Business Long Term Disability Insurance
As a business owner you know that if you become sick or injured and can't work, you may very well be forced to close down your business. The resulting strain on both your personal and business finances could be devastating.
When sickness or injury strikes, a personal disability income protection plan can help provide you and your family with the necessities of day to day living. But your overhead expenses would continue to mount up. How could you afford to keep your business running?
Professional overhead expense coverage would reimburse you for rent on space you occupy as a business premise, salaries of employees, premiums for business insurance, property taxes, scheduled depreciation for furniture and equipment, plus much more.
The Internal Revenue Service has ruled (Rev.Rul.55-26, 1955-2 CB 11) that premiums paid for an overhead expense disability policy are tax deductible as a business expense. While benefits received at claim would be treated as income, such income is used to pay the deductible expenses that this coverage covers.
If you are involved in a partnership, you would also need to plan for your partners disability. Should you, or your partner, become permanently disabled to the point where you no longer are a value to the business, we can provide the funding to buy-out you, or your partners share of the business.
For more information about our Business Long Term Disability Insurance policies and options and/or an application, please contact CM&F Group at 1-800-397-3008, extension 346 or via email at "Contact Us".