What Would You Do Without an Income?

Have you ever tried to plan your budget around the possibility that you could lose your income? For most people, the loss of an income is unthinkable. They have financial obligations to meet, kids to feed, and a roof to keep over their heads. Unfortunately, after a non-work-related disability, many individuals see their capacity to earn an income ripped out from under them in the blink of an eye.

And while their income flow stops almost immediately, supposed resources for the disabled are slow in coming. Social Security has so many incoming applications that one must wait for months before payments are approved – and there is no guarantee that they will be. Social Security disability is notoriously difficult to qualify for and impossible for those with a short-term disability. For families who ultimately get approved there are still devastating financial consequences caused by delays in paperwork processing, paperwork errors, and Social Security disability’s waiting period.

So what's your plan? Do you have enough in your savings account to support your family while waiting for Social Security disability approval? And what if you are denied? Can you continue supporting them sooner savings until you are cleared for work again?

It's impractical for most families to self-insure their income during the whole of their disability which is why disability insurance exists. Disability insurance policies offer families an affordable premium in exchange for disability benefits paid out on their terms. The benefits can be for both short- and long-term disabilities, they can have a very short waiting periods before benefits begin in order to avoid forcing families to deplete their savings, and the payments can replace as much or as little of your income as you see fit.

With a disability insurance policy, you can ensure that your family never has to find out how to survive without an income after a disability forces you out of work. If you're ready to start shopping for disability insurance policies and comparing quotes, give us a call or stop by today. At Adcock-Adcock Insurance Agency, we can compare the quotes of many high-rated insurers and design a policy that fits your budget while still providing the protection your family needs.

Do Virtual Assistants Need Insurance?

As a virtual assistant working remotely for your clients, you have more freedom than many business owners, but you are still a business owner. You may work as an assistant to another business owner, but as long as you aren’t on their payroll and instead are charging them as a contractor or freelancer, you are a business owner with business owner concerns. That means you need insurance coverage, such as:

• Health insurance: Without an employer, you need to come up with your own plan for health insurance. Luckily, you can buy many different kinds of individual policies to suit both your healthcare needs and your budget.
• Disability insurance: You need a backup plan to protect you against the possibility that you may eventually become disabled and unable to do your job and generate an income. Long- and short-term disability policies protect you from a potential loss of paycheck in the future and can come through much quicker than Social Security disability benefits.
• Liability insurance: Every business owner has liabilities. If you provide assistance in a professional capacity, like as an assistant with a specialized knowledge, then you may need professional liability coverage. If you receive deliveries in your home, or ever have anyone stop by in a business capacity, then you may need commercial liability insurance for your residence or office.
• Business property: If your business owns computers, furniture or any other property then you need the right property insurance coverage. If you have a home insurance policy and your office is located in the home, it may not be covered unless you have a special endorsement allowing for coverage of business contents.
• Life insurance: Your family depends on your income to help them reach their personal and financial goals. If something should happen to you, your lost income may need to be replaced and you may even need to hire people to help do things around the house that you once did. A life insurance policy can help them.
• Business interruption insurance: What would you do if a fire or other insurable event made it so that you couldn’t conduct business for a few weeks until your office space was renovated? Business interruption insurance can replace lost profits, pay some ongoing expenses and even keep you up-and-running in a temporary location.

There are so many ways you can protect your family and your business with the right insurance policies. To get your business set up right, give us a call at 866-933-6691 or get a free Tampa business insurance quote.