Americans are six times more likely to be unable to work for an extended period of time than to be killed by accident during their working years. This risk should not be avoided!
If you are an employee of a company that provides worker’s compensation, then your employer is most likely required (depending on your company’s state of domicile and where you physically work) to cover you for on the job injuries, illness, and death. Coverage limitations can be financially crippling, if you are a high wage earner.
However, if you are self-employed, and can’t or won’t cover yourself on worker’s compensation and employer’s liability, then you may want to consider “covering your income” on an insurance product like Disability Insurance. Also to be considered, is that worker’s compensation only covers employees or owners (if “included”) while in the scope of employment. Disability Insurance tends to be 24/7 365 coverage.
Every company’s product is unique, but consider these cases:
- A top brain surgeon takes a tennis all in the eye socket and loses 50% of his sight in that eye, decreasing her depth perception to the point that she can no longer practice.
- Russell Wilson trips over an extension cord at the Grammy’s in which Ciara won yet another award and experiences a compound fractures of his throwing forearm bones, ending his NFL career.
- A private RN suffers a minor stroke, however he has to surrender his license until he can re-test to be allowed to practice medicine again.
- A registered investment advisor loves to ride his street bicycle, but is ran off of the road at a high rate of speed by a drivers who seems to have been tex
ting or otherwise disengaged and she loses her short-memory due to having a traumatic brain injury.
If appropriate disability insurance was in place any of these specialists, they could either be retrained to service their clients/patients/customers in other ways. However, if coverage is endorsed properly, and if they are unable to perform their “own occupation” then their income can continue after a short waiting period.
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