DI for business owners

Disability income insurance for business owners

As a business owner, your financial obligations extend beyond your household expenses and they’re just as vulnerable if you’re sidelined from work. You don’t want to be in a position to have to use your personal disability income insurance (DI) benefits to keep your business doors open.

In the wake of a disability, our business DI products can help business owners cover their overhead expenses and even allow a company to continue operating if one of the owners can no longer work.

What is disability income insurance?

DI provides you with replacement income in the event you are unable to work due to an illness or injury that’s covered by your policy.

 

As a self-employed professional or owner of a small business, the threat of disability may present you with financial problems on two fronts. How would you help replace your income for both personal and business expenses?
Business Overhead Expense (BOE) coverage is designed to help reimburse owners of small businesses (e.g., sole proprietorship, partnerships, closely held corporations) – not operated from the home – for normal and customary expenses necessary to maintain the business upon disability of an owner(s).
Buy-sell planning can help you prepare for the continuation of your business and help ensure your family’s financial security.
The objective of Disability Buy-Sell insurance is to provide money to assist in the purchase of a disabled owner's interest in a business in the event of a long-term disability.
Many firms have protection in case of an owner's death, but overlook the financial devastation that can occur as a result of disability.
Flexible funding methods are available using lump-sum and/or monthly installment payments, which help to provide the funds to effect an orderly transfer of ownership.

DI insurance for business owners can help you:

Avoid dipping into your personal income twice

Our business products are geared toward helping protect your business income so you can avoid using your personal DI benefits

Keep the lights on

Business overhead expense (BOE) insurance helps you replace your business income and keep the doors open

Plan for business continuation

Disability buy-sell can help you prepare for the continuation of your business by providing money to help purchase a disabled owner’s interest in a business

Resources

How much do I need? CALCULATOR

Ways to protect your business if you become disabled

Three things that keep business owners up at night

Exit questions for business owners

Illness and injury happen to planners too, will you be prepared?

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

Disability income insurance policies contain exclusions, limitations, reduction of benefits and terms under which the policy may be continued in force or discontinued. For complete details of coverage, contact your financial professional or the company.

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