Why is disability insurance so important for entrepreneurs and the self-employed?
Not only is it essential for entrepreneurs, but disability insurance is actually even more important if you’re your own boss.
If an employee gets sick or injured and is unable to work, he or she generally has the option to use sick days and vacation time to give them a chance to recover while still earning income. For the self-employed business owner, that usually isn’t the case.
Entrepreneurs simply cannot afford to miss work. For many who are running their own business, being unable to work essentially means shutting down their entire operation, which could mean losing clients, upsetting partners and missing out on valuable time needed to execute pending projects and meet deadlines.
What are the most common causes of disability?
Injuries at work? Freak accidents? It's true,they happen. Butthe truth might surprise you.
* Illnesses like cancer,heart attack or diabetes cause the majority of long-term disabilities.
Back pain,injuries,and arthritis are also significant causes.
* Most are not work-related, and therefore not covered by worker's compensation.
* Lifestyle choices and personal behavior that lead to obesity are becoming major contributing factors.
* Musculoskeletal disorders are the number one cause of disabilities. Examples include: arthritis,back pain,spine/joint disorders,fibromytis,etc.
Disability in America
Disability is already a widespread problem, and the threat is growing at an alarming rate.
* More than 30 million Americans between the ages of 21 and 64 are disabled,according to the most recent U.S. census.
* 2.3 million people filed disability claims with Social Security in 2008.
* 25+ million American lives are restricted by the effects of disability,according to the Centers for Disease control and Prevention.