Working as a contractor is not the safest occupation (but it can be one of the most rewarding). There are very few jobs left where someone can work with their hands and see the fruits of their labor. As liberating as that may seem we also understand the dangers associated with being a contractor (the guy working in a cubicle probably isn’t facing the same level of risk as one of your co-workers who spends all day working hand in hand with his table saw). And sometimes that danger can change the lives of those you know (perhaps even your own life). No one wants to see a contractor go down, but it does happen from time to time, and when it does you will want to be prepared. Contractors disability insurance will protect you when the worst strikes (and when no other policy will cover your expenses). Listed below is the definition of disability insurance as well as who needs it and why.
The Definition of Disability Insurance and How it Could Save You
Disability insurance is designed to protect those who work for you (and you) from a disease or injury that prevents you from returning to work. While most people envision these traumatic events to be sudden, most disability claims happen as a result of something that develops over time (such as cancer or heart disease). With disability insurance your injured employee will have up to 80 percent of their salary covered until they can return to work (or until they reach retirement age). You do not have to be permanently disabled to make a claim, although there is disability insurance for long term disability as well.
Long term disability insurance is a useful policy to have in high-risk industries (because a lot can go wrong) but it is also one of the most expensive policies. With minimum coverage starting at around $2 million dollars this policy may be out of the price range of some of our clients. But, then again, not everyone needs long term disability insurance. Different contractors will have different needs and it is important that providers are flexible enough to provide the coverage that that client needs (no more and no less).
If you have any further questions about the definition of disability insurance or disability insurance in general please feel free to give us a call at 1-800-649-9094. We look forward to hearing from you!