The One Thing You Need To Understand

Small business owners have multiple needs when it comes to disability insurance. There is one thing you need to understand: once you do, you will not make a poor decision.

The odds are good that you are familiar with the price of success you paid to get to where you are today. If you are the rainmaker for your business, your business relies on your ability to go to work every day. Your family relies on your ability to go to work every day. While many companies offer disability insurance to business owners, one specific aspect of a policy is vital... the recovery benefit.

If you had been disabled for a year and then one day magically recovered, how long would it take for your business to get back to where it was before you were disabled? It took a long time for you to build the company the first time, but it may take equally long for you to do it the second time.

The "Loss of Time or Duties" Trap

The Provider Choice disability insurance policy does not have a "Loss of Time or Duties" requirement to pay benefits in their Enhanced Partial Disability Benefit Rider. As long as you suffer a qualifying sickness or injury that is solely responsible for a 15% or more loss of income, a partial benefit may be paid. This means they could pay partial benefits until you financially recover up to the policy's benefit period. Many of our competitors require a loss of time or duties to pay benefits, so as soon as you recover from a sickness or injury physically with the competition, your claim could be over.

You paid the price for success one time already, and you know how long it took to get to where you are now; why would you ever buy disability insurance from another company that could cut off your benefits as soon as you physically recovered when it may be years until you financially recover?

The Risks of a Disability Are Real

Hopefully, by now, you no longer believe yourself to be invincible. Disability insurance statistics show the risks are real when 1 in 4 will become disabled during their working years. Many people have different visions that come into their heads when they think about what could disable them, but the reality is that 90% of claims are illness-related, with only 10% coming from an accident. If somebody does have a long-term claim, the average duration of a claim is 2.5 years.¹

The Multiple Needs of a Small Business Owner

You now understand the importance of having a personal policy without a "Time or Duties" requirement because of the message at the top of this page. That is vital for your individual income protection via a Guardian policy. Here is a list of the other areas that can be addressed to help protect your business in the event of an unexpected illness or accident for you or a key employee.

• Individual Disability Insurance
   
• Cover The Overhead Expenses to Keep Your Business Running
   
• Cover Fixed Term Financial Obligations or Business Loans
   
• Fund the Purchase of a Disabled Owners Interest in a Business