Disability Insurance for Small Business Owners: Balancing Risk and Protection

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Disability Insurance for Small Business Owners: Balancing Risk and Protection

Disability Insurance for Small Business Owners: Balancing Risk and Protection

Disability insurance can be tricky to navigate, leaving small business owners wondering if they really need this. There are enough things to be preoccupied with as a small business owner. However, there are important risks and protections to explore regarding disability insurance for small business owners. Feel free to ask a Pennsylvania disability lawyer about your legal options.

Do I Need Disability Insurance? 

Many small business owners wonder if they need disability insurance to continue functioning the way they are. When it comes to disability insurance for small business owners who are entrepreneurs or have a few employees, there are important factors to Disability Insurance for Small Business Owners: Balancing Risk and Protectionconsider. Overlooking these factors could lead to potential risks for the business overall.

The costs of disability insurance are one of the most common reasons for avoiding or delaying disability insurance. Small business owners are most often working for themselves rather than under anyone else who can financially support them. While large employers can more easily fund disability insurance, small business owners may struggle more with the added expense.

However, disability insurance may not always be out of reach when it comes to cost. Consulting with a disability insurance agent may help with finding an affordable disability insurance policy that matches the needs of your business. You might be wondering if disability insurance is worth the cost.

To help figure this out, imagining what could happen if you ever became disabled may help. Consider what could change if your disability prevented you from being able to carry on the work needed to maintain your business. Explore options like employees who could keep the business going under your oversight or if you have financial assets to retire early. 

Choosing the Right Disability Insurance 

Choosing the right disability insurance can be challenging when there is a myriad of options. The process of choosing disability insurance for your small business involves several factors to consider. For one, not everyone realizes that federal laws require businesses that have employees to have disability insurance and workers’ compensation. Unemployment benefits are also required.

When choosing insurance, the first step is to assess what types of insurance you need. This means weighing the risks and benefits. Working with a licensed insurance agent whom you feel you can trust can help with finding the disability insurance policies that best fit your business needs.

Compare disability insurance types, policies, prices, and benefits. Do not feel stuck with one policy or one insurance agent. Feel free to look around and make a list of pros and cons for each. Even after you commit to a disability insurance policy, you may not have to stick with this policy if this insurance policy is not working out for you.

Call Edelstein & Nelson Today

Figuring out disability insurance can be confusing at times. Talk to a Pennsylvania group disability insurance lawyer to start figuring out your plan for disability benefits for your small business. Contact Edelstein & Nelson today at (800) 300-0909 for a consultation about your legal options. Our legal team can help you navigate the complex process of finding disability insurance that fits your needs.