NYC Disability Insurance Broker for Small Business Owners
As a reliable disability insurance broker in New York City, we specialize in comprehensive policies for business owners. Don’t let an illness or injury threaten your income. Call (718) 523-5353 to secure the most competitive and affordable disability insurance policies.
The Right NYC Disability Insurance for Your NYC Business
Our expert disability insurance brokers will help you understand your business-specific insurance needs. Also, we find the most optimal coverage and manageable premiums.
Short-Term Disability Insurance
This coverage provides income replacement for a limited period of time, ideally 6 months. It’s an essential part of your financial safety net in NYC.
Long-Term Disability Insurance
Secure your future with coverage that lasts for years or even till retirement. LTD insurance is a must-have for business owners who have a higher chance of accidents.
Private Disability Policies
Smart Apple specialize in individual and private disability income insurance. Offering benefits beyond what state programs can offer.
What is Disability Insurance and Why is it Essential in New York?
It’s a type of coverage that provides income replacement if you become unable to work due to a serious injury or illness covered by your policy. It is designed to cover your cost of living (50% of your salary up to $170 per week) when you temporarily or permanently become disabled to work. If you are an employer, business disability insurance is non-negotiable. The reason is:
- State Mandate for Disability Coverage
- High Cost of Living & Expensive Medical Costs
- Protection for Self-Employed and Small Business Owners
- Coverage for a Range of Conditions
You will also need to get workers’ compensation insurance if you have employees.
Individual & Group Disability Insurance for NYC Professionals
Disability insurance in New York is crucial for high-earning executives, freelancers, and business owners. You must consider:
Individual Disability Insurance (IDI)
Smart Apple offers disability insurance for self-employed individuals with personalized coverage. We ensure income protection (usually 60-80%) at flexible terms.
Group Disability Insurance (GDI):
For business owners, group disability insurance is cost-saving while providing benefits to employees. This way, you don’t have to manage individual policies for each employee. These insurances are legally required in NYC. Further, you can retain talent by offering benefits as general liability insurance and group income replacement policy.
Specialized Disability Insurance for High-Earning Professionals
High-earning individuals, such as executives, physicians, lawyers, entrepreneurs, and other professionals in NYC, need more specialized disability insurance. Our experts compare policies and offer multiple options to choose from.
- High Limit Disability Insurance: For individuals earning over $200,000.
- Specialty Occupation Riders: Custom riders can be added to disability policies for specific occupations that face unique risks.
- Professional Overhead Expense (POE) Insurance: POE insurance covers your business overhead costs like rent, employee salaries, etc.
Need more details or personalized quotes? Fill up a quick form to get one!
Why Smart Apple as your NYC Disability Insurance Broker?
At Smart Apple, we strive to protect every individual and business with our income protection broker services. Our experts help you:
- Save Time: We handle the time-consuming task of researching multiple carriers, comparing complex policies, and managing paperwork.
- Save Money: We negotiate on your behalf. So, you don’t have to stress about it. Smart Apple ensures you get competitive rates and on better terms.
- Expert Guidance: Our experts help you understand complex insurance terminologies and legal obligations.
So, call us today or contact us at info@smartapple.us to get affordable disability insurance premiums at the best terms.
Your Question About Disability Insurance Policies
The main difference between short term and long term disability insurance is the duration of coverage. Short term disability insurance usually provides coverage for 3 to 6 months or up to a year. On the other hand, long term benefits are for an extended period of time (often until the age of 65).
Another difference is the elimination period. Short term policy kicks in 7 to 14 days. Meanwhile, longer term policies can take 90 days to a year.
Typically, the cost of a premium is 1% to 3% of your annual income.
The final cost of your policy is not a fixed price and is determined by several key factors:
- Age and Health: Younger, healthier individuals typically pay lower premiums.
- Occupation: Higher risk jobs (like construction workers) have higher premiums than lower risk desk jobs.
- Policy Features: The cost is directly affected by the benefit amount (the percentage of your income you want to replace) and the length of the benefit period.
Elimination Period: A longer waiting period before your benefits begin will lower your premium.
Any person who relies on a specific income source to survive needs insurance for disability. Ideally, employees of firms, construction and maintenance workers, and high-income professionals (doctors, engineers, accountants, and more). Also, small business owners, such as deli store owners, require a disability policy.
Most insurance companies in NYC sell this insurance. But it is recommended to contact a disability insurance brokerage firm like Apple Insurance to get this coverage. We plan, compare, and negotiate policies so you don’t have to!
Of course, disability insurance for small businesses is a must-have. In fact, you are legally required to provide insurance for your employees. Moreover, disability insurance for small business owners is recommended. It will keep the money rolling in if you get disabled and cannot run the business.
Contact a Smart Apple insurance agent. Discuss your specific needs for disability insurance. Provide all necessary information, such as your basic details and past disability claims, if any. Our disability insurance broker will note your information and contact top-notch insurance providers in your area, finding the cheapest yet comprehensive policy for you.
Disability insurance covers a portion of your lost income if you are ill or injured. It’s a form of income replacement, not health insurance. It covers:
- Injuries: Covers chronic back pain, cancer, or a broken bone.
- Mental Health Conditions: Many policies cover severe anxiety or depression.
- Pregnancy and Childbirth: Covers the recovery period for childbirth and any complications.
Disability insurance is not a replacement for your health insurance. It will not cover:
- Medical Expenses: Including hospital stays, doctor visits, and medication. That is what health insurance is for.
- Workplace Injuries: On the job are covered by your employer’s workers’ compensation insurance.
- Self-Inflicted Injuries: Injuries resulting from a crime, an act of war, or self-harm .
These are two specific conditions that define under which conditions you can collect disability benefits. Here is the difference:
- Own-Occupation: You will get benefits if you are unable to work in your specific job. For instance, surgeons will get these benefits if they are unable to perform surgeries, but they can still work as consultants.
- Any-Occupation: You won’t get benefits if you can work in any other job, even if it pays less.
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