Business disability insurance—also known as business overhead expense insurance or business disability overhead insurance—is a type of coverage designed to protect small business owners and their employees. Unlike personal disability insurance, which provides income replacement for an individual, disability insurance for New Jersey businesses is tailored specifically to the needs of the company.
Working with an experienced insurance agent can be an invaluable resource for finding the right business disability insurance plan for your needs. The professionals at Leonard Financial Solutions can provide insight and guidance throughout the process, advise you on important features, and make sure you’re getting the best coverage possible.
How Does Disability Insurance for New Jersey Businesses Work?
You might need coverage as a business owner, for employees, or both. Here’s a brief overview of both options.
Business Disability Insurance
Disability insurance is an important risk management tool that all businesses should consider when looking for adequate coverage. If the business owner becomes disabled and cannot work, the company could suffer financial hardship or even face closure due to the inability to meet ongoing expenses. By providing coverage for critical overhead costs, business disability insurance helps maintain the continuity of the business and protects against potential financial losses during the owner's disability period. It also provides the necessary funds to pay for medical costs, lost wages, and any other economic losses associated with a disability. Each plan is customized to address specific individual business needs and budgets.
Multi-Life Guaranteed Standard Issue
This insurance provides business owners with an easy way to protect multiple employees from financial hardships in the event of a disability and a cost-effective and practical method to secure peace of mind for business owners and their employees. The scope of this policy offers guaranteed acceptance to eligible applicants and can be used to provide coverage to five or more people, making it an ideal solution for businesses with multiple employees.