Income Protection for Small Business Owners

Julianne’s story tells the importance of Income Protection for self employed and small business people to ensure continuity of trading (and therefore income) through accident or ill health.

Julianne, 52, worked hard over many years to turn her lifelong love of baking into a business suppling cakes and pastries to restaurants and cafes. Julianne has always believed that she was incredibly lucky to be earning a good income doing something she truly loves.

During the early years of the business Julianne had not paid herself a salary, thinking it better to reinvest the businesses earnings into building it up, believing that she had many working years ahead of her.

Fortunately, Julianne’s husband Anthony earned a good income in his role as National Sales Manager for a sporting good wholesaler and therefore was able to cover the family’s day to day costs while the business grew.

In more recent years, however, their prudent actions have been rewarded and Julianne’s baking business has grown to a point where her annual profit exceeds Anthony’s corporate salary.

Ill Health Can Strike At Any Time

When not at work or spending time with the family, Julianne enjoys spending time in her garden, particularly on her large and bountiful vegetable patch. One afternoon, when tending to her carrot seedlings, Julianne blacked out. Thankfully, Anthony was not far away at the time and had the presence of mind to call an ambulance.

Julianne underwent extensive testing at the hospital and was diagnosed with having suffered a stroke. As a result, Julianne initially suffered from paralysis to one side of her body – leaving her with very limited use of her left hand.

Stroke – It Doesn’t Just Happen to Smokers

Julianne and Anthony were both surprised that stroke could happen to someone so fit and healthy. As a female non smoker and occasional drinker, with no family history of stroke, Julianne certainly is in the minority of stroke suffers. Doctors informed her that although there are factors that can increase your propensity to have a stroke, such as being overweight, having high blood pressure and a poor diet, people who follow a healthy lifestyle can have a stroke too.

The Importance of Income Protection

Fortunately, some years earlier, Julianne and Anthony had invested in Income Protection Insurance, following a meeting with a Financial Advisor who had referred them to an Insurance Broker.

As Anthony’s salary was enough to meet their financial commitments in the medium term, they chose a 90 day waiting period before benefits became payable, therefore making their premiums more affordable than had they chosen 30 days.

Following her stroke, Julianne faced a period of extensive rehabilitation without any guarantees that she would regain full use of her left arm and be able to return to herbusiness. The Income Protection payments allowed her focus on her recovery and rehabilitation whilst employing someone to run her business.

After some months of extensive exercise and rehabilitation, Julianne has regained most of the movement lost when she suffered her stroke. Her business, which was able to operate uninterrupted during her recuperation continues to thrive – as does her vegetable patch.

To find out how you can protect yourself and your small business if you were to suffer a stroke or other ill health, contact the team at Make A Difference Insurance. We’re small busines owners ourselves so know just how important it is to ensure your business and your family is covered.

Further reading:
Tradies – You Need Life Insurance More Than Most
Business Insurance