Freedom 55 Financial

Business owners: What happens if your plans get interrupted?

Advice to protect your business

If you’re a business owner, you know it takes plenty of time, work and effort, and you do whatever you can to be successful now, and in the future. For example, you want to protect your business today while making sure you plan for retirement and the legacy you’ll leave behind.

But what happens if your plans get interrupted? What would happen if you:

  • Were seriously injured?
  • Battled an illness and wanted to spend more time with your family?
  • Died suddenly and the business had to go to someone else?

Of course these aren’t things we really want to think about, but part of running a successful business means dealing with tough issues – and preparing for the unexpected.

Protect your business today

While your business may be running smoothly now, you need to be prepared in case the unexpected happens. There are a number of options you can consider as part of your financial security plan; insurance is one of them. The right insurance coverage can help you:

  • Protect your business, if you, or a key employee is suddenly unable to work
  • Pay off business loans
  • Provide you or your business partner with the funds to buy the other person’s share of the business
  • Cover expenses for you or your family

Ensure you have a smooth exit strategy

At some point, you may want to retire and pass on your business. That’s why it’s important to have a plan in place to ensure a smooth transition. Have you thought about your options?

Leave a legacy for those you care about

It’s important to think about what will happen to your wealth for your family in the future:

  • Do you have a plan in place to help take care of loved ones?
  • Are you growing your wealth in a tax-efficient way?
  • What about your estate? Will it be easy to split fairly between family members?

Insurance is one way to help maximize what you leave behind.

Plan to see the whole picture

You’ve worked hard to grow your business and make it a success, that’s why protecting it is important.

A financial security advisor can show you options that may work best for you, and how insurance and other options can help fund, or plan, for unexpected events.


Read the original article here.


The information provided is based on current laws, regulations and other rules applicable to Canadian residents. It is accurate to the best of our knowledge as of the date of publication. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature, and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors.