Short term disability insurance for Small businesses

Message Author
ampm-bookmark
delicious-small Add to delicious
yahoomyweb-small Add to YahooMyWeb
blinklist-small Add to BlinkList
PostPosted: Wed Sep 08, 2010 7:45 am   Post subject: Short term disability insurance for Small businesses  

I've seen some business people applying for disability insurance. I own a small business. Would it be right for me to apply for a short term disability insurance policy?


_________________
Register Now to have your Insurance queries solved.
Plasticmind
Guest







PostPosted: Thu Sep 09, 2010 3:38 am   Post subject:   

Probably wise to find both short and long term coverage. If you were out for a period of time, how would the business remain in business? What would happen to your own finances? If they wouldn't be covered, you probably need disability insurance.

BNTRS
Senior member
Leave a quick message



Joined: 05 Nov 2009
Posts: 848


15.71 Dollars($)

PostPosted: Thu Sep 09, 2010 10:10 am   Post subject:   

Yes, it would certainly be wise for you to cover any income that you may lose when your govt. plans are not sufficient to protect your interests. You'll find a nice option in your short term disability insurance. It will certainly protect your employees in the future.

Juanita
Moderator
Leave a quick message

Juanita

Joined: 04 May 2007
Posts: 737

Location: Idaho
137.60 Dollars($)

PostPosted: Fri Sep 10, 2010 8:52 am   Post subject:   

You'll need to pick the right kinda plan for your business. Different types of policies have been designed to cover a variety of income levels, ages or work patterns. While your younger employees will apply for maternity leaves, the older ones will prove more expensive for you.

steven
Senior member
Leave a quick message

steven

Joined: 02 Feb 2006
Posts: 1546


215.91 Dollars($)

PostPosted: Sat Sep 11, 2010 9:06 am   Post subject:   

It's truly important for you to figure out the normal living cost of your employees. Only then you may consider a possible living cost adjustment that enables your plan to cover your future needs. You should be realistic regarding the financial strength of your company when it comes to meeting insurance premiums.



_________________

AmPmInsure Blog
sil
Community Writer
Leave a quick message



Joined: 30 Sep 2005
Posts: 483


89.49 Dollars($)

PostPosted: Mon Sep 13, 2010 3:19 pm   Post subject:   

Quote:
it would certainly be wise for you to cover any income that you may lose when your govt. plans are not sufficient to protect your interests.




Self-employed business owners have no government plans to protect their interests, let alone any that are sufficient.



The OPs post was not about providing for his employees, it was about personal protection. BNTRS was on target when he wrote about the need for both short and long term disability coverages.



Optionally, he could apply for Workers' Compensation for himself, but this is generally considered a money-losing proposition. Social Security Disability is also a possibility, but it has nothing to do protecting one's interest in their business. And as hard as it is to qualify for, one would find a personal disability policy far more beneficial, if not less expensive, since the SS contribution for a self-employed person is 12.4% (plus 2.9% for Medicare, 15.3% total) of net income and the maximum benefit is only about $2000 per month.



By contrast, a long term disability benefit could be less than $2.00 per month per $1,000 of benefit, with an upper limit of as much as 60% or 70% of pretax income.


_________________

CA-licensed Life & Disability Analyst. CA Insurance Lic #0596197. Also investigating insurance company abuses, and providing litigation support/expert witness services. Send me your questions, and I'll send you my answers.
MaxHerr
Forum Expert
Leave a quick message

MaxHerr
Forum Expert

Joined: 29 Nov 2009
Posts: 7888

Location: Pomona CA
107.52 Dollars($)

PostPosted: Tue Sep 28, 2010 8:37 am   Post subject:   

When running a business the thought of bearing loss is always there in your mind and reason is not having insurance policy which will cover your loss when you need it. Public Insurance Adjuster will help you to get best insurance policy so that you can run your business without any fear.

davidlee
New member
Leave a quick message



Joined: 28 Sep 2010
Posts: 1


1.17 Dollars($)

PostPosted: Wed Sep 29, 2010 7:25 pm   Post subject:   

Shameless violation of the TOU. And besides, adjusters don't get anyone an insurance policy, agents and brokers do.



_________________

CA-licensed Life & Disability Analyst. CA Insurance Lic #0596197. Also investigating insurance company abuses, and providing litigation support/expert witness services. Send me your questions, and I'll send you my answers.
MaxHerr
Forum Expert
Leave a quick message

MaxHerr
Forum Expert

Joined: 29 Nov 2009
Posts: 7888

Location: Pomona CA
107.52 Dollars($)

PostPosted: Tue Oct 19, 2010 12:20 pm   Post subject:   

Hi



when your income resources are not enough to cover up lost income, it is wise to buy short term disability insurance for your business. If we take this insurance the organization and employees will be protected in future.



(Promotional link removed as per forums TOU)

Hadden
New member
Leave a quick message



Joined: 19 Oct 2010
Posts: 1


1.16 Dollars($)

Quick Reply
Your Name
Subject
Message body
All times are GMT
Page 1 of 1


Get a Quote
Ask Community Experts

flash plugin

Quick Links

Must See

Community

Hot topics in forums

Latest in blogs

    Connection Error: Connection refused