Help Business Owners Protect Themselves & Their Businesses

November 28, 2018

Business owners have a lot to protect.

First, there’s personal income. Personal income finances their lives – their homes, their cars, their lifestyles. Next, they need to protect their businesses and make sure they can cover their expenses every month. Many business owners also have employees who rely on the business for their incomes.

A long absence could disrupt it all: personal income, the business and their employees’ livelihoods. The Standard offers business owners three products to help if they become seriously sick or injured and have to take time off work:

Income Protection Insurance. Platinum Advantage individual disability insurance policies replace personal income.

Business Overhead Expense Insurance. Business Overhead ProtectorSM reimburses for overhead expenses, helping the business continue to operate.1

Buy/Sell Agreement Funding Insurance. Business Equity ProtectorSM helps fund a buy-sell agreement, so business partners can buy out an owner's interest.2

Business Owner Perks

Want to offer your business-owner clients more coverage at competitive rates? You can combine discounts, the Business Owner Upgrade and the Earned Income Enhancer.

Lots of Discounts

There’s the 10 percent Business Owner Discount.3 And, as few as two joint business owners can qualify for the 10 percent Multi-Life Discount. Add a Business Protection policy too, and they’ll get another 5 percent Multi-Product Discount. That adds up to 25 percent off an income protection insurance policy!

Business Owner Upgrades

We upgrade qualifying business owners one occupation class for both Business Protection products. And first-time applicants for Business Overhead Protector can be upgraded two occupation classes.4

Earned Income Enhancer

Sometimes the amount of income earned may not accurately reflect the amount your client needs to protect. The Earned Income Enhancer allows business owners to increase their insurable earnings by 20 percent. This can result in up to $2,000 more in monthly benefits, capped at issue and participation limits. To qualify, the business must have had two successful years in a row. And the applicant must own at least 20 percent of the business.

Coverage for New Business Owners

Did your client start the business in the last year? New business owners may still be eligible for income protection insurance if they worked for three or more years in the same profession. They must also be actively involved in operations and generating revenue for the new business. And new business owners can also qualify for up to $10,000 of Business Overhead Protector coverage with documented expenses.

To help your clients make the most of these rewards, refer to Business Owner Rewards or the New York version, plus The Standard's IDI Online Reference Product Guide. Also, you can read up on how Platinum Advantage appeals to business owners.


1 Business Overhead Protector is not available in Massachusetts or New York.

2 Business Equity Protector is not available in New York. 

3 The Business Owner Discount is 15 percent for only Protector Platinum in California.

4 Not available to physician and dentist occupations nor to those working in financial services, real estate or entertainment. 


Business Owner / Product Details / Sales Insights