Selling to Savvy Risk Takers
Tuesday, February 16, 2016
Small business owners know that their business would be in hot water without them, but do they understand what would happen to their own lives without the income their business provide if they were temporarily or permanently disabled?
This is a tricky group to sell disability insurance to. People who are brave and bold enough to create and manage their own business are often very optimistic about the future. This is great if you’re building a company but not if you’re planning for worst-case scenarios like disability.
Another hurdle is that many small business owners borrowed from their personal funds, jumped through financial hoops, and scraped by during lean times while starting up their business, which gives them a false sense that they could manage without paycheck insurance.
But as with most things, how you phrase your questions to these clients can make all the difference in helping them understand the need for disability insurance. Consider some of these points:
Your business is doing well, much to your credit. But what would happen if you were unable to work for months at a time? Would your business be able to support you and your employees if you were drawing a salary but not contributing to its growth?
If you had disability insurance and didn’t need to draw money from your business accounts during a time when you needed to recover from an injury or illness, could you use that money to hire a temporary replacement instead? How would that impact your business during your absence?
After establishing that DI is something smart business owners include in their financial portfolio, you can review the ways it can serve your clients.
· Personal income protection
· Business overhead expenses can help cover certain costs during injury or illness
· When a business owner offers DI to their employees, they can take advantage of multi-life discounts
Call our office anytime with questions about selling disability insurance to any of your clients. We’re always happy to help.