Working as a contractor you probably have seen your fair share of danger regardless of whether you are a general contractor, building contractor, carpenter or electrician. Danger could come from the machine you are operating, the height from which you are working or the environment that surrounds you. And when danger strikes the results can be disastrous; the most extreme of which can result in disability, even death. In the event of either occurrence you will want a way to continue providing for your family. We offer two such policies that are designed to ease the transition for you and your family and have listed them below. You deserve the peace of mind that if anything goes wrong there will be some sort of support system to fall back on.
Contractors Disability Insurance
Contractors disability insurance will replace a portion of your income should an event occur that results in you becoming disabled and unable to work. Group plans will cover approximately 60 percent of your salary. That percentage can be increased to 70 to 80 percent if you get a supplemental plan or an individual disability insurance policy. The duration of disability insurance benefits will depend on the policy you or your company purchase. Most policies will last for a set number of years (typically until retirement). Long enough to keep you and your family on your feet and so that you may save some money for retirement.
Workers Compensation Insurance
Workers compensation is required in most states by law. It is designed to cover employees who have been injured either on the job or as a result of repetitive action through work. The policy will also cover medical fees and replace up to two-thirds of the injured employees income in order to help them through this trying time. And, in the event of death, workers compensation the workers dependents will receive a weekly stipend equal to two-thirds of the deceased weekly wage.
Together, workers compensation and disability insurance can give you the peace of mind you need in the event of a tragedy. If you have any further questions please feel free to give us a call at 1-800-649-9094.