Disability Insurance for Workers
Disability insurance provides benefits for workers who are injured on the job and temporarily cannot work. Disability can also be provided in case of an illness that means the worker must recover away from the job. Benefits are short or long term, based on the severity of the situation.
In most cases, these plans are provided by employers to their employees as benefits. But self-employed individuals take out individual disability plans. Also, if a person works as an independent contractors or part time employee the company for which they work will not offer them benefits.
Many people in a high income bracket have this coverage to protect their assets with high-limit disability insurance. People with unusual or high-risk jobs also commonly use this insurance.
Short Term and Long Term
Short-term disability insurance covers weekly or monthly expenses of disabled workers for a temporary period. Long-term disability insurance is for more severe cases when the worker needs longer to recover.
Business overhead expense insurance is a form of disability for business owners. It is for business owners who become disabled and cannot afford rent, utilities, and monthly business expenses.
Another type of disability is offered by the Social Security Administration. This coverage is Social Security disability insurance (SSD), and it is a federal program funded by taxes.
If you have a legitimate claim, then you are eligible to receive disability. The requirements vary with each insurance company, but in all cases you must have a verified medical reason for your inability to work.