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Attention Business Owners – Is Your Income Protected?

Does your business need Workers Compensation Insurance or Disability Insurance?

One of the most important things you can do as a busienss owner is to make sure your income is protected.

Two workers comp questions I hear all of the time are:

  1. I do not have employees, so I do not need workers compensation, right?
  2. As the owner, do I have to pay for workers compensation for myself?

First, just because there is not a law requiring you to get a coverage, does not mean that you still can not purchase it.  Or mean that you do not need the coverage.

And as an owner or officer of a business that has employees, you can opt to exclude yourself form the workers compensation coverage.

In either case above, you need to ask yourself if the cost savings is worth the risk of not having the coverage.

So, you are a sole proprietor contractor, everyday you go to a job to make the money to pay your mortgage, vehicles, food, etc.

What happens to all of that if you are hurt on the job and can not work for 6 or 8 weeks?

If you have medical insurance, that should cover your medical bills, subject to your deductible and co-pays.

  • But what is going to replace the loss of income?
  • Do you have enough money in savings to cover this?
  • What if you were out of work for longer?

You might say that you will get disability benefits from the state or SSI?  Possibly, but it is usually a very long time before this gets approved.  And it is not guaranteed that the benefits will be approved.

So, what are your options to make sure your income is protected?

  1. You can purchase workers compensation coverage to cover yourself for your medical bills and loss wages if it is a work-related injury.
  2. You can purchase a disability income insurance policy. This will provide coverage if you are disabled due to a work or non-work-related injury.

A disability policy is a better option because the coverage is broader.  This way if you get hurt playing a Friday night softball game, you’ll have coverage.

Think about what the impact to your family and your situation would be if you were out of work for 6 weeks or longer.

How would this affect the necessities of life like food and shelter, but also affect your ability to go on vacation or for the kids to participate in extra-curricular activities?

To find out more about the options available to you then please give our office a call.

For more information on disability insurance please see our blog ….

What Is Disability Insurance And Do You Need It?


Still not sure if you want workers comp or disability insurance?  Contact one of our experienced team members at Huff Insurance.  Our team will be happy to work with you.  Give us a call at 410-647-1111.

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