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Consider Disability Insurance

Date: 04/04/2006 | Category: Business | Author: Diana Heeb Bivona

As an owner of a small business, you are an essential component of its success.  However, what would happen if you were unable to work for 6 months or a year because of an illness or injury?  Would your business survive?  Could you pay the bills?  Disability insurance may provide you with a little piece of mind in this case.

Disability insurance is designed to replace your income in the event of an accident or illness. Before you disregard the idea, consider the statistics.  According to the Disability Management Sourcebook, severe disabilities have increased 400% over the past 25 years from the age of 17 to 44. Before the age 65, one in seven people will become disabled for five years or more.

How much coverage you should carry will depend on how much you will need.  Carriers do not offer a 100% income coverage options  because they want you to go back to work as quickly as possible.  Therefore, you are more likely to find typical coverage that ranges from 50 to 60% of your gross income. The majority of disability policies cover anywhere from 40% to 80% of your income depending on how much you’re willing to pay.

As you evaluate which disability policy is right for you, look beyond premium price as the only consideration.  Finding the best plan for your small business will require a look at  your specific circumstances and budget.  A little research now will go along way in protecting yourself and your business in the long-term.

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