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Why Purchase Business Disability Insurance?
What would happen to your business if you were injured and couldn’t work for six months or even a year or more? Even if you have employees to keep the business running, could your company afford to continue to pay you and potentially someone to replace you while you are not contributing?

What if you are, or you employee a key employee that has special skills or knowledge that your company relies on for its profits and that individual is not able to work for some extended period of time? How would the company afford to hire someone capable of temporarily replacing that individual? Disability insurance is the solution that will replace the injured or ill worker’s income leaving the company free to hire a temporary replacement.

Don’t think it can happen to you?
According to the Disability Management Sourcebook, severe disabilities have increased 400 percent over the past 25 years from the age of 17 to 44. Before the age of 65, one in seven people will become disabled for five years or more. The reality is, you can’t afford to not have disability insurance.

Types of Business Disability Insurance

NYS Statutory Disability Insurance
If you operate a business in New York State, statutory disability insurance is mandated by the State. New York Disability Benefits Law (DBL) is no-fault insurance designed to protect workers injured off the job. Any employee who is working or has worked for a covered employer for at least four consecutive weeks is eligible. Disability benefits are paid either jointly by the employer and the employee (the employee may be required to contribute one-half of 1 percent up to 60 cents of his or her weekly wages) or entirely by the employer.

All insurance companies provide the same core benefit, however they must meet the strict criteria established by DBL: A seven-day waiting period for sickness or accident, 50% of gross weekly earnings to a maximum weekly benefit of $170.00 and a maximum benefit period of 26 weeks. Fewer than 50 employees is known as a community rated plan with different rates for males and females. Over 50 employees is known as experience rated (rates determined by prior year loses) and the rate will be determined by either experience or based on payroll.

Your BHL independent insurance agent can help you find the lowest rates and ensure that your insurance meets all NYS requirements. This coverage which is provided by the Employer, is usually added with a short term or long term disability insurance.

Supplemental Disability Insurance
There are two primary types of business disability insurance: Short-term disability insurance and long-term disability insurance. There are important differences between the two in terms of how much and how long an individual might be paid under certain situations. A BHL specialist can help you understand the differences and ensure that you have the best disability insurance to protect you and your company.

Short-term business disability insurance covers short-term expenses up to 100% of an individual’s income. Short-term disability insurance typically has a minimum of a two-week waiting period and lasts for a period of 13-26 weeks. Just what the name says. Short-term disability insurance. This business disability insurance has at least a two week waiting period and usually has a benefit period of 13-26 weeks. Short-term disability insurance is often offered by an employer to help valued employees to maintain their expenses until they can return to work.

Long-term business disability insurance is designed to provide an individual with income (typically up to 70% of pre-tax income) in the event of a long-term illness or injury. There is also typically a longer waiting period, usually 30-180 days (short-term disability insurance will usually cover this gap). Long-term disability insurance can provide income from five years to as long as retirement age. There are three basic types of long-term disability insurance:
- Own Occupation covers your income from the job or occupation you were engaged in at the time you suffer an injury or sickness even if you take a different job. When you are disabled and receiving a benefit, you are still allowed to work and earn an income in another job long as it’s not your original specialty. Some policies include language that allows specific tasks within an individual’s specialty. This is very important because it allows the choice of going back to work and earning an income without jeopardizing the loss of benefit from the insurance company. An example might be a surgeon that is injured and can’t perform certain types of surgeries but could be paid to perform other allowable surgeries. Properly designed, Own-Occupation disability insurance would continue to consider an individual disabled even if they decided to practice in their profession and earn additional income.
- Regular Occupation covers your income in the job you have at the time of disability. You cannot be forced to take another position, and you get 100% of your income. If it is your choice to work in another position, your benefit will be adjusted accordingly.
- Any occupation only comes into play when you cannot work at any job at all. This type is very strict and doesn't typically come into play until you have been on Regular Occupational disability for at least 5 years.

BHL can walk you through the process and help you understand what types of disability insurance might be right for your circumstances. None of us can predict when we might be injured or become ill enough that we can no longer earn a living, so don’t put off purchasing disability insurance. Make sure your protect your family, assets and lifestyle are secure!

This is a general description of the available coverages and is not a statement of contract. All coverages are subject to policy provisions and applicable endorsements. For more information about recreational vehicle insurance speak to a BHL agent.

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