The Wide Range Of Personal Business Insurance Options

Personal business insurance provides coverage options for business owners and their employees. Business insurance is used to provide benefits for employees and help them meet their needs. This includes health insurance, additional life insurance protection. Disability coverage and insurance plans necessary to provide for the continuation of a business in the event of the death of a key employee.

The term “personal” to describe business insurance means that it is designed to meet the personal needs of the business in order to continue. In many cases, personal insurance is available to individuals that meet individual needs such as providing for a family or loved ones that are left behind in the event that death occurs to the head of household. A business uses insurance in the same manner as individuals use insurance.

There are different personal business options that provide coverage for businesses. These options include benefits for employees and the employer.

Business Insurance Option #1: Employee Health Insurance

Employee health insurance plans are an essential employee benefit that businesses provide in order to protect the health of the employees. This option helps employees provide for their families and meet their medical and health related expenses. Health insurance provided by a business is less expensive for employees and provides a way for the business to attract and retain good workers.

The expense of an employer-owned health insurance plan can be deducted by the business. This provides a valuable benefit for the employer. This expense is a direct operating expense that the employer needs to be able to account for and pay.

Business Insurance Option #2: Disability Insurance

Disability insurance provides a benefit for the business’s employees in the event that they are off work for a period due to a disability. The insurance can provide benefits for a disability that occurs both on and off the job and be used in connection with the employer’s worker’s compensation plan.

Disability insurance is an additional benefit that businesses use to enhance their profile when recruiting certain employees. The expense associated with disability insurance plans make them a lesser used option than other types of personal business insurance.

Business Insurance Option #3: Key Person Life Insurance

Key person life insurance provides a business with a way to recruit, train and replace an employee who is loss due to death and disability. This benefit is important to a business in the event that an employee who is deemed critical to the success of the company is no longer available. The benefit provided by the insurance helps the business some of the loss income experienced during the transition period and to pay for the replacement of the key employee.

This type of coverage can be costly to the business and since it is based on the life of the key employee, it may be difficult to obtain.

These few options are among the many personal business insurance options available to businesses.

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