Small businesses or one-person companies do not have the privilege and resources that many big companies possess. You are the sole proprietor and a single shareholder in your company.
If you analyze your business from a marketplace perspective or physical outlook, it may seem smaller without employees and investors, but you still have an advantage over other companies. Your business is lean and agile that allows you to execute strategies in an accelerated time frame.
You could deliver fast and communicate clearly to stand out. Thus your results and profits may be exponentially greater. There are over 1.1 Million small businesses in Canada – this sector is booming rapidly!
Small and midsized businesses have multiple opportunities that, when fully tapped, could help you attain your business goals. You can discard many technical formalities and long processes of a large corporation – that will provide access to unseen opportunities and save you some additional hours a day to focus on the more important things.
You will be enticed to abandon many expenses to secure more profit, but Life Insurance, however, should not be overlooked under any circumstance. Regardless of the size, even if you are the only person running the entire business, income protection is always a great idea.
There is no guarantee what unforeseen situations will arise in the future. We do not control that, but we could prepare ourselves to protect the assets and people we cherish. Your company may be successful now, but what will happen when you are not available? In the event of your death (the owner), what will your company or business value? You may be procuring a comfortable lifestyle because of your business but without you, what is your company worth?
It is extremely critical to think about your company’s actual realizable value because it directly correlates to how your family or the people who depend on you will be supported if you are no longer in the picture. If death is a little extreme to think about, there is another important aspect to consider; it’s called disability coverage, which again may not be something that your business may provide you with. The coverage may be nominal.
Disability insurance coverage provides risk coverage for the lost income due to the inability to work in any permanent or temporary disability. You will be covered when you are unable to run your business in case any injury or tragedy occurs. You are more at risk from the point of financial consequences if a disability or anything else happens to you. Again ask yourself, “Would my business generate any revenue if I were disabled and could not work?” If the answer doesn’t make you feel good, then do something about it.
If you are a small business owner, you should invest your time and money and perceive proper guidance. Take the time to have a conversation with your life insurance advisor to explore your options about protecting yourself from the risks. Even if you are an independent business owner, your family is still not. They are still dependent on you to provide for them. They depend on you for support, and it is important to take protective measures and necessary steps to ensure that this support continues no matter what the future may bring.
Choosing appropriate life insurance that suits your business and protect your family is a decision you shouldn’t take leniently. A simple step today could lead to a hassle-free future for you and the people around you.