What should I consider when purchasing a disability policy as a self-employed business owner?
The coverage you consider necessary to maintain your lifestyle in the event of a disabling condition that prevents you from working is key. Other factors include an understanding of the claims process. Consider whether you will have to prove your earnings or income before becoming disabled. This could be important to discuss with your accountant so that you do not structure your finances in a way that makes it impossible for you to qualify for disability benefits. A qualified insurance agent should take all necessary factors into consideration when proposing coverage options, so ask them to do that.
Was your question answered? Yes
Other Similar Questions
What other types of business insurance may be denied and require legal assistance?
What expenses should business overhead insurance cover in the event of a disability?
Why is the payment of business overhead expense policy so crucial to the survival of my business?
Ask Share Lawyers
This searchable database contains information about disability, critical illness and life insurance claims, and what you can do if you are denied or cut
off of your benefits. It is a collection of the most common questions we receive from our clients. General answers have been provided by our lawyers.