If you’re a business owner, you’re probably familiar with your responsibilities to your workers if they get injured during a workplace accident. From filing Worker’s Compensation claims to ensuring that your employees stay safe, preventing unnecessary injuries should be high on your to-do list.
While your concern for your employees is critical, you should also consider your own personal disability insurance plan. If you’re not sure whether this type of insurance is for you, ask yourself these questions.
Is Your Job Hazardous?
Why should a person purchase disability insurance? This type of insurance helps you recover financially after an illness or accident, so it’s a smart move for business owners with hazardous jobs. For example, if you run a construction company, you probably spend a lot of time around heavy machinery, falling objects, and dangerous materials such as concrete and epoxy. Because your chances of getting in an accident are higher, investing in disability insurance is a good plan.
Do You Want to Adjust Your Coverage?
As a business owner, your role at your company may change, and you may start offering new products. If your risk of long- or short-term disabilities increases, you can always apply for more coverage through a future increase rider. Depending on your insurance provider, you become eligible for future increase riders once your group disability insurance plan ends or your business’s profits go up. That way, you’re not stuck with the same plan for your whole life.
Is Your Company New or Small?
If you’re in your business’s early days, your company may go bankrupt after your accident. This is especially true if you’ve invested a lot of your money into your company. Purchasing personal disability insurance gives you a backup plan to hire a new acting director or keep up with supply costs while you’re unable to work.
Do You Have Room in Your Budget?
Unlike car insurance, disability insurance is not mandatory, so if you’re low on cash, you may need to save for a while before taking out a policy. Remember, this coverage is an investment in your financial future, so as soon as you have enough money, apply for a plan.
If you want to get lower premiums than your insurance agent offers initially, ask about graded premium plans. These plans have low premiums in the first years when you’re less likely to file claims, and the premiums and benefits increase as you get older. Some companies also offer discounts if you select an annual premium payment schedule instead of a monthly one. Finally, if you’re a woman, talk to your agent about unisex coverage; personal disability insurance plans charge women higher premiums than men because they’re more likely to need disability assistance.
About Haughn & Associates
Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.
