The Guardian Life Insurance Company of America is encouraging small-business owners to include long term care insurance in their financial planning.

There can be compelling reasons why owners should secure LTC insurance not just for themselves, but even for their key employees or even the entire workforce, Guardian says.

LTC coverage can offer significant financial benefits for small businesses, Guardian argues. For instance, businesses can deduct the full premium paid for the insurance on behalf of its employees and their spouses or dependents, including shareholder-employees of C corporations.

In addition, owners of limited liability companies, sole proprietorships, partnerships or those with more than 2% ownership of an S corporation also enjoy considerable tax benefits on company-paid premiums for their own policies, Guardian says.

At the same time, employees generally pay no income tax on employer contributions, and benefits are generally tax-free, even for employer-paid policies, Guardian says.