Building the Business You are over the hump. The business is making some money, hopefully good money. There is extra to consider adding more benefits for your and your family. Perhaps it is time to add employees creating the need for enhanced benefits to recruit and retain them. (For more details on benefits for employees be sure to read the For Employers section.) Time to re-evaluate the entire benefits plan. This is also the time to be thinking about what happens to your business if you: Die prematurely Get disabled long term Want to retire and sell it Building the Business  Benefits that should be considered Discussion Medical Insurance Time for a group policy if you didn't do one before unless you do not have any employees. (If you haven't yet read about Health Savings Account (HSA's) and how they can supplement your retirement as well as save premium dollars.) Life Insurance More profits and more income necessitate a review of your life insurance program. This is a good time to change some if not all of the term to a permanent. You are going to need life insurance protection your whole life one way or the other. Read about the life insurance. This is a good time to be thinking about Business Continuity Planning. What happens if you die prematurely or become permanently disabled? Who would run your business? Who would buy it from your family? Maybe you have a child or key person that would be the right person to have an agreement with to take over your business. An agreement is worth only the paper it is written on unless there is funding for it. Read about Buy and Sale Agreements. Disability Income Make sure you protect your ability to earn an income by setting up adequate life insurance. You could consider supplementing it with group long and short term if you have employees. Read about disability income for more details and explanations. Long Term Care If you haven't set up a LTC plan, now is the time to start it. The premiums are based on your age and do not get cheaper with time. Prepaid Legal You should have picked up Prepaid Legal before this. If you haven't add it, PPL can save you and your business $1,000 of dollars in legal costs. If you have an attorney great, use PPL to determine what you should hire your attorney to do for you. Retirement Plan At this time you may want to get more aggressive in putting money away for you and perhaps your employees. There are far more aggressive plans than a Simple IRA. Read about Pension, Profit Sharing and 401k Plans.