Findings from Principal’s recent Business Owner check-in provided some insight into small and mid-size business owners’ priorities and sales opportunities they can offer brokers.
The Key Finding
Business protection is their #1 priority. Business Overhead and key person insurance are effective ways to protect against an unexpected disability that could disrupt business operations.
If someone at a large company can’t work due to a disability, the company will likely be fine. When a business owner or key employee at a small business can’t work due to disability, the business may struggle to survive.
Your client has a built a successful business with hard work and dedication. Make sure that success continues by planning for all possibilities—even an illness or injury that keeps your client, a partner, or employee from working.
Try starting the conversation this way: “Let’s take a look at your business needs, and how disability insurance can help make sure you and your business are protected.”
A Guide to Lead the Conversation
Principal’s Comprehensive Planning Guide will help you collect relevant information from your client, such as the business entity type, nature of the business, employees and their roles, and other outside professionals involved with the business.
Once you have gathered the general information, the guide focuses on four main needs of small business planning:
- Income Protection
- Retirement Savings
- Business Protection
- Exit Planning
Small business owners work hard to keep their businesses running. As a result, they’re able to generate a living for themselves, provide a source of employment for others, and become an integral part of their local communities. Unfortunately, a disability can undo all of this hard work. Without appropriate insurance coverage, some businesses may not survive a period of disability.
If you haven’t talked to your small business owner clients about disability income, it’s likely no one has. Yet, who else needs to protect their ability to earn an income and the vitality of their businesses more than business owners?
Furthermore, one small business client can provide multiple sales opportunities for you.
Ready to get started or learn more about disability products for small business owners? Contact Steve Crowe at ext. 222 for more information and your Comprhensive Planning Guide for small business owners to begin the process.
