Any business owner, whether at a desk or out in the field, can have an accident and become disabled. There are many levels of disability, from partial to total disability, all which affect you and your business. If you are a business owner, you should consider Disability Insurance Protection as soon as possible. There are two types of policies- traditional/personal Disability, and Business Overhead Expense Disability.
Traditional or Personal Disability Income Protection is set to pay you a portion of your personal salary if you are disabled and unable to work. There are short and long-term options, with varying elimination (waiting) periods and benefit periods (the amount of time you are paid benefits once your elimination period has been satisfied).
Business Overhead Disability is strictly for business owners and partners. It is designed to pay you a portion of your business overhead expenses (payroll, rent, utilities, etc.) if you are disabled and unable to work. Like personal Disability policies, you can select an elimination and benefit period.
Imagine the relief you would feel if you were disabled and couldn’t work for a long time, and had policies in place to keep a portion of your personal income coming to you while you are out, plus some of the overhead expenses could keep the business going, too. Disability Insurance Protection is absolutely necessary for you and your employees.
To learn more about Disability Insurance, contact us today.