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Things that you should consider Should you die prematurely, do you have enough life insurance to protect your family If you have a small service business, your small business is worth Zero when you die. For example, the spouse of a deceased doctor or lawyer can only sell the tools of the trade, not the clients the true bread and butter of any small service business . Get a crystal ball and see into the future to know when you are going to die then you could sell your small business before you kick the bucket. Otherwise, all small service business owners should protect their families with a minimum coverage of 7X gross income. Do you have a small business that your are setting up to have a family member run after you pass away Well, be sure that they are capable, willing and licensed to do so. Do you have disability insurance, in case you're incapable of running your enterprise because of illness or injury Disability insurance will generally pay about 60 of your income for a stated period of time. Depending on whether you claimed the premium as a business expense or not, your benefits might be non-taxable. Even more important is your answer to this question: Do you have business overhead insurance while your out of commission, who will cover the costs of running your small business like utilities, insurance and salaries? Your small business overhead expenses will not be covered by your disability insurance unless you include it as an add on. Do you have business partners If so, do you have a Buy and Sell Agreement This will protect your interest in the business, should your partner suddenly die. Heres a great example of this: your partner dies and his wife wants to claim her share of the business. Is it in you best interest to have your deceased partner's family involved in the business They may not know anything about how to run the business and cause huge headaches. Wouldn't you simply rather buy out your partner's share of the company Well, with this additional insurance, you wouldn't have to worry about your partners family interfering with your small business. Do you have disability buy out coverage, What would you do if a partner becomes severely disabled How would you feel if you had to keep on paying your partner for years to come when they cannot do any work because of their disability You wouldn't have to worry about this situation if you have this type of insurance because your partner would be forced, based upon a previously signed and equitable agreement, to sell his portion of the company to you. Of course, its entirely possible that none of these problems may ever come up but its your small business after all. Now, all you have to do is speak to a professional to determine what varieties of insurance coverage you require to protect your small business.
Article Source: http://kawarthapublishing.com
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