This post was sponsored by Massachusetts Mutual Life Insurance Company (MassMutual). All opinions are my own.
After attending the #SuNegocio event from MassMutual, I was able to walk away with some incredible takeaways that all business owners should know:
Know and understand what your business is worth - Having a business valuation is a high priority for most business owners, but only about half have had their business valued in the last three years. In today's world it is critical to understand what you are worth in order to be prepared in the event something should happen to you.
Business Owners need to spend more time doing long-term planning - most U.S. business owners are spending the majority of their time working in their businesses instead of on their businesses. The reality for today’s business owner is that long-term planning for the business is not always top of mind, but it should be.
All small business owners should look into disability insurance - this was in my opinion one of the most valuable lessons of the night.
It is so easy as a business owner today to get lost in the tasks we face as we open the doors every morning to our businesses. However, we often don't think about what if something were to happen to us? How would we be able to pay the bills, and who will provide for our loved ones?
One of the topics mentioned at the event was that although one may have a group long term disability insurance plan provided by an employer, it may not be enough and the suggestion was made that looking into an Individual disability income (DI) insurance plan, may be able to protect more of your income should you become too sick or injured to work for an extended period of time. To read more about how disability would affect your finances please visit the following link by: Clicking Here
All in all this was an insightful and informative event, that I strongly urge all business owners who are interested in protecting their finances to attend.
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