Business Owners
Chicago Disability Lawyers Serving Business Owners
Running your own business is tough enough in today’s economy, but when a serious illness or injury hits, things can become complicated very quickly. Business owners often wear two different hats: they are responsible for managing the day to day operations of their companies and they may also practice a specific trade or profession. A disabling illness or injury can put a stop to both, resulting in a loss of income and jeopardizing the future of your business.
Private disability insurance is designed to protect the income stream of business owners in the event they suffer from a disabling condition which leaves them unable to work. While a private short term policy generally protects you for a limited period of time (typically 9 months to a year), long term disability coverage is designed to replace a portion of your income for the duration of your disability or until you retire.
Just like employees, business owners can face substantial obstacles when filing a claim for benefits under a private disability policy. Insurance companies carefully scrutinize these types of claims, looking for exclusions and other limitations in the language of the policy to avoid making payments to you.
For these reasons, it is in every business owner’s best interest to consult with an experienced Chicago disability lawyer for guidance when filing a claim.
The attorneys at Bryant Legal Group PC are very familiar with the tactics these companies employ and will work diligently to help you collect the disability benefits you have paid for. We will help you gather the documentation you need to submit your initial claim and should your claim be denied, we will see the matter through the appeals process and in court if necessary.
Business Overhead Expense (BOE) & Key-Person Disability Insurance
In addition to a loss of income, if you own your own business, you will face many additional challenges should you become disabled. You will still have to take care of the rent, employee salaries, utilities and other expenses that come with running your own company. Business overhead expense (BOE) and key-person disability insurance is a product designed to help cover these expenses in the event you suffer from a chronic illness, injury or other disabling condition.
It is important to recognize that BOE disability insurance is not meant to replace your short or long term disability insurance coverage. It is a separate policy that generally provides a monthly benefit for a specified period of time so that your company can continue to operate and pay for routine expenses.
BOE policies contain their own definition of disability and set forth specific rules as to what costs and expenses the insurance company will cover in the event of your disability. The language in these policies can be very confusing, so it is always best to consult with a qualified disability attorney who can advise you of your rights and obligations.
The attorneys at our firm have years of experience helping business owners navigate these complex insurance contracts and we will do everything we can to ensure you receive the maximum benefits provided under your BOE policy.
Do You Have Questions About Your Disability Insurance Claim?
A Disability Lawyer at Bryant Legal
Group PC Can Help
If you are a business owner dealing with a chronic illness or injury, Bryant Legal Group PC can help. We understand the difficult challenges you are facing and will take quick action to help you to collect the full benefits you are entitled to under the terms of your insurance policies. Recognizing that you do not want your customers or clients to become aware of your limitations, our attorneys will work to resolve the matter prior to litigation, protecting your privacy and avoiding disclosure to the public.
To schedule a confidential consultation with a member of our team, phone our Chicago office at 312-626-9316 or email info@bryantlg.com.
The content provided is for informational purposes only and should not be construed as legal advice on any subject
Our Recent Articles
Contact Bryant Legal Group
Get the answers and insight you deserve. Our experienced disability insurance lawyers can evaluate your claim and help you understand all your legal options.