The likelihood of experiencing a disability at some point in your career is higher than many realize. Having insurance prepares you for this possibility, ensuring that you and your business are protected.
For business owners, disability insurance is not just about personal income protection; it’s about ensuring the continuity and stability of your business. It safeguards your financial future and allows you to focus on running your business.
Here’s why you should have disability insurance:
1. Income Protection
Your business relies on your ability to work. If you become disabled and can’t perform your duties, disability insurance ensures you still receive a portion of your income, helping you maintain your personal financial stability.
2. Business Continuity
Disability insurances can help cover the costs of hiring temporary staff or paying for services that you would normally handle. This ensures your business operations continue smoothly even in your absence.
3. Protecting Personal Savings
Without disability insurance, you might have to dip into your personal savings or retirement funds to cover both personal and business expenses. Insurance helps protect these assets, ensuring they remain intact for their intended purposes.
Eligibility Criteria
- Disability coverage is based on “occupation classes” that categorize jobs based on the risk of disability associated with them. These classes help insurance companies determine the cost and coverage for the insured person.
- Given the nature of your work, if you were to perform 100% office duties you would qualify for class 3A
- If only performing supervisory work, you would be considered class A, and the maximum amount of coverage offered is $5,000. If you have earned at least $65,000 in the last two calendar years and have been in your present occupation for three years, then you would qualify for class 2A.
- If performing 25% or more manual duties, you will be access as a Class B and limited to $4000 maximum coverage offered.