According to the U.S. Small Business Administration, small business make up 99.7% of U.S. employer firms. Of these businesses, they employ over half of all private-sector employees.
Small businesses also:
- Pay 44% of the total U.S. private payroll.
- Generate 64% of the new jobs over the past 15 years.
- Create more than half of the nonfarm private gross domestic product.
- Hire 40% of high tech workers (i.e. scientists, engineers and computer programmers)
Most news coverage is taken up by large corporation, but it is clear from the above numbers that small businesses are precious resources and should be treated as such.
No business is immune to the ever change economy and sometimes forces beyond the business owner’s control. Life happens to people and businesses; so if you are a small business owner, you should ask yourself the following five questions:
- What will happen to my business if I die?
- What will happen to my business if I become disabled?
- What will happen to my business when I retire?
- What will happen if certain key employees die or become disabled?
- How can I ensure that my business will be able to stand against an unforeseen financial hardship?
Answers to the above questions will most likely include insurance options such as; buy-sell agreement, business overhead insurance, keyperson insurance and individual disability and life insurance. Yes, we know it sounds daunting, but it doesn’t have to with the professionals at Frimark/Keller & Associates. We will work with you and your situation to make sure that you are getting the most beneficial advice. Give our professionals a call at 847-907-4520 or send us an email to get the protection you deserve.