Tuesday, July 14, 2015

The Difference Between Disability Insurance and Workers Compensation

Like with any type of Lake of the Ozarks insurance, you pay a premium to cover yourself for the unexpected. You never know when something could happen to your home, vehicle or even yourself. While workers compensation insurance will cover you in the event you get hurt on the job, what happens if you get injured outside of work, preventing you from working? That's where disability income insurance comes in handy.

Disability Income Insurance

Disability Income Insurance provides payments (on a short-term or long-term basis, or both) to a person in the event they cannot work because of injury or illness. If you're unable to work due to an injury or illness, you'd still need some form of income to keep up with daily expenses. This coverage can be a true lifeline for those people and it can keep them financially afloat during the period they are unable to work. Premiums for disablity coverage are based on your age, income, the type of work you do and the policy provisions you choose.

Workers Compensation 

Workers compensation benefits are provided when you are injured at work, as an alternative to litigation. Most states require employers to carry workers compensation to cover injured employees. Disability insurance on the other hand, provides weekly benefits to make up for the income you would have been recieving at work. The key difference between the two is that workers compensation covers you for injuries that your employer is liable for, while disability insurance benefits are not paid through your employer, but still make up for the lost income.

Insure the Lake offers a variety of short and long-term disability coverages and services that provide cash to those who are unable to work because of a disability. It ensures that they will be protected, even if they use up their sick pay. We'll help you figure out your particular risk factors and the amount of coverage that is right for you. Give the best insurance company at the Lake of the Ozarks a call at 573-348-2794 for more information and a quote today!

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About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral