market snapshot
With more than 30 million small businesses in the United States, the business owner market represents a massive disability insurance marketing opportunity.
Business owners lack many of the protections that traditional employees receive from their employers. Thankfully, a range of disability insurance products are designed to cater to the unique needs and risks of business owners.
opportunity overview
Many new business owners may not have considered the need for disability insurance – you can be the one to open their eyes and provide essential income protection through an individual disability insurance policy.
Business expenses don’t stop when disability forces the owner to stop working. Business Overhead Expense DI coverage provides reimbursement for certain ongoing business expenses while the owner is unable to work due to a disability. This way, the owner knows that things like rent and employee salaries will be covered, and the business can remain financially healthy in the owner’s absence. If the business owner has significant loans – as many business owners do – Bank Loan DI coverage will cover the payments during a long-term disability.
Many business owners have partners or employees upon whom they rely. If one partner suffers a long-term disability, Disability Buy-Sell helps the other partner or partners buy them out. Key Person DI coverage provides payment to the business owner should disability prevent an essential employee from working. This helps the business recover from the financial loss that can result from the absence of a key worker as well as the cost of recruiting new talent.
At the same time, you can offer disability insurance to their employees. High-growth startups are especially attractive target for brokers. Both the owners and their employees are often in need of a benefits package that includes disability insurance.
There are many discounts available for financially stable business owners – and many of them can be stacked. These discounts include business owner discounts and upgrades, as well as earned income enhancers to compensate for income replacement values based on net rather than gross income. Business owners can also save money with multiple product discounts and, if they have at least three employees, multi-life DI policy discounts. These discounts add up to significant savings for your clients – and significant sales opportunities for you!
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