Proven Ways Small Business Owners Are Protecting What They’ve Built
Written by
Laura Bogart
Edited by
Nick Friedman
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Ever since you were a kid, you dreamt of turning your passion for pizza, your gift for marketing, or your zest for home repair into a business. You’ve put in the work, honed your skills and built something real — a business that brings in real money. Now, you want to protect all that you’ve accomplished.
As you grow your company, you also want to make sure you’re prepared for the unexpected. From securing your livelihood to planning for the future, smart business owners take steps to safeguard their success. Here are three ways to ensure your business — and everything you’ve worked so hard to build — stays strong for years to come.
1. They Plan for the Unexpected
Whether their name is on the door or not, dedicated small business owners know their personal well-being is tied directly to their company’s success. That’s why they put insurance policies in place to protect themselves, their families and their business. Life insurance can help replace their income and cover any business-related debts if they pass away, while disability insurance makes sure money keeps coming in if they’re ever sick or injured.
By speaking with a New York Life agent, business owners can tap into expert guidance that helps them navigate both immediate needs and long-term planning. From setting up a business succession plan to ensuring short-term income protection, they take proactive steps to protect their own financial future as well as that of their business.
2. They Build Personal Financial Security
Smart business owners don’t just think about their company’s future — they also plan for their own. Without an employer-sponsored retirement plan, entrepreneurs have to take charge of their financial future by developing an investment strategy that helps them grow wealth and secure their long-term financial stability, including planning for a comfortable retirement.
New York Life agents can help business owners explore tax-advantaged strategies like annuities, whole life insurance with cash value and a variety of investment options designed to provide security, growth and income. By taking these proactive steps early, they ensure their hard work pays off well into their golden years.
3. They Cover Potential Liabilities
Nobody wants to think about an employee getting hurt on the job or a natural disaster damaging their storefront, but small business owners have to prepare for anything and everything — especially when purchasing insurance plans.
From workers’ compensation to property insurance and professional liability insurance, having solid coverage in place can mean the difference between a temporary setback and a financial catastrophe.
Navigating all the options can feel overwhelming, but working with a New York Life agent can make it so much easier. Together, you’ll assess risks, evaluate legal requirements, review policies and factor in business-growth outlook to create a protection plan that balances cost-effectiveness with comprehensive coverage, so your business keeps running no matter what comes its way.
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