Alberta Life, Disability, and Health Insurance Since 1983

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Edmonton, AB T6H 4R7

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Posted: 1 Jul '21

How Does Disability Insurance Protect My Business?

How Does Disability Insurance Protect My Business?

If you own a business, you're probably the primary employee in the business. As such, you need to take all measures to protect yourself in case of an accident. Disability is rarely the first thought in your mind, but should you become a person with a disability, your business will suffer. Protect yourself, your employees, and your business as whole by getting disability insurance. Call a Vistaplan advisor today to learn more.

Why Do You Need Disability Insurance as A Business Owner?

Disability Affects Your Work-Life for Long Periods

When a disease or an injury strikes, there's no telling how long it can affect you. If an illness or injury causes a disability, you can remain out of work for months, years, or life in critical cases. When you can't work, your business and personal life suffers.

Fortunately, you can find short-term and long-term disability policies to protect you in either case. Short-term disability insurance is for illnesses and injuries that you recover from. Long-term disability insurance covers severe diseases and injuries that last for years.  

Disability insurance provides financial coverage until you find an alternative way to run your business or return on your feet. With the money from the coverage, your business can remain operational. 

Types of Disability Insurance

There are two main types of disability insurance: group, individual, and business overhead insurance. 

A group policy provides cover for several people, such as employees in your business. Usually, enrollment for the cover happens automatically as soon as you add an employee to your workforce. Your employees may pay a part of the premium, or you may sponsor it all. 

An individual policy covers one person and is great for all business owners. Since the cover is only for you, you have to pay the entire premium. You also have to go through the underwriting process to qualify for coverage. 

An individual policy has several advantages for you:

  • Individual policies offer better coverage than group plans. In most cases, group policies provide basic coverage with few options. 
  • Individual plans are excellent for business owners with variable incomes. 

You can also get business overhead expense (BOE) for your business. This insurance covers your payroll, utilities, rent, equipment, and employee benefits, among others. You can get a BOE policy together with your individual and group disability plans from the same insurance provider to access lower costs. 

Get Disability Insurance in Edmonton 

The reality is that you are much more likely to become disabled at work than die, but many overlook a disability policy. Vistaplan helps you access disability insurance to help you keep your business safe. Contact a Vistaplan advisor today for more information. 


About the Author - David Motkoski

David Motkosk At the Helm of Vistaplan Financial Group

David is a well-respected insurance advisor with over 30 years of experience helping healthcare professionals, business owners, and their families secure their financial futures. He takes the time to make certain his clients understand the life, disability, and health insurance products they are purchasing, so they can make the right choices for their budgets, plans, and futures. CONNECT WITH ME ON LINKEDIN

Life & Disability Insurance for Alberta Health Care Professionals, Business Owners, and Their Families Since 1983