Disability Insurance for Business Owners
What is the best disability insurance for business owners?
Business owners have multiple disability insurance needs: personal income replacement, business overhead expense (BOE) insurance to cover business expenses, and buy-sell agreement disability insurance to fund a buyout if a partner becomes disabled.
Key Points
- Personal income replacement: 60-70% of income
- Business overhead expense (BOE) insurance: covers business expenses if disabled
- Buy-sell agreement disability insurance: funds buyout if partner becomes disabled
- An independent agent can help you address all business owner disability insurance needs
- Own-occupation definition: most important for business owners