Some individuals were fortunate and either didn’t catch the virus or are asymptomatic. Unfortunately, some people lost their lives, while others out there are still dealing with long-term effects. 

Did you know an estimated 2.1 million Canadians are living with long COVID? So, what is long-term COVID, and does it qualify as a disability? In other words, can you qualify for long-term disability insurance if you’re diagnosed with long COVID?

What is Long COVID and Who’s at Risk

The novel coronavirus, also known as COVID-19 or simply COVID, shares some traits with the flu. Both are highly contagious respiratory illnesses but are caused by different viruses. 

While the flu or influenza virus is well documented throughout history, COVID is different. The virus hasn’t been present in humans until late 2019 and early 2020, making COVID a new contagious illness that took all medical professionals by surprise.

As mentioned earlier, COVID-19 shares some traits with the flu. The similarities between COVID and other respiratory infections can make diagnosis difficult in the early stages without testing.

Some common symptoms of COVID include:

• A cough that gradually worsens
• Difficult breathing/shortness of breath
• High temperature or simply feeling feverish
• Chills
• Muscle weakness
• Feeling constantly fatigued
• Body aches, including muscle pains
• Constant headaches
• Loss of your ability to taste and/or smell
• Gastrointestinal symptoms like nausea, vomiting, and diarrhoea

After being exposed to COVID, it can take up to 14 days for symptoms to appear. However, even if you’re not exhibiting any symptoms, you may still be able to spread the virus to others.

Who’s Most at Risk

COVID-19 can be an issue for anyone. Yes, some individuals can be either asymptomatic, meaning they don’t exhibit any symptoms, or immune to the virus. Why are some people immune to COVID? Research is still ongoing, though scientists hope the answer can help prevent future outbreaks regardless of someone’s vaccination status.

Even though pretty much everyone can come down with COVID-19, some individuals are at a higher risk than others. These include anyone with a weakened immune system or an underlying medical condition like diabetes, high blood pressure, or cancer. 

Adults over the age of 50 are also considered to be at a higher risk—however, don’t panic if this applies to your age. Health and lifestyle also play a role in your risk factors. If you’re concerned about your risk, talk to your primary care provider about staying safe.

Does Long-Term Disability Benefits Cover Long COVID

Just imagine if the symptoms associated with COVID-19 became a part of your daily life. You have a cough that never goes away and are always feeling fatigued and short of breath, even walking down the stairs at home can leave you exhausted and struggling to breathe. So, how are you supposed to return to work while dealing with long COVID?

Thankfully, you may be able to turn to your long-term disability insurance coverage. Yes, some long-term disability insurance policies may cover your loss of income while you’re learning how to manage long COVID.

Long-term disability insurance doesn’t only kick in when your injuries from an accident are keeping you from returning to work. The insurance also covers other types of health conditions like a mental disorder and long-term COVID-19. 

Since the recent global pandemic, the number of people experiencing depression and anxiety is also increasing. Overall, the pandemic has hurt the mental and physical health of millions in Canada and around the world.

If you’re ready to apply for long-term disability benefits relating to your experience with long COVID, there are a few steps you need to follow to help ensure your claim is processed and approved.

Filing a Long-Term Disability Claim

When you’re diagnosed with long-term COVID-19, you don’t want to wait to file a claim. The approval process takes time, sometimes up to four months. You’ll need to submit three forms to hopefully receive long-term disability insurance benefits.

Employer Statement Form

To receive financial benefits, you need to prove you’re employed. In other words, you can’t submit only a few pay stubs and a written description of your job—instead, your employer must fill out a form. 

The form requests information on your salary, your length of employment, your last work date, and if there are any modified positions at the company. A modified position can accommodate your disability.

Your employer will also need to list your job description and duties, and this includes describing your position’s physical and cognitive demands.

Employee Statement Form

As the employee, this is a form you fill out. Most of the requested information is fairly basic like your address, date of birth, job title, your last day at work, and a detailed description of your mental or physical condition. Remember, long-term disability insurance can cover mental disorders like depression or anxiety.

As you’re describing your condition, don’t be afraid to go into detail. This is one of those times when you can’t provide too many details. Describe how the condition is negatively impacting your life. You should also expect a phone call from the insurance adjuster. They will probably have additional questions about your disability’s impact on your life.

Physician’s Form

Along with you and your employer, your attending physician also needs to file out a form. Your physician will describe your condition and provide supporting evidence, like test results and even reports from specialists.

