Instead of getting a disability policy, can't I just add myself onto my workers' compensation policy?
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- Both may pay medical bills if you are hurt
- Both may pay disability and lost wages
- Both may pay a portion of your lost income
- Both will cost you based on your current income
- Workers' Compensation only pays for on-the-job injuries
- Workers' Compensation will only pay at most 2/3 of your stated income
- Workers' Compensation may only pay based on your stated payroll (even if you take a draw or have other forms of compensation)
- Workers' Compensation is based on the rate for your specific class code and you pay per $100 of payroll. Disability is based on many factors.
- If you can't qualify or afford disability insurance
- If you are in a 'low risk' field such as computer programming and the rate per $100 is relatively affordable.
- As an additional protection in case you get hurt on-the-job
- If you have an abnormally high deductible for your health insurance
- If you are prone to accidents