How to Win Over Business Owners With Questions and Discounts

A business owner’s disability can disrupt a business in many ways. A prolonged amount of time away from work could affect their personal income or ability to pay business overhead expenses — or even impact their business partnerships. Here are some key questions you can ask to get them thinking about how to protect their business:

  • What if you were unable to work for six months? Would your business survive if you were absent for a sustained period of time?
  • If you can’t work and revenues start to slip, how will you make payroll? Pay rent?
  • Would it help if you had money to hire a temporary replacement while you recovered?
  • If you couldn’t recover, how would you keep your business healthy so you could sell it for fair value?

If these questions unearth concerns, IDI may be a good fit. Share the Protect Your Business, Protect Yourself flyer with them. And then show them all the ways you can help them save money on personal income protection with The Standard’s discounts.

Discounts for Business Owners — Plus Ways to Lower Premiums

Most business owners can qualify for more than one discount on The Standard’s robust personal income protection insurance.

Most business owners will qualify for the 10% Business Owner Discount if they own 20% or more of the business, employ at least one full-time employee and have been financially successful for two or more years.

If a partner owner also applies, each may qualify for the Employer Multi-Life Discount if they meet certain criteria, which is another 10% off. The Standard is the only carrier to offer a multi-life discount when only two business owners apply.

And if they buy another product, such as the Business Overhead Protector®, they’ll receive another 5% off their personal income protection insurance with the Multi-Product Discount. Some professions will also qualify for the 10% Preferred Occupation Discount.

Product choices can also help drive down the premium. For example, if your clients choose to limit Mental Disorder and Substance Abuse benefits to two years, they’ll receive another 10% off. 

The below example shows policy details and premium for a 40-year-old male architect business owner earning $200,000. He strengthened his coverage by adding riders. He also saved $1,743 — or 35% — off the annual premium.

Business Example Chart

You can familiarize yourself with how The Standard’s IDI products are a good fit for business owners with the Business Owner Toolkit.

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