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Armando Patino, LUTCF®, FSCP®
Financial Advisor
Prudential Advisors
1 Tower Center Blvd, 16th Floor
East Brunswick, NJ 08816
Phone: 908-368-1588
Cell: 201-290-1941
July/August 2024
Insurance: What Do Business Owners Really Need?
An online survey conducted in December 2023* revealed that 23% of U.S. consumers said they were thinking about starting a new business in 2024. At the top of the list for new — and current — business owner should be insurance protection for their families and their businesses.
Invest in Health Insurance
Business owners whose income comes solely from their business will have to purchase their own health insurance. Fortunately, business owners are allowed a tax deduction on their premiums. Consider a high deductible health plan (HDHP), which generally has lower premiums than other plan types, although you may pay more out of pocket for services. By opening a health savings account (HSA), you’ll be able to make tax-free contributions and withdrawals to help pay these expenses.Protect Your Family
Proceeds from a life insurance policy can help your loved ones maintain their standard of living if you die unexpectedly. Term insurance provides coverage for a specified time, typically between 15 and 30 years. Generally, you’ll want to purchase a policy with a death benefit equal to 10 -12 times your annual income.Protect Your Business
As a business owner, you want to be protected from risks to your business and your income from injuries, lawsuits, and property damage. Business Owners Policy (BOP) insurance bundles several types of coverage in a single policy. Designed for small and mid-size businesses, BOP combines protection for all major property and liability risks. It typically has three components: liability protects against claims and lawsuits for damages that occur during normal business operations; property covers damage from fire, explosion, theft, vandalism, etc.; and business interruption covers loss of income from a disaster that disrupts business operations and any expenses associated with operating from a temporary location.Protect Your Income
What would happen to your family if you were unable to work for a long period of time? A long-term disability policy replaces a portion of your income if you become sick or injured.Your life and property/casualty insurance professionals can help you choose coverage to protect your family and your business.
*“Entrepreneurship in 2024” Report. Intuit QuickBooks, December 2023
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