So what is the most important thing about owning a small business?

Well, according to Illinois Mutual, the most important thing about owning a business is protecting yourself from potential lost income — in other words, disability insurance.

Particularly if you are a doctor or a dentist, it can be devastating to your family’s finances if you are out of work for a time due to an illness or an accident.  That is why disability insurance for physician and dentists is so important.  Doctor and dentist disability insurance typically pays out a percentage of your average monthly income in the event that something happens to you, enabling you and your family to make it through the tough times and so you can get back on your feet again afterward.

And what’s the second most important thing?  Illinois Mutual lists life insurance next.  Actually, this pertains to pretty much anyone, whether you have your own business or not: If you pass away unexpectedly, your family and loved ones are going to suffer not only the grief of your passing, but also the financial difficulties of dealing with the loss of income.

The important thing to remember, if you own your own business, is that you depend completely on yourself for your livelihood and survival — no sick days, no personal time off, etc.  That’s why you need to protect your assets: i.e., your own ability to work!

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