If you are self-employed, you don’t get the same protections that an employee would. For instance, if you get hurt while at work, you don’t get workers compensation or disability insurance unless you carry it yourself. Even if you have medical insurance or other personal insurance, you may not be fully protected if you are unable to work.
What is Disability Insurance?
Disability insurance helps you to recover some or all of your salary after you are injured. Those who have dependants may get a higher monthly payout to help take care of them as well. Your insurance policy may cover you on a temporary basis assuming you can return to work. If not, you could be entitled to benefits for the rest of your life.
How Is This Better Than Your Own Medical Insurance Policy?
Your insurance policy may require you to pay a deductible and co-pays that could cost you hundreds or thousands of dollars. Also, you probably won’t get any coverage for missing work or help to pay bills for your dependents. There may also be restrictions on the type of treatment that you could get or who could see you. A typical health insurance policy may also have limited coverage for long-term recovery costs related to physical therapy and mental health treatment if you are in a severe accident.
Anyone Can Get Hurt
You may think that working as a freelance writer or a day trader would shield you from injury. However, repeated typing could result in carpal tunnel syndrome or wrist strains. If you don’t sit properly, it could also cause back or neck strains. You could also get hurt tripping over a box in your living room or on a slippery driveway. Although walking to get a package isn’t a work activity, you could be eligible for disability benefits if that package had work materials in it and you were hurt while retrieving it.
If you are self-employed, the best thing that you can do for yourself is to get insurance. Should you ever get hurt, you could be entitled to thousands of dollars per month with disability insurance – money that will help you stay financially afloat until you get better. Without this coverage, you could be forced to turn to credit cards or drain your savings to make ends meet. Fortunately, coverage is relatively easy to obtain and is affordable for most self-employed individuals. Contact Herndon Carr & Company for more information and to find the best insurance to suit your needs.
10501 Six Mile Cypress Pky #101
Fort Myers, FL 33966