Even with employees, small business owners can be seen as single-person operations. No matter how much you pay someone to help you manage, market, or produce items for your small business, no one is as invested in its success and revenue generation as you are.

As a small business owner, you benefit from taking the risks that all entrepreneurs accept. Your drive can directly contribute to the amount of income you’re able to take from your business. Accepting the risk of Social Security taking care of you, and limiting your disability income to Social Security levels is not an acceptable risk nor is it reflective of the actual income you could have if you have your own disability insurance policy.

In addition, the SSA does not cover any short-term disabilities. Your disability must last at least one year or be expected to result in death in order to qualify for benefits.

Another concern when you rely on Social Security is not only will you have to wait for your application to be approved but you must also go through the SSA’s waiting period of five months before benefit payments begin. When you buy your own disability insurance policy, you can determine what waiting period you’re comfortable with. The longer your waiting period, the lower your premium will be as a long waiting period reduces the overall amount that the disability insurance policy must pay out.

You also get to determine your own limits when buying a disability insurance policy. You may not be able to get full income replacement from insurers but you may be able to replace up to 80 percent of your income. The closer you want your benefit to be in terms of your actual income, the higher your premium will be.

Another benefit you can add to your disability insurance policy is guaranteed insurability benefits. This will allow you to add additional insurance amounts without going through underwriting again as this benefit guarantees your continued insurability. That means as your small business income goes up, you can mirror that increase through your disability insurance policy without worrying about how your health or age might affect your rates.

More than ever Americans need the security of knowing that their income is a constant. Disability insurance is the protection needed to do just that, in case medical disaster strikes.

Most people carry some form of health insurance to cover medical costs, but should the worst happen and they were too injured or ill to work, many would have no income to cover any of the regular day to day expenses they face.

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