5 Reasons Why Your Small Business Needs Disability Insurance
Small business owners underestimate the chances of becoming disabled.
Unfortunately, the chances of having a disability are higher than you might think. According to Statistics Canada, about 3.8 million people, or 13.7% of Canadians aged 15 and older, reported being limited in their daily activities because of a disability. A disability can happen to a small business owner at any time and anywhere. A car accident, a fall, a heart attack, or illness can happen at any point. Small business owners put a lot on the line. Protecting you and your small business makes sense.
Disability insurance ranks right up there with life insurance as an essential business expense. Here are 5 reasons why you should consider disability insurance for your small business.
Are you the head of the household? What would happen if your family can no longer rely on your salary? It is important to consider if you and your family can continue the same quality of life.
Mortgage, car payments, or student debt obligations are only a few of the personal debts that you may have. Disability insurance may be the only the only thing protecting you from delinquency or foreclosure should you not be able to pay your debt due to a disability or illness.
- Emergency Funds
Do you have an emergency fund? What would you do if you had a face a short-term disability? What about a long-term disability? This is not only important for you, and your family but also for your small business. You could face an immediate financial crisis if you were unable to run your business for a period of time.
- High-risk profession
Do you run a high-risk small business? Do you run a business in construction? People in risky or stressful professions face a much higher chance of disability than those in safer professions. These professions can lead you to become disabled or ill due to stress and strain on your body, may not be necessarily due to an accident.
- Predisposed Condition
You don’t have control over a condition that you have genetically inherited, but you can protect yourself and your small business since you may be at greater risk. If you know for sure that there is a high chance you will become disabled and unable to work, buying disability insurance is the best method to secure you and the future of business.
Smart business owners realize the importance of securing their valuable assets. Accidents and illness can happen to anyone at any time, as a small business owner you do not want the risk of losing everything due to lack of protection.
Disability Insurance is the only solutions for business owners. While most people understand the significance of having life insurance, as a business owner, insurance against accident or disease that protects you while working and running your business is even more important. Disability insurance offers financial security that would allow you to take care of the bills and take care of your family, as a business owner, it would also help keep your business afloat during a difficult time.
If you’d like to receive an assessment on your particular needs and learn about how disability insurance can protect your small business, don’t hesitate to contact me. I am here to help you protect your small business.