If you’re like most small business owners, your personal life and business life are practically inseparable. That’s why it’s important for your personal insurance planning to take into account the unique consideration of owning and operating a small business.
Unfortunately, insurance for small business owners often neglected by most advisers, for simple reasons:
- Majority of insurance products are designed for working professionals who are employees as this has the widest market.
- Majority of insurance advisers are not trained to plan insurance for small business owners and thus lack of necessary knowledge and experience.
- Business owners are generally perceived as “high net worth individuals”. Insurance advisers tend to focus on “big premium” products and overlooked the fundamental needs of the clients.
As a result, you might be paying huge insurance premiums every month, but the following three types of insurance for small business owners may be missing from your insurance portfolio:
- Disability income insurance
- Directors and officers’ liability insurance
- Appropriate health insurance