Insurance: A Small Business Necessity

Securing insurance policies is an investment small business owners should make; however, many don’t realize the different insurance plans available to them. Knowing your options allows you to find the plan that works best for you, your business and your employees.

Derrick Bailey200
Derrick Bailey

Disability and life insurance are critical for business owners. Additionally, there are supplemental programs and services that can help bridge the gap between what traditional insurance covers and what your financial needs are. Learn about four options below:

Consider a telemedicine program: A telemedicine program can help a business owner keep out-of-pocket expenses low and time off at a minimum. For example, Telhio Credit Union offers members convenient 24/7 access to a network of U.S. based, licensed physicians via email, telephone or video conference through their WebDoc247 service. And its small fee is lower than most co-pays!

Start a Health Savings Account: Healthcare costs can accumulate quickly, even after insurance covers some of the expenses. A Health Savings Account can help offset most, if not all out-of-pocket expenses. These accounts are exclusively for the purpose of paying or reimbursing qualified medical expenses for you, your spouse and your dependents.

Have a backup plan: What would happen to your business and employees if something devastating happened to you? Key Person Insurance is a plan that offers financial support to keep your business running in the event the “key person” – you – passes away or becomes unable to fulfill your leadership duties.

Don’t forget liability: Even if your business isn’t located in an office space or retail location, you should consider liability insurance. Mistakes happen, and if you or your employees are liable, it could end up costing you more money than you have. If a project goes wrong, you and your employees need to be covered.

It’s important to cover all bases when insuring your business. Look to a local insurance or financial institution to get started today! For more information on Telhio financial services, visit or call 614-221-3233.

Telhio Credit Union is open to anyone who lives, works, worships or goes to school in Franklin, Fairfield and Delaware counties and the surrounding communities including Dublin, Johnstown, London, Orient, Pataskala and Reynoldsburg. Founded in 1934, originally as the credit union for the Columbus Telephone Co., Telhio is a not-for-profit financial cooperative where its members are also its owners. Driven by its philosophy that members come first, Telhio is committed to the highest standards of responsibility and conduct. Telhio offers a variety of innovative programs, services and products to support its members’ financial needs. Telhio offers six branching offices throughout central Ohio and nearly 4,000 shared branching locations nationwide. Additionally, Telhio credit union participates in the highest level of combined federal and private share savings insurance available, insuring deposit accounts up to $500,000.*
* Federally insured by NCUA. Additional coverage up to $250,000 provided by Excess Share Insurance Corporation, a licensed insurance company.