When you have your own company, you carry a lot of responsibility. You’re the head of business development, human resources and operations — just to name a few. As you manage all the moving parts, worries can arise. Will you be able to make payroll? How can you attract new customers? Then there’s the creeping thought in the middle of the night: what if something were to happen to you? Would your business survive without you, even if only for a little while?

Every business owner wants the answer to the last question to be “yes.” To get there, there’s something you can do to ensure that your company weathers the unpredictable: get the right personal insurance policies for yourself.

After giving so much to your business, it can feel uncomfortable (or even selfish) to put yourself first. But protecting yourself in your personal life, protects your business in the long term. To illustrate this, consider these three personal insurance options that business owners often overlook:

1. Spousal coverage offers household protection

This may seem like a surprising place to start, especially if your life partner is not involved in your company, but our home lives are the foundation for everything else. While you build your business, does your spouse handle important responsibilities such as childcare, household management and more? A 2019 study found that if stay-at-home parents were paid for all that they do, their annual salary would be over $178,000/year! If your spouse suffered an accident or illness and could not work, how would your household cover these services?

Increasingly, insurance companies recognize the value of stay-at-home partners through spousal coverage policies. If your partner gets sick or injured and can’t contribute to the household for some time, an income protection policy can help your household get through the hardship. With this supplemental income, you’ll be able to spend your time on your business — and on helping your spouse recover.

2. Disability insurance can protect you, too

Large employers typically offer group disability insurance for their employees in the event they get sick or injured and can’t work. (Note: But group policies provided by an employer rarely cover the full disability need.) As a business owner, however, you don’t have this benefit and it’s up to you to acquire your own disability insurance. When you do, you get the relief of knowing you’re covered if you have a sudden health emergency. And since you’re the cornerstone of your business, making sure you’re protected means greater confidence for everyone in your company.

3. Whole life insurance can boost your business

People generally know that whole life insurance provides financial protection and support to your beneficiaries when you die. But it’s less commonly known that a whole life policy can do a lot more, while you’re alive. even during your lifetime. As you pay your whole life premiums, your payments accrue a growing cash value.¹²³ You can tap into this lesser-known reserve to help pay for big expenses, such as launching a new office branch or adding inventory for your busy season.

Plus, lesser known business insurance products can help

Once you have your personal insurance policies secured, take a look at other kinds of policies that can bolster your business. For instance, perhaps you took out a business loan to fund capital improvements. If you became unable to work, how would you repay this loan? In this case, a business loan protection policy could cover it.

Or, what if one of your business partners became disabled and couldn’t return to work, how would your company carry on? No one likes to think about these things, but in such an event, disability buy-out insurance could facilitate the business. These kinds of policies are not as well-known as other types of business insurance, but they can protect your hard-earned success.

Your financial professional can help you determine the best strategy

Most business owners are familiar with the types of insurance they need for their business, whether it’s workers compensation, product liability insurance or other policies. But business owners often overlook the fact that they need to protect themselves personally to keep the business on track for the long term. Talk with your financial professional about the optimal insurance strategy for both your personal life and your business.

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2023-150628 Exp. 2/2025