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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
September/October 2017
Have you insured your most valuable asset?
What’s your business’s most valuable asset? Your customer list? Your building? Your inventory? Actually, it’s you. As the founder, visionary, and primary driver of your business, you are its most valuable asset. What would happen to your company if you were unable to work due to a disability?
A short-term disability could force you to borrow money to pay the bills until you’re back on the job. Alternatively, you may need to hire a temporary replacement. That can be expensive and may not be feasible, depending on the nature of your business. A long-term disability could threaten the viability of your business.
Paying overhead when you are disabled
Depending on the nature of the disability, you may not be able to work for some time. Unfortunately, rent or mortgage payments, wages and salaries, property taxes and phone and utility bills all need to be paid, irrespective of your health. If you generate, or play a key role in generating, a substantial amount of your business’s income, overhead expense insurance can be a lifeline in these circumstances. It is financial protection that helps pay some basic business expenses should you become disabled. A policy may also cover employee benefit costs, employment taxes, professional dues and more.
Protecting your income
If a disability prevents you from generating income for your business, then the odds are high that it will disrupt your personal finances, too. Disability income insurance — which reimburses a portion of your income (according to policy limitations) — can offer protection should you become disabled.
Just as importantly, disability income insurance can also be used as a succession planning tool. Should you become disabled, a disability income insurance policy can provide all or a portion of the amount necessary for your business partners to buy your interest, according to the terms of a buy-sell agreement.
A financial professional can help you assess your specific needs and secure comprehensive coverage.
FINRA Reference FR2017-0427-0092/E 08/02/17
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