Sail on insurance

Individual disability insurance is about protecting someone’s earnings in the event

that he fails to perform his duties due to any accident or illness. Even under such

circumstances your job would be protected, you can’t really be certain of what would

happen to your business.

Many of the imminent carriers have come up with beneficial policies designed to

protect your business in the event you become disabled-

Overhead Expense Disability coverage

It reimburses a disabled business owner for all the fixed monthly expenses (both

customary and normal). Overhead expense insurance is aimed at providing financial

assistance in the event the business sustains a significant loss due to the absence

of the owner.

The other major kinds of business disability insurance could be classified as-

Key man disability insurance

It covers for the loss sustained by the business when one of it’s key employees get

disabled. There are quite a few ways that the owner may suffer once one of his key

employees remain absent for a considerable period of time.

•     Loss in terms of managerial skills and expertise.

•     Delay caused to financial transactions following a key man’s disability.

•     Creditors holding back their operations until they are confirmed of the exact measure of the loss.

•     The cost of hiring and the training expenses associated with replacing a key employee of the business.

Business Loan Protection

Banks, credit card companies or other loan providers would often want their business

loans to be protected for such circumstances when the owner gets disabled. Securing

loans is also a common thing for physicians who would purchase a practice or procure

a new equipment while commencing their new practice. In the event of a total

disability, the business loan protection would cover all the loan payments. These

are policies that are aimed at protecting the loan payments for a certain period of

time, mostly the loan period.

So, in case a business owner has the chances of meeting with a disability, he may

choose out of a number of options to cover his business from the inevitable loss.

These policies are often offered to them as subsidiaries to their personal

disability coverage.