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If you own a business in Evergreen Park, IL, one of the essential insurance coverages you need to get is disability insurance. This policy pays part or all of the employee’s salary if the employee has become disabled or isn’t capable of doing their job after work-related injuries or illnesses.
In most cases, disabilities come from on the job injuries or accidents, including other debilitating illnesses like a heart attack or cancer. The coverage can pay disabled workers the income they lose as they recover from an injury or disease. At Martin Insurance Team, we can provide disability insurance designed to suit your business needs.
Reasons to get a disability insurance plan
Unlike the social security disability that protects employees after attaining a certain age and restricted at a maximum monthly payout no matter what the worker’s income was, a private disability insurance covers approximately 70% of an employee’s salary at any age in case a disability arises.
This coverage can cover workers through their companies, but most employees have limited coverage or no coverage at all. Such people can get private disability insurance in order to protect their earnings and provide for the family should an illness or an injury occur at work and prevent them from working.
Types of disability insurance
Private disability is a type of disability insurance that comes in the form of a long-term or short-term disability insurance package. A short-term policy usually covers the disabling illness or injuries for up to 6 months while a long-term one covers the worker’s salary throughout their lifetime if necessary. Some insurers also offer additional options and protections like guaranteed renewal, cost of living adjustment, and refunding of certain premium payments in case an employee doesn’t become disabled within a stated time.
For more details on your disability insurance options in Evergreen Park, IL, contact Martin Insurance Team today.
