Entrepreneurs are almost always irreplaceable when it comes to small business, if they get sick or become disabled the business fails, their income dries up and they end up in bankruptcy. But, there is insurance for such things; disability insurance protects the income of a business owner, individual or entrepreneur that gets sick or hurt. This type of insurance can save a business by paying its bills, as well as the individual's personal bills. Income disability insurance can be a life-saver.
Surprisingly enough, this type of insurance is not as expensive as you might think. Why? Simple, because most business people are so busy working they never have time to get ill and most of them work even if they are hurt and thus, would never need to utilize the insurance unless something devastating happens and that is very rare with that type of individuals, thus, it is a very good risk for the insurance company and a profitable line of insurance to offer.
Of course, a business owner must be careful when buying this type of insurance and know what is covered, some policies have some very interesting criteria as to how and when they will release the funds. Some only give you 50% of the income you made prior to the disability and thus, you will not be about to pay your bills in many cases, this is quite serious, of course the insurance company figures this will get you back to work faster (an incentive).
You must also watch the delayed periods the policy stipulates such as the time between payouts and the date at which you are officially deemed disabled. Please consider this type of coverage if you own a small business.
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