Starting a Small Business Following a Disability

Many individuals, realizing that they’ll never be able to return to their prior occupations following a disability, choose to begin exploring new career options. It isn’t unusual for people who’ve experienced disabilities to consider opening small businesses after recovering from their illnesses or injuries. However, those who are receiving disability benefits due to their inability to go back to their prior occupations are often concerned that pursuing a new business opportunity will reduce or eliminate their benefits eligibility.

Can you collect disability insurance and own a small business?

That’s a question that many people ask when thinking about launching a new business venture. The answer to this question really depends on the specific terms and conditions of the disability insurance policy under which you’re receiving benefits.

  • No: If you are receiving disability payments under a policy that pays only if you are not able to work in any occupation, once you start working in any occupation, you may cease to be eligible for benefits or the income from the new career may be deducted from your disability benefits.
  • Maybe: Disability insurance policies that pay benefits if you are not able to return to your “own occupation” may continue to pay benefits if you start a small business that is in a different field, assuming that you remain medically unable to do the duties of your previous profession.

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