Attorneys play an important role in maintaining the balance of society. By protecting the rights and interests of different individuals, organizations, and the public, the men and women who engage in the law profession provide a valuable service to the community.
Yet, like the rest of us, lawyers are also subject to the whims of misfortune, which may threaten their ability to practice their profession. When this occurs, not only does it hamper their ability to serve the community, it also robs them of the ability to make a gainful living to support their way of life.
While there is little that can be done to avoid misfortune, aside from taking the necessary precautions against accidents and illnesses, lawyers can secure their income in case an unforeseen mishap threatens their livelihood through the small business disability insurance packages Source Brokerage, Inc. offers. In addition to individual disability income, which protects the client’s salary, there are also several disability income products available that protect the business or law firm, which many of attorney clients may also need.
Individual Disability Income Insurance
As its name suggests, individual disability income insurance allows insured individuals to receive a portion of their income in the event that they become disabled and unable to work. This allows them to maintain their essential needs, such as food, clothing, housing, and transportation, and stay up-to-date on insurance premiums, retirement savings, and other medical expenses that health insurance doesn’t cover.
Business Overhead Expense Disability Insurance
Business overhead expense disability insurance allows business owners, such as attorneys who own their practices, to cover expenses related to running a business. These include rent, interest payments on business debts, utilities, employees’ salaries and benefits, various taxes, accounting fees, and professional memberships and subscriptions.
Using the monthly reimbursements provided by the business overhead expense plan, a disabled lawyer can continue to pay the expenses of his or her business and avoid dipping into savings intended for other purposes while he or she recuperates.
Key Person Replacement Insurance
The loss of a key person, such as a law office’s partners and managers, due to a serious disability can result in difficult circumstances for the firm. Key person replacement insurance allows law firms to receive benefits in the event that a key person can no longer work because of a disabling injury or illness. The benefits from the key person disability policy are paid to the law firm and can be used to hire and train a replacement, or for any other discretionary purpose.
Working with Source Brokerage, insurance brokers can provide disability insurance to lawyers to protect their income and businesses. Experienced disability income specialists at Source Brokerage, Inc., can assist insurance brokers with disability income quotes, product information, sales and underwriting assistance, so that you can provide best possible income protection products for your attorney clients.
(Source: Different types of business protection, Financial Times Adviser, May 1, 2014)