The main purpose of business disability insurance is to to replace an employer and employee's income should they be unable to work as a result of either an accident or a sickness. In fact, People tend not to spend a lot of time thinking about the financial devastation that could result from a disabling injury or sickness therefore if disability strikes, the balance between personal earnings and expenses suddenly is upset, and the threat of financial disaster can quickly become a reality.
(Written By Kyle J. Norton)
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Disability Insurance and Loss of Income
By Lance Winslow
If you run a small business you know that if something happens to you and you cannot work, you are history. Temporary Disability Insurance for your small business is a must. Often you do not even have a choice. You must buy it and if you do not then chances are the bank will not give you a loan to start your small business, reject your business plan or decide not to give you the money you need to expand.
Indeed, banks have check box forms they fill out to CYA themselves and prevent loan defaults. Disability Insurance and Loss of Income Insurance is a box on those forms. Even still, if you do not borrow money from a bank and use personal savings, you could lose your entire business or savings if you are injured or hurt and cannot work.
What if you need major medical treatment and it drains your bank account and you are out of work for a month? What about six months? Can your business survive without you? Chances are that it couldn't, as much as we might wish to think otherwise.
It is for all these reasons that when I found myself needing disability insurance, I consulted an expert on insurance to walk me through it all and explain to me what was covered and what is not covered. It pays to ask questions and listen to the experts.
I certainly hope this article is of interest and that is has propelled thought. The goal is simple; to help you in your quest to be the best in 2007. I thank you for reading my many articles on diverse subjects, which interest you.
"Lance Winslow" - Online Think Tank forum board. If you have innovative thoughts and unique perspectives, come think with Lance; www.WorldThinkTank.net/. Lance is an online writer in retirement.
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