Business owners have an unrivaled entrepreneurial spirit. On Saturday, November 28, we celebrate that entrepreneurial spirit on Small Business Saturday®. Did you know:
- Last year 88 million people showed up to support local small businesses on Small Business Saturday?1
- The revenue small businesses generate accounts for between 56% and 63% of America’s Gross Domestic Product (GDP).2
- Small businesses employ about half of America’s workforce.2
Business owners shoulder a lot of responsibility to keep the doors to their business open and to protect those who depend on their business. In fact, owners cite business protection and income protection as their number one and number two financial priorities respectively.3 However, most business owners don’t have plans in place to protect themselves and their employees from a loss of income.3
What would happen to the business if a business owner became too sick or hurt to work? How would the doors of the business stay open? While business owners are busy focusing on how to take care of everyone else and their business, who is focused on them?
Owners should work with insurance carriers that offer business protection solutions that, in the event of the unexpected disability, help ensure:
- The doors of the business stay open
- Key employees are protected
- Transition plans are funded
- Loans are paid
- Income continues
Plus, business owners should be rewarded for their entrepreneurial spirit and dedication to their business. Principal Life Insurance Company offers preferred pricing through our Business Owner Program.4 To learn more, view our one-minute video.
Business owners have enough to worry about just keeping the doors to their business open. When they first protect themselves and their businesses against risk, they can then focus on what matters.
1 Shop Small, American Express, https://www.americanexpress.com/us/small-business/shop-small/promote?linknav=us-open-shopsmall-home-learnmore, viewed on 10/30/2015.
2 Guess How Many Small Businesses There Are, Wayne Rivers, Wall Street Journal, http://blogs.wsj.com/experts/2015/01/26/guess-how-many-small-businesses-there-are/, viewed on 10/30/15.
3 Business Owner Market Study: A Disconnect Between Priorities and Action, Survey conducted by Harris Poll and the Principal Financial Group®, https://advisors.principal.com/publicvsupply/GetFile?fm=BB10316&ty=VOP&EXT=.VOP, viewed 09/15.
4 Rewards owners by providing the most preferred occupation class available based on how long they’ve been in business, the number of employees and annual income.
Disability has limitations and exclusions. For cost and coverage details, contact a Principal Life representative.
DI9464 | 11/2015