Disability Insurance For Entrepreneurs – A new groundbreaking docuseries that focuses on the talent, innovation and impact of entrepreneurs with different disabilities. Many highly successful entrepreneurs have disabilities, including Richard Branson and most of the sharks on Shark Tank.
Entrepreneurship and self-employment can be valuable and viable options for people with disabilities who are looking to enter the job market on their own. According to the Bureau of Labor Statistics, people with disabilities are self-employed at nearly twice the rate of their non-disabled peers. In the 2019 American Community Survey, approximately 700,000 workers with disabilities were self-employed, enjoying the flexibility and opportunities that entrepreneurship provides.
Disability Insurance For Entrepreneurs
About 70 percent of people with disabilities want to work, and thousands can become entrepreneurs if they can develop skills and access capital. Potential entrepreneurs with disabilities need resources, assets and support to translate their entrepreneurial ideas into real businesses.
Reasons An Entrepreneur Needs Life And Disability Insurance
This toolkit provides existing resource information, advice and guidance for job seekers with disabilities who are ready to become self-employed, launch a new enterprise or develop their entrepreneurial skills.
The federal government has collected and disseminated extensive information to help entrepreneurs with disabilities succeed. According to a publication by the Office of Disability Employment Policy (ODEP), these assets include:
Road to Self-Sufficiency: A Guide to Entrepreneurship for Youth with Disabilities is published by the National Collaborative on Workforce & Disability for Youth (NCWDB), and is a great resource for fans of
And those interested in local resources on disability and entrepreneurship. This guide is designed to support new entrepreneurs, their families and those who support them. Appendix A of this manual contains special sections detailing specific state programs to support entrepreneurs with disabilities including:
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The Chicagoland-based Program on Education for People with Disabilities (CEED) is an organization dedicated to the intersection of disability and entrepreneurship. Their resources include:
To find more state-specific entrepreneurship resources to help you on your business journey, please visit the Job Accommodation Network’s (JAN) interactive resource map.
For people with disabilities who are interested in exploring entrepreneurial opportunities but are currently receiving Supplemental Security (SSI) or Social Security Disability Insurance (SSDI), here are some resources and options:
For the new generation of disabled entrepreneurs to succeed, they will need resources and contacts to start new businesses. One such resource is the DOBE certification. DOBE stands for Business Enterprise Owned by Persons with Disabilities. As defined by Disability: IN, a national organization dedicated to business disability inclusion, a DOBE “is a for-profit business that is at least 51% owned, managed and controlled by persons with disabilities regardless of whether the business is owned or not. Employ people with disabilities.” DOBE certification can also include veterans with disabilities and no service connections.
Disability Insurance For Small Business Owners: A Quick Primer
Disability: IN provides a checklist of certification documents, as well as a shorthand eligibility list to help prospective entrepreneurs get started. A full list of requirements and more information is available on the Disability:In website. Other resources are available to provide in-depth information about what DOBE is and its key contacts, including:
. Tobi Lütke, Pam Silverstein, Gil Goldschein, Jonathan Murray, Julie Pizzi, Erica Ross, Jonathan Stern, and Laura Korkoian serve as executive producers and Jacob Lane and Millee Taggart-Ratcliffe are co-producers.
To learn more about the show and getting started in entrepreneurship, please visit the official Shopify website. Follow #bornforbusiness on social media for more information.
Additional reporting by Morgan A. Davis, National Leadership Program Alumni. Born with Cerebral Palsy, Davis has always had a passion to help others affected by the disability. She graduated Magna Cum Laude from the University of Central Oklahoma in 2020. When you decide to start your own business, your first thoughts are the most exciting thoughts about what can happen: more freedom, happier customers, increased earning potential. However, your later thoughts may turn to things that might go wrong as well. That’s where insurance steps in to help.
Errors And Omissions Insurance
As a small business owner, entrepreneur, influencer or freelancer, you are your business, and your business is entirely up to you. Fortunately, insurance is there for you when the unexpected happens. You may be thinking about general liability insurance or other business insurance, but what about life and disability insurance?
Small business owners are used to doing it all and managing a very busy schedule. Every once in a while, however, it’s necessary to step out of your “doing” role and into your strategic planning role. While it’s never at the top of anyone’s to-do list, that strategic thinking should include preparing for the worst case scenario.
Entrepreneurs and freelancers are the driving force behind their companies. They increase growth, take care of customers and inspire employees or partners. So, what happens to their company, and everyone they support, if someone important (or just) dies?
One good investment that can help cover the death of a significant other is life insurance. Life insurance can make sure that the company has the resources to continue to take care of the business, even after you pass away.
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In this case, there are some ways you can use life insurance to support your small business. Here are some key policies to consider.
Principal Person Insurance is a life insurance policy that pays out when the principal owner/employee dies. The business itself purchases the policy and all income from the death benefit is also paid directly to the business.
The main benefit of key person insurance is that the cash that the policy provides can be used as a bridge to the next necessary step in the life of the business – whether it is finding a key person, selling the business or undertaking other projects.
In case your business has more than one owner, then the purchase/sale agreement is Another option to reduce the risk of death of an important partner. Entrepreneurs can use life insurance to finance buy/sell contracts. The cash benefit then allows the other owner to purchase the deceased partner’s benefit from their surviving family members. If you are a business partner with family who cannot, or do not want, to run your part of the business in the event of your death, a buy/sell is a good option.
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Also, even if you don’t have a partner, you should consider a basic life insurance policy to cover your debts and liabilities. If you die, your family will receive financial relief from cash benefits that can help close or sell your business if they don’t want to continue working for you.
Another disaster consideration for entrepreneurs is, if you don’t die, but what about disability? You rely on your hard work in your business to pay your bills. Accordingly, small business owners like you deserve disability insurance protection. In case of injury or illness, it can provide at least part of your expected income assuming you can no longer work.
According to the Social Security Administration, one in four people will become disabled in their working life. With these odds, disability insurance becomes essential protection for all workers – whether you’re an employee or an entrepreneur.
Often, companies provide their employees with long-term disability insurance, up to a certain percentage (usually around 66% of your regular salary). Their employees can then purchase additional disability insurance for more coverage. In addition, companies can also provide or sponsor a short-term disability policy (which covers about three months) for their employees.
Business Overhead Expense (boe) Disability Insurance
On the other hand, small business owners, especially solopreneurs, craftsmen and freelancers, must purchase and pay for their own disability insurance. Without company subsidies, many of these entrepreneurs think disability insurance would be too expensive. However, there are different price points for different disability policies, and a good insurance agent will be able to help you find one that fits your needs and consider pricing.
If you are a small business owner who does not have disability insurance, or think you may not have enough disability insurance, then your first step is to find out how much (or how much) you need. You can start with this disability insurance needs calculator to get an estimate. Then, your next step is to speak with a licensed insurance agent to help you understand the policies available to you.
According to the Small Business Administration (SBA), more than 99% of American companies are small businesses. Of course, our nation’s entrepreneurs and small business owners are vital to our economy. That’s why we need to do everything we can to protect and support them, and life and disability insurance helps us do that.
If you’re a freelancer, influencer or business owner, you owe it to yourself to protect everything you’ve worked so hard to build. A good first step is to talk to a licensed insurance agent to figure out your coverage needs, and then to see which policy is right for your unique situation.
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Carly Cummings is a freelance writer as well as a licensed insurance agent and former licensed financial and securities advisor. She has over ten years of experience in insurance and finance and loves to share what she knows with her readers. Allen Wastler is a former financial journalist with more than 30 years of experience, including time.
