Even with employees, small business owner can be seen as first person operation. No matter how much money you pay for managing items, marketing, or creating items for your small business, no one will be invested in your success and revenue generation.
You can no longer contribute to the success of your business if you become sick, injured or you can not work due to medical reasons. You can no longer motivate or exceed employees, and it may not be physically possible to devote the time you need to the business. This will not only reduce your overall income but also mean your company will be unable to pay you any more. This is the reason why all small business owner has to invest in short term and long term disability insurance.
Depending on social security
Disability benefits for social security can no longer work, and many people will naturally receive it if it is not possible to earn salaries for small businesses, but this is not common. Obviously it is difficult to have social security administrative (SSA) approve applications for disability benefits. Also, if you rely solely on social security, the definition of disability, waiting period, and benefit limit apply.
As an owner of a small business, you can enjoy the risk of acceptance of all entrepreneurs. Your drive can contribute directly to the amount of income you can earn from your business. It is not an acceptable risk to accept the risk of social security taking care of you and to limit income of your disability to social security level and if you have your own disability insurance you will get real income It is not something to reflect either.
Benefits of disability insurance
One of the most important advantages of having a disability insurance card as an owner of a small business is that you can purchase a policy with a loosely defined disability than the SSA allows. SSA considers individuals to be disabled when they can not fulfill their duties. With your personal disability insurance policies you can choose the definition of a fault that reflects only the ability to do the work of the current occupation.
Furthermore, SSA does not cover short-term obstacles. In order to qualify for benefits, your obstacle will last at least 1 year or be expected to die.
Another concern when you rely on social security is not only to wait for the application to be approved but also to go through the waiting period of SSA for five months when benefits payment begins. When buying your own disability insurance you can decide how much waiting time you are taking. The longer your waiting period, the lower the premium as a long wait period will reduce the total amount the disability insurance should pay.
Inflation may be contrary to the value of your disability insurance payment. Adjustment of living expenses (COLA) added to your disability insurance coordination benefits each year to catch up with inflation.
Also, when purchasing a disability insurance, you can also judge your limit. You may not be able to get a full income from an insurance company, but you can exchange up to 80% of your income. The closer your salary is to your actual income, the higher the premium will be.
Another advantage that you can add to disability insurance is to guarantee the benefits of insurance benefits. This allows you to add additional insurance amounts without continuing underwriting. This is because the ongoing guarantee of insurance money is guaranteed. In other words, as your small business earnings rise, you can reflect that growth through your disability insurance policy without worrying about how your health and age will affect your fee.
If you are a small business owner and are ready to consider long and short fault options, please call. Together we can develop policies for limits, benefits and waiting periods and disability insurance to suit your budget and your idea.
EmoticonEmoticon