A disability policy owned by your company can provide a monthly payment. It can help keep your business running smoothly and cover expenses if an illness or injury keeps you from working.

While a disability can often be visible to the naked eye, not all disabilities are so easily recognized. Chronic pain or a mental health issue can also qualify as a disability.

Whether you’re a small business or well established, there’s a plan that can help protect your company.

	Business overhead expense	Protect key people	Fund a buy/sell agreement
When does it provide benefits?	If you become totally disabled	If a key employee becomes disabled	If you or your partner become disabled
Who is it best for?	Any business owners with monthly expenses	If you or another person drives the business	Owners of privately-held businesses
How long does the coverage last?	Monthly payments for 1 or 2 years Payments stop once you’re able to work	Monthly payments for 1 year Payments stop once you’re able to work	Single lump sum payment Must satisfy waiting period of 1 or 2 years
What are the benefits?	Focus on recovery Retain valued staff Pay ongoing expenses Avoid disruptions to your business	Provide a source of income for a key employee while they’re disabled. Protect the business from lost sales, increased expenses or high replacement costs when a key employee is totally disabled.	Provide funds to purchase the shares or ownership interest of a totally disabled shareholder or partner Fixed expense protection Reassure suppliers and creditors Fund a disability buy/sell agreement Helps reduce potential resentment among shareholders or partners

Depending on your situation you may need only critical illness and disability insurance but there are many times when you need both to fully protect yourself.

Critical illness and disability insurance work together to help reduce the impact of disability or serious illness.

	Critical illness insurance	Disability insurance
Payment type?	Tax-free, one-time payout	Monthly income replacement
When do you receive the payment?	If you’re diagnosed with a covered condition	If you can’t work because of injury or illness
Do you have to wait?	No waiting period in certain cases	Usually will have to wait
How long does your coverage last?	Coverage for life	Ends at age 65
Ideal for?	A large sum that you can do what you want like paying medical expenses, mortgage and pay off debt	Covering monthly expenses

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