CONSTRUCTION CONTRACTOR DISABILITY
PROTECT YOUR FUTURE WITH A DISABILITY POLICY
WHAT IS DISABILITY INSURANCE
Disability Insurance can help you and your employees during the hardest of times. If you or your covered employee(s) become injured or ill, Disability Insurance will pay a portion of your wages as a salary during the rehabilitation period and until you are declared fit to work again.
WHY YOU NEED DISABILITY INSURANCE
If you are a craftsman or handyman that relies on your skills and physical labor for work, you know the risk of getting hurt on the job. Unfortunately, accidents in the workplace happen and sometimes they may keep you out of work and without pay for a long period of time. Disability Insurance will partially or fully cover the expenses of the recovery process from surgery to rehab depending on the plan that you purchase. Depending on the extent of your injuries you may prefer a short-term or long-term policy for your Disability Insurance. ISOM Brokerage will help you find the best possible policy to ensure that all of your needs are met and the road to recovery is as smooth as possible.
As a construction contractor, you work with homeowners and business owners throughout your local area to help them realize their dreams. In exchange, you earn a good living. Your annual salary probably falls somewhere between $30,000 and $120,000, income that you use to pay for your family’s financial obligations – mortgage payments, car loan payments, education costs and the like. But what will you do if you are injured and unable to work? What happens to your financial obligations if your income dries up for several weeks or even months?
Construction contractor disability insurance is designed to protect you in these circumstances. It will replace a portion of your income if you’re unable to keep earning it yourself and give you the financial stability through unfortunate times.
WHAT CONTRACTORS DISABILITY INSURANCE DOES
Disability insurance is designed to replace a portion of your income should you become disabled and are no longer able to work. Employers typically offer group plans that will replace up to 60 percent of your salary in the event of a disability. There are also common supplemental plans and individual disability insurance policies that can cover as much as 70 to 80 percent of your income.
Disability insurance benefits for contractors are slated to last for a set number of years, or until the insured person reaches retirement age. Benefits generally stop around retirement age, based on the notion that once you retire, you will no longer be dependent on your work-related income.
If the premium for contractor disability insurance is paid out-of-pocket by an individual, then benefits are tax-free. This would mean that the employer does not cover the premium costs.
WHY CHOOSE CONSTRUCTION CONTRACTOR DISABILITY INSURANCE
WHY CHOOSE CONSTRUCTION CONTRACTOR DISABILITY INSURANCE
A worker’s compensation will protect you only if you’re injured on the job, but not outside of it. You may think that your health insurance or auto insurance will protect you, but they will only provide limited coverage and won’t give you any coverage for lost income.
So if something happens that would prevent you from working for a certain period of time, you would be left with little to no protection. During this time, medical bills and regular costs will keep piling up and your obligations will go unmet, so once you’ve recovered you’ll be left with a huge debt. This can be prevented through construction contractor disability insurance. The insurance policy can help you cover the costs, which will let you focus your recovery instead of worrying about how much debt you will accumulate during your absence of work.
You need to choose the right construction contractor’s disability insurance policy. They’re not all the same, and choosing your path forward requires that you make a detailed comparison between insurers, insurance policies, rates, coverage areas and more.
Our expertise in the disability insurance field is invaluable. We’ve spent years working with professionals in your situation to ensure that they can find the ideal protection for their needs, budget, and plans and we can do the same for you. When you turn to us for help with construction contractor disability insurance, we go to work on your behalf immediately to make sure you find the coverage you need. With us, you can:
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Be able to review rates from some of the leading providers of individual disability insurance.
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Get quotes from all major insurers in the US that currently offer insurance products in your specific geographic area.
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Learn more about your options when it comes to construction contractor disability insurance and how it can benefit you in the event that you’re injured and unable to work.
DIFFERENT TYPES OF DISABILITY INSURANCE AVAILABLE
TOTAL DISABILITY COVERAGE
Total Disability Coverage will provide you with a pre-selected percentage of your income if you become too ill or injured to perform the job you had, or to work at any job.
PRESUMPTIVE DISABILITY COVERAGE
Presumptive Disability Coverage will take care of your expenses even though the extent of the injuries or illness may be permanent and force you to retire from your career.
PARTIAL DISABILITY COVERAGE
Partial Disability is when you are still able to work but as a result of your injuries or illness you have loss of hours or are offered a less profitable position. Your Disability Insurance will cover the amount of wages that you have lost or even the total amount of wages earned in the month depending on your condition and medical history. Proof of Doctor visits are required to continue with this type of Coverage.
WHAT ARE LONG TERM DISABILITY INSURANCE POLICIES?
After sick leave and short term disability coverage have been exhausted, long term disability insurance policies take effect. A typical long term disability insurance policy covers about 60 percent of an employee’s pay. Long term disability coverage can last for anywhere between one year and the rest of the individual’s life.
The availability of long term disability insurance policies for contractors can vary to a great extent. Though there are plenty of top-notch policies that pay great benefits when employees need them, there are a number of long term disability insurance policies that are tainted with hidden loopholes. To ensure the best coverage possible, it’s important that an individual seek out the best possible plan for their own needs and not just choose the least expensive policy.
Though long term disability insurance is usually considered protection from a serious illness or injury, plenty of claims come from common, trivial misfortunes that worsen over time. That being said, a short term liability insurance policy is not enough.
WHAT ARE SHORT TERM DISABILITY INSURANCE POLICIES?
Long term disability insurance policies are the means by which you can help your employees financially sustain themselves if a disability prevents them from working. Providing long term disability insurance packages for your employees is not mandatory for every contractor, but that doesn’t mean you shouldn’t offer them. It’s been proven that when employers don’t provide long term disability insurance policies for their employees, a higher percentage of employees opt out of voluntary insurance plans.
This leaves workers vulnerable to financial devastation in the event that they fall victim to long-term illnesses or injuries.
Another reason to offer long term disability insurance is that it provides a great benefit to the employer. Full benefits packages are important to employees who are deciding to either stay with one employer or move to another. Including long term disability in your company’s benefits package is a great way to make sure employees stay with you.
WHAT ARE SHORT TERM DISABILITY INSURANCE POLICIES?
Short term disability insurance is coverage that goes into effect as soon as an employee is rendered unable to work due to complications such as illness, injury or birth of a child. This type of insurance covers time periods ranging from a few days to one year. After short term disability insurance coverage ends, long term disability insurance may begin.
The majority of the conditions that prompt short term disability support, such as strains and mild illnesses, are quickly resolved, allowing an employee to return to work before their benefits are entirely used up.
It is important to note that disability insurance covers illnesses and injuries that do not occur at work. Workers’ compensation insurance covers on-the-job accidents.
What Do Short Term Disability Insurance Policies Entail?
Short term disability insurance policies offer employees a specified percentage of their pre-disability salary during the time they’re unable to work. This percentage varies from plan to plan, but it is typically, though not always, somewhere around 60 percent. Coverage from short term disability insurance policies kicks in once sick leave is exhausted.
Usually, the amount of time for which an employee is eligible for short term disability insurance is based on how long they have worked at the company. In other words, if an employee has been working for a company for a long time, they will likely have more short term disability coverage time than a recent hire.
