Building Your Business Legacy with Security
Starting a business is an act of courage — especially when you’re building something from the ground up. You put in long days, invest your savings, and pour everything into creating something that will last. You’re not just building a business; you’re building generational wealth and creating opportunities for your family and community.
But here’s what too many hardworking business owners don’t realize: All that effort, all that investment, and all those dreams can disappear overnight without the right protection.
We’re not just talking about protecting your equipment or your storefront. We’re talking about protecting the most important part of your business: you.
A Story That Hits Close to Home (Hypothetical)
Meet Maria, who opened a beauty salon in her neighborhood after years of working for someone else. She built a loyal clientele, hired three stylists from her community, and was finally seeing her dream pay off. The salon was a gathering place, a source of pride, and her family’s financial future.
Then one day, a car accident changed everything. Maria couldn’t work for four months while she recovered.
With no income protection in place, the bills kept coming:
- Rent: $3,200 monthly
- Employee paychecks: $8,500 monthly
- Utilities, insurance, supplies: $1,500 monthly
- Her own family expenses: $4,200 monthly
Without Maria there, clients started going elsewhere. Her employees had to find other jobs to pay their bills. When she finally returned, she had to start over — and some of the trust and momentum she’d built was gone.
This story plays out in every industry and community. Whether you run a restaurant, a contracting business, a home healthcare agency, or a retail store, the reality is the same: When you can’t work, everything you’ve built is at risk.
The 3 Essential Protections Every Business Owner Needs
Whether you’re just starting out or you’ve been in business for years, solutions form the foundation of your financial security.
- Disability Income Insurance: Your Paycheck Protection
If you get sick or injured and can’t work, this insurance can help replace a portion of your personal income. It helps you keep paying for:
- Your mortgage or rent
- Car payments and family expenses
- Children’s needs and healthcare
- Daily living costs
Why it matters: You’re almost twice as likely to become disabled than die during your working years. This insurance helps cover your family so they can keep paying the bills while you recover.
- Business Overhead Expense (BOE) Insurance: Keep the Company Running
When you can’t physically be at your business, this coverage helps pay for:
- Business rent or lease payments
- Employee salaries and benefits
- Utilities, phone, and internet
- Loan payments and vendor bills
Why it matters: This insurance keeps your business going while you get better, so you have something to come back to.
- Life Insurance: Your Family’s Financial Security
If something happens to you, life insurance provides:
- Money to pay off business and personal debts
- Financial support for your family
- Funds to keep the business running or sell it properly
- Resources to honor your commitments to employees and community
Why it matters: It helps cover your financial responsibilities and can give you peace of mind that your business legacy can continue or close responsibly.
Your Business Is Your Family’s Future
These aren’t just insurance policies — they’re the foundation that protects everything you’re working to build. And here’s the truth: the sooner you put these protections in place, the more affordable they are and the more secure your future becomes.
You are your business’s most valuable asset. Protecting yourself means protecting your family’s financial future, your employees’ livelihoods, and the community investment you represent.
Start With Step 1: Disability Income Insurance
The most important protection to get first? Most experts suggest disability income insurance. Here’s why:
- It’s typically the most affordable of the three
- You’re statistically most likely to need it
- It helps protect your family’s immediate financial survival
Next steps:
- Calculate your monthly personal expenses (mortgage, car, groceries, utilities, etc.)
- Determine how much monthly income you’d need to cover those basics
- Get quotes for disability insurance that covers that amount
- Apply as soon as possible — waiting makes coverage more expensive
Get Your Protection Started Today
You’ve already taken the biggest risk by starting your business. Now it’s time to protect what you’ve built.
Schedule a Free Planning Call with Northwestern Mutual
David Freeman and Martin Duffus are financial professionals at Northwestern Mutual, where they help clients achieve their retirement goals by providing them with personalized financial plans and solutions. They will walk through your specific situation, help you understand your options, and make sure you’re making informed decisions about protecting your business and your family’s future. Schedule a free planning call with them here or visit their websites: davidfreeman.nm.com and Martinduffus.nm.com
You’ve built something amazing. Let’s make sure it’s protected from day one.
Disability insurance policies contain some features and benefits that may not be available in all states. The ability to perform the substantial and material duties of your occupation is only one of the factors that determine eligibility for disability benefits. These policies also contain exclusions, limitations and reduction-of-benefits provisions. Eligibility for disability income insurance, additional policy benefits, and qualification for benefits, is determined on a case-by-case basis. For costs and complete details of coverage, contact your Northwestern Mutual Financial Representative.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM) (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries in Milwaukee, WI. David Freeman and Martin Duffus are Insurance Agents of NM. David Freeman and Martin Duffus each maintain separate individual financial planning practices through Northwestern Mutual.