Covid-19 has the nation implementing quarantines and lockdowns. Many business operations were forced to lockdown and figure out alternative ways to keep their lights on. Because of such changes in the way Americans typically go to work, many have lost their jobs. Acts of mother nature are unpredictable and impossible to sometimes expect and plan for therefore, it is important that you and your small business are insured.
Group disability insurance policies for your small business still operate if something like a pandemic and lockdown once again threatens our way of life and how we typically conduct business. As a small business-owner you can also provide Insurance coverage that can extend to your employees.
Choosing the right insurance provider is key. Insurance benefits depend on the insurance provider and the chosen policy. When choosing your business insurance policy read the policy carefully to make sure the disability insurance benefits can cover your business’s expenses. For Example:
• Business loans
• Employee compensation such as salaries and commissions.
When choosing to provide disability insurance to your workers there are many factors for example with pre-existing health and mental conditions that can affect what you can and cannot offer to your employees. Insurance policies protect unexpected situations like those mentioned.
When a business makes the smart decision to offer disability insurance for its’ workers; a small business owner should consider the type of insurance policy chosen.
There are typically two variations for disability insurance. Short-term and long-term disability insurance. Basically, the main difference separating the two policies is the benefit period. For example:
• Short-term disability policies can last up to six (6) months.
• Long-term disability policies can last up to five (5) years and in some occasions depending on the policy chosen up to retirement term.
Understanding your disability insurance policy and its policy definitions for yourself, your business and its’ employees is key to better understand the types of benefits you and your employees will get under a variety of different health and mental conditions both existing and non- existing.
Policy definitions to understand:
• Lock-in periods
• Guaranteed renewal
• Policy premiums
• Job performance
This author recommends the following to all business owners.
Insurance providers, like Abbot Benefits Group, can help you identify the right type of insurance for your company requirements. If you want to know how to determine whether a particular disability insurance policy is appropriate for your needs, take note of the enumerated points above.
If you need assistance on what life and disability insurance policy to get for your small and medium company, send us a message today. We are an insurance brokerage firm in Tomball, and we can help you find the appropriate and most beneficial policy for your company. We have been protecting businesses and employees since 1982. Connect with us to learn how we can help you. Contact us today! https://abbotbenefits.com/ Phone: 281.374.7577