Disability Insurance for your Business
Whether you’re looking to offer your employees a comprehensive benefits package, protect your business from the unexpected, or plan for life after the business, dwinconsulting can help. Through our Business Owner, Workplace, and Institutional Solutions, we’re able to help you get to where you want to go with your business.
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For EmployeesIf you offer group long-term disability benefits, the coverage may only protect about half of an employee’s net monthly income. You can help your employees reduce the coverage gap by making supplemental individual DI insurance policies available to them1. By offering this valuable coverage as a voluntary benefit, your employees can have added protection to help them meet their financial obligations during a disability, at little or no cost to the business.
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Your BusinessAs a business owner, you have expenses to pay and obligations to meet. So if you were to become disabled, the future of your company could be in jeopardy. However, with a business overhead expense (BOE) disability policy in place, the business can continue to operate even while you are unable to work. A BOE policy can help by paying a portion of overhead expenses, such as leases and salaries, in the event of a business owner’s disability. Premiums for a BOE policy are generally tax deductible and the benefits paid, which are subject to taxation, are used to pay for expenses that are commonly tax deductible.
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Your PartnersIf your business has multiple owners, you can use DI to fund a buy-out option if one partner becomes disabled, allowing for an orderly transition of ownership. Additionally, this allows the insurance carrier to serve as an objective third party to determine whether a disability has occurred. If you’re in a partnership that has an existing buy-sell agreement, it’s important that you review the agreement to ensure that disabilities are addressed and funded.
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