Many business owners may be able to opt out of Workmans comp coverage on themselves, and get cheaper and better protection with a Disability Insurance policy, that will cover them for any on or off the job injury or illness.
Workers’ compensation only protects you for on the job injuries, and not for illnesses or injuries that occurred off the job. According to the Council for Disability Awareness, only 5% of disability claims are job-related.
If you are a business owner, you can take advantage of some of these features for Individual Disability insurance (DI):
– Business owners can possible get an Occupation Class upgrade, for cheaper premiums and/or better benefits.
– Depreciation can be added to net income, to increase maximum benefit you qualify for.
– Farmers: can get a higher monthly benefit if you own large herd size/acres farmed.
Give me a call to set up your Disability Insurance plan, and replace your workman’s compensation.