In our previous blogs, we touched on an interesting topic: are there categories of people who don't need life insurance? We considered the reasons why a single person still should pay attention to life insurance, evaluated their work, and financial contribution to the family budget, and came to the conclusion that our programs would come in handy here.
Today, we propose to talk about business owners.
There are many rumors surrounding businessmen and businesswomen. In particular, that they are wealthy people with enough money, so why do they need insurance? Let's figure it out!
You don't need it
Let's be honest: not all business owners need life insurance. You don't need it if:
- you can withdraw an unlimited amount of money from your account at any time if needed;
- your business will continue to operate and generate profits in your absence;
- your business will operate forever.
But maybe it is still necessary?
Let's get back to reality. What is a business really? Owning a business requires a lot of effort and time, significant financial investments, and possibly loans. In fact, entrepreneurs often do not have savings or funds readily available, especially at the beginning of running their own businesses. Additionally, the business owner is responsible for their employees and their families.
Let's imagine that the owner needs funds for expensive medical treatment. How much money can be taken out of the business? Will they be able to pay salaries, or will employees be left without work? There is also the option of selling the business, but it is not so easy and cannot be done in a day. Valuable time may be lost, which could have been used for treatment. And what will the businessman and his family be left with then? Therefore, it is not worth being overconfident and careless, and it is still worth financially protecting yourself and your family.
Again about pensions
What pension can a business owner qualify for? If a person works as an individual entrepreneur (IE) all their life, they can only qualify for the minimum pension, which is equal to the subsistence level for persons who lost their ability to work (1,854 UAH as of today). This is provided that they have 35 years of work experience for men and 30 years for women. Therefore, relying on a state pension is not advisable. It's good if a business owner has passive income and savings during retirement. But what if they can't provide themselves with passive income during their active life period? A pension program will help gradually accumulate funds for retirement and teach financial discipline. Let's face it, when there's money, people often forget to save, but a pension insurance contract will require not to miss payments.
Money should work
If the business owner already has savings, it makes sense for them to pay attention to investment insurance programs. This is a great way to safely increase your savings, earn investment income more than on a bank deposit, and diversify risks by investing money in different financial instruments.
Protecting your business
It is probably already clear that business owners should not ignore life insurance. And we also want to suggest that every business owner can take care not only of themselves but also of their employees. This is possible thanks to corporate life insurance programs. How can corporate insurance protect your business? It's simple!
A corporate insurance contract will help:
• increase employee loyalty;
• reduce staff turnover;
• enhance the company's image and its attractiveness in the labor market;
• not worry about funding sources if any of the employees need financial assistance.
And finally,
Continuing the translation into English: Life is very unpredictable. Here's a businessman who successfully runs a business, has savings in a bank deposit, and his family lives in prosperity, but at any moment, a serious situation can ruin everything. It may happen that the entrepreneur will have to answer for obligations with his own property, his accounts will be arrested, and his property will be confiscated...
Business owners face the same risks as representatives of other fields of activity, hence the need for insurance exists. Life insurance is not just a financial instrument, but care for loved ones, family, and people who depend on you financially, so the matter is small - choose the programs and insurance conditions that are right for you!
