All business owners have Group Health Insurance Plans available to them. Yes, a Group of “1” qualifies for a Group Plan.
When talking to clients about a Group Plan, the conversation often goes to questions about dental, travel insurance and massage therapy. It should because these are important coverages but not all employers want to spend much time discussing what I believe to be the most important exposure – Long Term Disability. If you or your employee(s) are not able to work and therefore cannot earn an income because of an illness or accident, what are you and your family to do? The type of dental plan chosen will not seem so important at this point. Assuming you are covered under worker’s compensation and you are injured while off work, worker’s compensation will not pay. If illness prevents you or your employee from working, worker’s compensation will not pay. If you have Employment insurance, they will pay for injury and illness, this is good, but they only pay for 15 weeks.
Some business owners nod cautiously saying that they would want to continue paying their employees salary even if they could not work but are quick to point out that it is not sustainable and they would not do this for very long.
One simple question to ask: Will the Disability Benefit pay for 2 years, 5 years or to age 65?Be sure to seek advice and purchase insurance from those who understand your business!