What Happens If You Get Hurt and Can’t Work? | Maxwell Schmitz

What happens to your business if you get hurt? Not die, get hurt. Sidelined for 90 days and unable to do the thing only you can do. Most business owners have no answer, and that’s the whole problem. This week Stoy Hall, CFP® brings Maxwell Schmitz back on the show, the guy we’re officially crowning the Disability King, to talk about the protection almost nobody plans for: your own income. Because here’s the uncomfortable math Maxwell drops straight from Social Security, a 20-year-old entering the workforce has a 1 in 4 chance of a long-term disability before they retire. Run that across a team of 10 and the odds someone gets hit climb to roughly 99%. This isn’t an if. It’s a when. Maxwell breaks down the three tools every business owner needs to understand, and most have never had explained clearly. Individual disability insurance, which protects your lifestyle, the mortgage, the car, the groceries, the college funding, when your earned income dries up. The business overhead expense policy, which reimburses the business’s regular bills so the lights stay on while you recover. And the key man policy, which is the one owners always confuse, because it’s not for the employee, it’s for the business, to fund replacing the person whose absence would put you on the floor. They get into the stuff the fine print hides. Why your disability coverage might only count your W-2 salary and ignore your K-1 distributions, which is a massive gap for owners. The difference between true own-occupation and modified own-occupation coverage, and why it matters more than people think. How partial and residual claims actually work, since most disabilities start small and get worse, not all at once. And the maternity reality in the US, where that 90-day elimination period is exactly why financial planners preach a three to six month emergency fund. That number isn’t magic. It’s tied directly to this. Maxwell also walks through what the underwriting process actually looks like, occupation, income, and medical, so you go in knowing what to expect instead of getting spooked halfway through. It’s getting easier, but there are still steps, and knowing them is half the battle. Stoy’s close is blunt. It’s fall, it’s planning season, and it’s time to look in the mirror and ask how important the most important people in your business really are, starting with you. If it was a 1 in 4 shot at winning the lottery, everyone would buy the ticket. Those are the odds we’re talking about here. So have the conversation. 🎧 Watch on YouTube: https://www.youtube.com/@nobswealth Connect with Maxwell Schmitz:  Website: https://www.yetworth.com/ LinkedIn: https://www.linkedin.com/in/maxwellschmitz Got questions about protecting your income or your business? Reach out to Maxwell and his team at https://www.yetworth.com/ If this hit home, drop a comment. Tell me where you're feeling it most. I read every single one. New episodes every week on Spotify, Apple Podcasts, and YouTube. Subscribe so you never miss a real conversation.