Can Your Law Firm Survive If You Become Disabled?
Is your law firm prepared to survive a personal crisis, which leaves you or one of the partners disabled? If you’re not sure, then it’s time to take steps towards making a plan, and buying the appropriate coverage. Along with seeking advice from a professional, here’s a quick list of things you can do to get started:
- Begin creating a written plan that describes each partners role in the law firm, and who would fill in their tasks in the event of that partner becoming disabled.
- Figure out how much disability income insurance each partner in the firm would need to replace their income, so that they can continue to meet their portion of the firms monthly liabilites.
- Recognize that a disability crisis can come at any time, and can impact financial stability and the survival of a law firm.
- Make sure that each partner follows through on the purchase of a disability insurance policy.
Along with doing organizational planning like identifying procedures and personnel for temporary replacement, having a disability insurance policy in place for each attorney is crucial. The information you gather will prepare your law firm partners to make decisions in advance of a crisis in order to increase the success of your firm after a disability crisis.
Call Jeff Pennington today at 1-877-221-6198 and let him help you make the best choice for your law firms’ disability insurance policies. It helps to have an expert on your side to get the best rates and policy available from the right insurance provider.
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