A group health policy consists of at least two employees and a valid federal tax id number (required). Group health insurance will provide payments in the event you become hospitalized or require medical services. Group health covers prescriptions, doctor's office visits, and blood tests, and can cover vision and dental care. Most policies are paid on a monthly basis. Why do I need Group Health or Independent Health Insurance? Let's say you or one of your employees becomes injured, or is involved in an accident, either on or off the job. You will probably have medical expenses. Where will the dollars come from? Health Insurance will pay for your: medical bills, hospital stays, ER visits, prescription drugs, mental health benefits (including alcohol abuse). Initial benefits can also be provided for vision care and hearing aids. The bottom line is this: If you own a business, have children, have a mortgage... you need Health Insurance. Life Insurance: Life Insurance protects your estate and assets Life insurance will provide dollars for your family to pay off a mortgage, a college education, create an emergency fund for other expenses in the event that you die prematurely. There are many variations of life insurance on the market, because different people have different needs. We evaluate your specific situation and requirements and tailor-make a program that meets all your requirements. There are two exceptionally important types of insurance for the business owner: Buy-Sell Agreement: Why do you need this type of insurance? In the event one or more of your partners dies prematurely, you may find yourself in business with your partner's heirs, some or all of whom may have no idea on how to run your business. Your new partners might squabble with each other over who gets control of what, which will result in increased frustration for you, as well as mounting legal costs. A buy-sell agreement can eliminate these problems, as well as preserving your existing credit. In some cases, a buy-sell agreement will help your business obtain new credit. Key Person Insurance: Provides the ability for a business to obtain credit or loans. In many cases, one key individual is the "brains" of a business and the loan is based on that individual's abilities. Should this person die prematurely, and nobody in the company is able to assume his or her responsibilities, the company could fail, resulting in a default on the loan. Key person insurance eliminates the lending institution's concern by guaranteeing a repayment of the loan. Many SBA lenders require key person insurance in order to release funds. Disability: Imagine you are a roofer, and you fall off a scaffold and sustain a back injury. Or, you are an accountant and suffer a debilitating stroke. In the event you become temporarily or permanently disabled as a result of an injury, accident, or illness, who will replace your income? Where will the dollars come from to pay your mortgage and other expenses? Disability insurance protects your income from injury and illness by providing the funds necessary for you to maintain your lifestyle. It is very important for you to obtain this coverage before illness or injury strikes - you will not be eligible for such coverage after the fact. Disability coverage is usually based on reported income as a percentage when you have it automatically deducted from your paycheck. Self-employed people who report less to the IRS than they actually make (such as contractors who have large cash income) can have a problem if they become injured while on the job. Their disability insurance may not be sufficient to cover mortgages, college tuition, vehicle payments, etc. If this sounds like your situation, you need to sit down with an insurance professional to set up a private disability fund.
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