What if Your Top Sales Person Became Disabled from COVID?
This episode featured Dave Toeben, Founder and Owner of Insight Insurance Services. Dave's firm specializes in coverage for business owners, their partners and key personnel. If there's one thing that's caused his phone to ring lately, it's the onslaught of COVID cases creating disability situations for his clients. Some had coverage for it and some did not.
If you own a business (and I'm betting you do) you likely have disability coverage for yourself and your partners. We call that 'funding a Buy Sell Agreement' and its purpose is for the business to buy the stock of the deceased owner from the owner's heirs, should there be a death of an owner. But what about coverage for key people in your organization? What happens when your key sales person comes down with COVID or has to have cancer treatment and won't be able to work for 6 months or more? What will that do to your topline (and bottom line) revenue?
Dave shares some real time client stories and how he was able to help them in this episode. After doing this for over 20 years, he's seen the good, bad and ugly of what happens to businesses who lack the proper coverage for the 'what if's' that can occur in a business life cycle.
Did you know that 40% of all business owners will suffer from some form of disability in their business lifetime? As owners age, the odds increase. You as the owner have a much higher likelihood of becoming disabled during your days of ownership than of dying during that time.
Do you know what type of coverage is necessary to protect you and your key leadership team during the pandemic? Most owners do not, and most don't have the right or enough coverage. It's been said that COVID will be with us for the foreseeable future, so if it's not going away, let's focus on what we can do to safeguard the nest egg we've worked so hard to build.
Learn more about Key Person Disability insurance by listening to the episode here.
You can reach Dave three ways: http://www.look2insight.com or dave@look2insight.com or call 615-636-1105 in Tennessee, or 320-258-3122 in MN
Find Julie here.
Thank you to our sponsors: JAK CPA's and Sunbelt Business Advisors
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