Business Owner Disability Insurance Claim Help Tips
If you own a Business, whether large or small, and are in need of disability benefits, it is important to understand what it takes to get your long term disability claim approved. Our disability lawyers have helped hundreds of Business Owners nationwide and we know what the disability insurance companies require in order for your long term disability benefits to get paid.
In our Business Owner disability insurance claim help tips video, attorneys Stephen Jessup and Gregory Dell discuss common disability insurance claim issues related to Business Owners, whether you are already on disability, have been denied disability, or if you are planning to file a disability claim.
Topics Discussed On This Page
How Do Disability Companies Define the Occupation of a Business Owner?
The job duties of a Business Owner will vary significantly, and it will depend on what type of company you own, and in what industry, so it is important that insurance companies understand these potential variances. There is no broad-sweeping definition of what it means to be a Business Owner, and insurance companies may try to understand your duties by speaking to your employees and in talking to you so it is essential that you provide all details concerning the physical and mental duties required as a Business Owner, whether you are on-site performing work duties and/or functioning as an owner and investor.
Are Your Financial Records Required By The Insurance Company?
Insurance companies may look back a number of years into your financial records to determine what loss you’ve incurred when you became disabled under the policy. It is important to have accurate records, showing all of your expenses versus your own investments and income during the period leading up to your disability.
It’s also possible that you are disabled and keep your ownership of the company and hire someone else to perform your prior occupational duties. In other words, the insurance company may view your occupation in two separate ways, one as an owner, and the other, as someone who is hands-on running the company on a daily basis. Either way, if you have a health condition that prevents you from performing one or either function you may win your long term disability benefits. Defining your occupation and your potential income loss can be difficult to do but reinforces the importance of keeping accurate records concerning your finances leading up to your disability and conveying the normal duties you performed to the insurance company prior to becoming disabled.
Can You Receive Benefits While Owning A Business?
You can remain an owner while disabled and not put in any significant time into the business, but still receive “passive” income, meaning simply that you are an owner, but not performing day-to-day activities to keep the business running. You are disabled from working a normal schedule according to the policy and cannot perform the duties of your occupation you previously performed but you still receive an income as an investor or owner. The insurance company typically doesn’t care where the income comes from, and may view no loss of income as evidence that you are not disabled, even if the medical evidence supports that you cannot perform your normal work duties.
How Can You Win Disability Benefits?
Having a strategic plan in place before applying for long term disability benefits, or if your claim is denied and you need to appeal, is crucial. With all disability claims, establishing and continuing regular care with your treating physicians and being able to provide medical support for why your condition interferes with your ability to perform your occupation as a Business Owner is what is required to win your long term disability benefits. Having a conversation with your physician, and documenting those conversations and medical findings to support your inability to work is a necessary step in getting your disability claim approved.
Insurance companies primarily determine if you are disabled as a Business owner based on the specific physical and mental demands of being a Business Owner of your company, and based on the medical records and information from your physician, as well as the financial records you maintain as a Business Owner. Just as you have a strategic plan as a Business Owner to run a company, you should have a strategic plan regarding your long term disability.
How We Can Help
You should search our website and learn much more information about your disability insurance company and the process of obtaining short or long term disability benefits. We have already represented hundreds of Business Owners and we know what to expect and know how to help you. We represent claimants nationwide and have hundreds of references available. Give our attorneys a call and we will provide you with an initial free review of your policy or your denial letter if you’ve been denied. We will let you know right away if we can assist with your disability claim.
