Disability Insurance Options For Small Business Owners

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What are Disability Insurance Options For Small Business Owners?

Those who are self-employed or own small businesses are at particular risk of losing substantial income if they become disabled or fall ill. Fortunately, there are special disability insurance policies that deal with these setbacks. The most popular kinds of business insurance protection policies include the following options - which may be built into certain policies or available as an option with others:

Disability Buy-Out

This option is available when a small business is co-owned by two active owners and one of them becomes disabled. Basically, it allows the disabled co-owner to sell his share in the business to the other co-owner for a reasonable amount.

Business Overhead Expense (BUE)

This option pays the fixed business bills (rent, taxes, utilities, malpractice insurance, staff salaries, etc.) in the event of your disability.

Key Person Insurance Coverage

This option provides reimbursement for the financial loss of a key employee due to sickness or accident.

Recovery Benefits

This option supplements your income after returning to work full-time for the percentage lost during the period spent reestablishing a customer base.

I Am A Small Business Owner - Should I Consult With An Attorney About Disability Insurance Options?

An attorney experienced in commercial insurance can research the different contract features and options available to protect your livelihood in the event that you become disabled. If you are unable to afford an attorney's services, you may request that the attorney takes your case on a contingency fee basis.

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Last Modified: 10-19-2011 04:04 PM PDT

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