The Need for Business Disability Insurance

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  • The U.S. had 5.8 million small business employers in 2009, representing over 99 percent of the nation’s employers.
    – Small Business Administration Office of Advocacy, 2010.
  • In 2009, outstanding small business loans (under $1 million) were valued at over $685.4 billion for more than 23 million loans.
    – Small Business Administration Office of Advocacy, 2010.
  • Half of business owners do not have any disability plans in place for either themselves or their key employees (50%). 
    – The Principal Financial Group Business Priorities Market Research, January 2009
  • Nearly three quarters of business owners indicated that they or their key employees are limited in the amount they are allowed to contribute to their qualified retirement plan (73%). Yet, very few business owners offer supplemental retirement plans (83% do not offer any plans) that can help overcome this limitation. 
    – The Principal Financial Group Business Priorities Market Research, January 2009
  • About 43% of wealthy business owners (almost double the percentage of other affluent Americans questioned) said they would work to age 70 or later, but only one-third of these owners said they have written succession plans in place.
    – Private Wealth magazine, April-May 2008; survey by PNC Wealth Management, Philadelphia, PA

For more information about business disability insurance including business overhead expense, key person, group disability or individual disability insurance, contact Set for Life Insurance today!

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