Business owners put their time, money and energy into their growing businesses. They know who they are — and how they define themselves. But their definition in terms of group life and disability income protection is a different matter, and can have a big impact when it comes to avoiding insurance gaps.

Sure, group life coverage and income protection seem simple enough. After all, the options are similar from one insurance carrier to another, right? You'd be surprised.

Typically, group life and disability coverage doesn't insure a small business owner's total income. That's because most small businesses are structured as "flow-through entities," meaning that in addition to any salary received, the owner's share of business profits flows through to their personal tax return.