Small Business Disability Insurance
The Need For Small Business Disability Insurance
Are you a small business owner? If so, you are responsible for the lion’s share of economic growth and development in the United States. It’s also likely that the income you earn from your business goes to support both your company and your family. How would you or your business survive if you were to become disabled and unable to work?
Most injuries happen outside of the workplace, so workers’ compensation doesn’t cover costs arising from these injuries, and health insurance gives you only limited coverage for your medical costs. What happens with your regular income? Without it, how will you cover your monthly costs? Small business disability insurance and a business overhead expense policy can help ensure that you’re protected from this eventuality.
The Risk of Disability and Its Impact on Your Business
We all like to downplay it, but the truth is that every single one of us is at risk of becoming disabled. Accidental injury is one cause, but the real culprits are medical conditions. Cancer and heart disease are just two examples – they can threaten anyone, at any stage of life, at any time.
If you were to become disabled, what would happen to your family? What would happen to your business? Without some sort of financial support, your business would collapse, and then what would you do to help your family when you recovered from your injury or illness? Small business disability insurance ensures you can avoid that fate.
How Disability Insurance Helps You
With the right small business disability insurance policy, you gain access to a stream of income when you experience a qualifying disability. Your insurer will make payments based on your average annual income, and that money can be used to support your family, as well as your business.
However, you must be able to make an informed comparison and choose the right disability policy. They’re not all the same. Even insurance companies vary. You need to compare the various definitions of “qualifying disability,” minimum and maximum benefit percentages, optional coverage, and a great deal more.
How Disability Insurance Policy Premiums Are Calculated
Every insurance company ranks the factors to determine the cost of a policy – age, gender, income, the health of the individual, location, and specialty. Each element has specific criteria and formulas that determine the overall cost of the occupational disability insurance, so before you settle for one particular insurance policy, check with all providers to make sure you chose the right one.
That’s where we can help. We specialize in helping you compare disability rates and covered items, disability definitions and durations, and other essential criteria. Our goal is to ensure that you’re able to make an informed decision and find the peace of mind you need.
We will make sure you know and understand everything in your disability insurance policy: the stated minimum and maximum benefit percentage, the optional coverage items, and even the company’s reputation for customer service.
How much coverage do you need?
To find out how much coverage you will need, you would first need to determine the minimum amount necessary for your monthly living expenses. Then, add up any other source of income you have other than your salary. The difference between your monthly payments and your monthly income should be the coverage your disability insurance policy will provide. It’s the amount that should be replaced by the monthly benefit from your disability insurance.
When you turn to us for help with your disability insurance, we make sure to include you in every step of the process. We work with you to understand not just the insurer options, but also your options in coverage terms and other considerations.
Look for Unisex Rates
Because women are more prone to develop a disability, they pay higher disability insurance rates than men, the disability rates they pay are higher than those men pay. Women have also reported that experiencing a disability would be “somewhat devastating” to their family’s finances. Many of the participants in the study said they worry that their cash reserves would last less than a month if they couldn’t work.
It’s important to find a provider that will offer unisex rates fit for your financial needs, and we are here to help you do that. We look through hundreds of insurance providers to find a disability insurance policy that best suits your needs and your lifestyle.
We Help You Make the Right Choice
Finding the right insurance provider can be difficult. This is particularly true if you have never bought disability insurance before. You need to make an informed decision regarding the policy and coverage terms available to you, but how do you do that?
We’ll help you compare disability insurance quotes, coverage areas, coverage amounts, insurance providers, and more. We have years of experience working with high-income individuals like you, and we want to ensure that you’re able to enjoy the protection and peace of mind that you deserve. We work with insurance companies that you know and trust and provide you with expert guidance throughout every step of the process.
Losing Your Income Can be Stressful
According to a study by the American Psychological Association, almost 75% of Americans are experiencing financial stress at least some of the time, and nearly a quarter of us are feeling extreme financial pressure. Moreover, money is the leading cause of stress in a relationship, which shows the importance of having a stable income and safe finances at all times. Losing your valuable income can not only put a strain on your finances but also your family relationships.
These statistics show how important it is to protect your income at all times, and disability insurance can help you do that.
As a small business owner, you’re pressed for time. We help you understand your options, receive quotes from top-rated insurers in the US, and then choose the best possible path forward. Get in touch with us today – call 1-877-221-6198, or use the form on the right of this page to start the quotation process.
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