Darlene Garat, Garat Financial Group. She can be reached at 250.287.2310, or visit www.garatfinancial.com for more information.

Darlene Garat, Garat Financial Group 

As a small business owner, you should always expect the unexpected. And that goes double for accidents. Disaster can happen at anytime – a slip on an icy sidewalk (definitely more likely this winter), a collision on the ski hill, a vehicle accident with an impaired driver.

But accidents aren’t the only cause of disability. Canadians often think that disabilities have a catastrophic, one-time cause, often the result of carelessness. But this is untrue. According to the World Health Organization—Disease and Injury country estimates, accidents and workplace injuries account for only 10% of disability in Canada. The majority of disabilities are caused by common chronic health conditions, such as cancers, heart disease and mental disorders.

While it’s true a healthy, prudent lifestyle can reduce the chance of major illness or disability, serious, long-term disability can still strike at any time. Disability can be traumatic, and it can also have serious financial implications. Not only are you unable to work, there are health care bills and living expenses to pay.

Self-employed people are at extra risk should disability strike. Not only do you risk a loss of income, the rest of business depends on you as well.

Thankfully, there are insurance products that can help guard against the financial risks of disability:

  • Business Disability Insurance protects you again the loss of income if the business owner becomes disabled or otherwise unable to run the business.
  • Critical illness insurance can provide a lump sum benefit if you become ill.
  • There is also partnership or “buy/sell” insurance with life/disability coverage should you be part of a partnership, which would protect you against financial losses arising from the disability or death of a business partner.
  • Lastly, there’s key person insurance to compensate you for financial losses that stem from the disability or death of an employee.

Confused? You needn’t be. A good insurance broker can help find the right policy for you. Take the time to meet with one who has access to a number of companies so they can review your needs and find the best fit for your budget.

Darlene Garat and the team at Garat Financial Group Ltd work with their clients to create real security. Contact them at 250.287.2310, or visit www.garatfinancial.com for more information.

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