It can be hard to remember, in the hectic push to meet every requirement and satisfy every single need your new business will present in its early days, some of the seemingly minor areas, such as the pressing need for disability insurance.
Hard to remember, that is, until the need is suddenly paramount, staring you in the face as one your truck drivers faces months off the job due to an injury or other issue, and you realize you never took care of that seemingly insignificant gap.
Disability insurance, in fact, is the most forgotten area of insurance coverage for most business owners when they first start up their enterprise. Compared to health insurance, with regular medical checkups, or life insurance, it seems minor.
After all, we know we need to go to the doctor, get our teeth cleaned, get our eyes checked out. Too, we know that one day we will die and that having some form of financial cushion to protect our loved ones is important when that day might arrive.
But who plans to get injured and miss work? Surely we can avoid that problem, right?
In fact, disability insurance is a major need, even if it may not seem that way until the time comes when it proves necessary.
The benefit of disability coverage is its flexibility. It proves income for the beneficiary when they miss work due to an injury or illness, no matter whether that debilitating incident happened on the job or not.
Break your arm on the job? Workman’s comp will kick in. Break your arm roller skating with your tween daughter? Disability coverage is there for you.
The best news is, you don’t necessarily need to consult a slogan-quacking duck to get these needs met. There are plenty of companies that can provide you with what you need, and help from Fleet Risk Solutions can connect you with the right company and policy for all situations.
The amount of disability coverage an individual will need depends on several factors. Drivers are encouraged to consider the MUG method: mortgage, utilities, groceries. These three liabilities will pop up every month no matter whether you’re healthy enough to work or not. You need funds to cover those factors, even if you’re out of work for a while.
And disability coverage isn’t only a need for the drivers. The business owner needs coverage, too. Most disability insurance policies will include options for business owners to cover their overhead in event of an injury, which could be a vital concern in the wrong circumstances.
When insurance comes up, of course, the first concern is always premiums, but disability coverage plans can be extremely reasonable, proving both cost effective and flexible for your company’s needs and the needs of individual drivers.
Don’t let a simple mishap sideline you both from the workplace and financially.
Remember to include disability coverage in your overall insurance package. With help from Fleet Risk Solutions, you can cover that issue and rest easy knowing you’re protected, no matter what may come.
About the Author
Logan utilizes a holistic approach to assist trucking companies with growth, and survival in one of the most volatile times in our history. A strong risk management program is critical for every business, but trucking companies are extremely susceptible to breaks in the risk management process. Maintenance violations, driver violations, breakdowns, driver turnover, and the list goes on, all have a domino effect on each other, and the cost of operating a trucking company.