement income in the form of a life insurance policy, where the business owner pays the premium in the form of a bonus to the employee.
  • Offering key employees a DI insurance plan at a discount through a multi-life guaranteed standard issue program. Through this program, you can choose to pay for the coverage or offer it as a plan your employees can purchase. The underwriting is much simpler than the standard application, but the policies are all individual.

There’s no better time to start planning for your small business! Talk with a financial professional to help regain control of your sleepless nights. Life + DI discount (applicable to the DI policy only), cannot be combined with other discounts. Minimum life insurance face amounts apply.

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Insurance products issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Guarantees are based upon the claims-paying ability of the issuer. Product, product features and rider availability vary by state. Disability income insurance is not available in CA. Issuers not licensed to conduct business in NY. 

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