Work hard, play hard
As any business owner would tell you – it’s tough building your own business. You work exceptionally hard amongst some other 2.13 million businesses trading in Australia 1 , years of blood, sweat and tears poured in to your work so that you will own a successful business that funds your lifestyle now and will one day fund your retirement.
Imagine for a moment what would happen if you suffered an illness or injury that prevented you from working for a few weeks, a few months or even a few years. What would happen to your business? Your clients? Your employees? Your future?
None of us like to consider the negative ‘what-ifs’ in our lives and this is especially difficult when your attention and energy is focused on the day-to-day running of your business, driving it to success. But when you have worked hard to achieve something you are proud of and could stand to loose in the event of unfortunate accident or illness, it is worth taking the time to seek some professional advice and consider your options – the process may not be as expensive and time consuming as you first thought!
Failing to protect your business and your income is a common theme amongst the self-employed but the right cover for you should provide you with suitable options and some peace of mind.
Consider your level of protection
Income protection and business expenses insurance is essential for business owners who do not have the luxury of relying on sick leave, annual leave, salary
continuance and workers’ compensation in the event of illness or injury.
If ill or injured and unable to work, income protection insurance can provide you with a regular payment in place of your salary, and business expenses
insurance can provide you with a monthly payment to cover the costs of your ongoing business expenses such as electricity bills, equipment hire and regular
advertising costs. In some instances, the premiums are tax deductible.
Seeking financial advice regarding the types of cover available, how they differ and what level of cover they can provide, will give you options to consider and a little peace of mind if you are concerned about what would happen to you, your family and your business in the event you are unable to work. It is worth investing the time and energy in to having these conversations.
If you feel you, or a member of your family, would benefit from a discussion around insurance and income protection for business owners, why not contact our office and make an appointment to discuss your individual situation and options? We would love to hear from you!
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1 Data from the Australia Bureau of Statistics http://www.abs.gov.au/