If you are self employed a disability can result in a huge loss of income. Government disability benefits are difficult to qualify for and the amount of coverage is usually not sufficient. A personal disability income insurance plan can protect a business owner against loss of income.

An individual disability insurance plan should be considered If your employer does not offer a benefit plan, or if your benefit plan does not include Long Term Disability. Rates are based on age, gender, health status, occupation type, benefit period, benefit amount, etc.

If you have Long Term Disability insurance through your employer, keep in mind that most group plans have a limit on the monthly disability benefit. This maximum usually affects high income earners the most as a smaller percentage of their income is protected. It is possible to purchase an individual plan to reduce this gap.

Business Overhead Expense insurance can help keep a business running in the event of a disability by reimbursing fixed monthly expenses such as employee salaries, rent, etc.