Guardian Life Insurance Company of America is offering its California agents new disability income insurance options for local business owners.
The new programs can help cover overhead expenses and facilitate buyouts for business owners, Guardian says. It also offers a new worksite program featuring portable DI policies that employees can take with them should they change employers.
Protections for business owners include overhead expense coverage, which pay for typical business costs in the event the owner is absent due to disability. In can cover such costs as rent, utilities, salaries and even the cost of an owner’s temporary replacement, says Guardian.
The program’s buy-out coverage would provide business owners with the money needed to reimburse a disabled partner for his or her financial interest in the company.