SUBSCRIBE
Enter your Name and Email address to get
the newsletter delivered to your inbox.
Please include name of person that directed you to my online newsletter so I can thank them personally.
Anthony J. Bardi
Registered Representative
Enrolled Agent, LTC# 454
Tax and Financial Solutions, Inc.
151 SE 223rd Avenue
Gresham, OR 97030
Phone: 503-666-7909
July/August 2024
Insurance: What Do Business Owners Really Need?
An online survey conducted in December 2023* revealed that 23% of U.S. consumers said they were thinking about starting a new business in 2024. At the top of the list for new — and current — business owner should have insurance protection for their families and businesses.
Invest in Health Insurance
Business owners whose income comes solely from their business will have to purchase their own health insurance. Fortunately, business owners are allowed a tax deduction for their premiums. Consider a high deductible health plan (HDHP), which generally has lower premiums than other plan types, although you may pay more out of pocket for services. By opening a health savings account (HSA), you’ll be able to make tax-free contributions and withdrawals to help pay these expenses.Protect Your Family
Proceeds from a life insurance policy can help your loved ones maintain their standard of living if you die unexpectedly. Term insurance provides coverage for a specified time, typically between 15 and 30 years. Generally, you’ll want to purchase a policy with a death benefit equal to 10-12 times your annual income.Protect Your Business
As a business owner, you want to be protected from risks to your business and your income from injuries, lawsuits, and property damage. Business Owners Policy (BOP) insurance bundles several types of coverage in a single policy. Designed for small and mid-size businesses, BOP combines protection for all major property and liability risks. It typically has three components: liability protects against claims and lawsuits for damages that occur during normal business operations; property covers damage from fire, explosion, theft, vandalism, etc.; and business interruption covers loss of income from a disaster that disrupts business operations and any expenses associated with operating from a temporary location.Protect Your Income
What would happen to your family if you were unable to work for a long period of time? A long-term disability policy replaces a portion of your income if you become sick or injured.Your life and property and casualty insurance professionals can help you choose coverage to protect your family and your business.
*“Entrepreneurship in 2024” Report. Intuit QuickBooks, December 2023
CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
Tax and Financial Solutions, Inc. and LTM Client Marketing are unrelated companies. This newsletter was created by LTM Client Marketing and was not written or created by the named financial professional and does not necessarily represent the views and opinions of Avantax Wealth Management® or its subsidiaries.
Avantax affiliated advisors may only conduct business with residents of the states for which they are properly licensed and registered. Securities offered through Avantax Investment Services℠, Member FINRA, SIPC, Investment advisory services offered through Avantax Advisory Services℠, Insurance services offered through an Avantax affiliated insurance agency. Not all products and services are offered by all financial professionals. Products and services listed may only be offered by properly licensed individuals.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.