When it comes to mental disorders, your physician will need to go into detail about your condition, which will include describing how your condition is preventing you from returning to work.

Not All Long COVID Disability Claims Are Approved

Sometimes, long-term disability insurance providers deny claims. If this happens to you, don’t give up. You can dispute the insurance company’s ruling, and this is when it’s best to have an experienced attorney on your side. 

Your attorney is familiar with the claim process and can help ensure your long-term disability claim is approved, giving you a better chance of securing the benefits you deserve.

Delving into Asset Protection

Asset protection is the first step toward securing a financial safety net that shields your business from unforeseen threats and ensures its longevity.

Defining its Significance

Asset protection involves the techniques and legal tactics used to shield an entrepreneur's assets from creditors, lawsuits, and financial turmoil. The key benefit of asset protection is offering entrepreneurs peace of mind and a solid financial security foundation. By safeguarding both business assets from adversities asset protection plays a crucial role in ensuring business sustainability and personal financial security. It’s all about planning—predicting threats and implementing strategies to counter them before any significant harm occurs. This thinking approach sets apart entrepreneurs from the rest.

Threats Faced by Assets

Assets whether physical like property and equipment or intellectual such as patents, trademarks, and customer information are vulnerable, to risks.

These challenges range from issues and economic downturns to behaviours and cyber threats. The initial phase of an asset protection strategy involves identifying and understanding these risks thoroughly. Understanding how they may impact your business operations and the potential financial consequences is vital. This awareness serves as the foundation of an asset protection plan preparing the ground for implementing measures customized to effectively safeguard these assets.

Checking Your Assets

Based on their value and vulnerability, you must rank your assets in order of importance to determine which ones need the most urgent and comprehensive protection measures.

Recognizing Valuable Assets

The process of evaluating assets starts with pinpointing what holds the value within your business. This usually encompasses assets like your company's property and operational tools as well as intangible assets such as intellectual property, business reputation, and brand identity. Accurately identifying these assets is crucial as it influences how you prioritize and safeguard your business's resources. This step isn't about acknowledging ownership but also about understanding the value of these assets and their potential impact, on your business's prosperity.

Analyzing Potential Risks

After compiling a list of your assets the subsequent crucial step is to conduct a comprehensive risk assessment. This entails examining each identified risk in terms of its probability and the level of impact it could potentially have on your business. A thorough risk assessment plays a role, in prioritizing risks helping you determine the necessary level of protection and resource allocation to mitigate these risks. 

This strategic analysis assists in developing customized measures that not only safeguard assets but also optimize resource allocation for financial efficiency and operational resilience. Adopting an approach to protecting assets empowers entrepreneurs to address potential threats. By securing the elements of their businesses entrepreneurs can concentrate on growth and innovation knowing that their foundational assets are well safeguarded.

Establishing Legal Frameworks for Asset Protection

Considering Legal Structures (such as LLCs and corporations) Utilizing structures like Limited Liability Companies (LLCs) and corporations serves as an effective strategy to protect personal assets from business-related risks. Each legal entity type offers advantages and limitations. The decision between an LLC and a corporation often depends on factors such, as the size and nature of your business the level of risk it faces, and your term strategic goals.

For example, an LLC might provide flexibility. Requires fewer formalities making it a good fit, for small to medium-sized businesses. On the other hand, a corporation could be more suitable for companies seeking easier access to capital markets and the option to issue stock.

Asset Protection Through Trusts

Trusts play a role in safeguarding assets. Are especially effective in managing personal wealth. They establish a framework to protect assets from claims and ensure a transfer to beneficiaries without undergoing the complex probate process. Trusts offer advantages in situations where personal assets may face exposure to business-related risks. By placing assets into a trust you establish a barrier that shields them from business creditors or legal disputes.

Utilizing Insurance for Asset Protection

Insurance forms a part of any asset protection plan. It acts as a financial safety net mitigating losses and covering various liabilities such as legal disputes and property damage. This safeguard is essential not for the stability of the business but also, for maintaining operational continuity during challenging circumstances.

By shifting the risk to an insurance provider companies can lessen the impact of challenges that might otherwise threaten their stability.

Varieties of Insurance Plans

The range of insurance options accessible enables companies to customize their coverage to suit requirements. For instance, securing general liability insurance with Next Insurance is crucial for handling costs stemming from various matters, such as lawsuits, that could financially impact a business. Property insurance is vital for companies with assets since it covers the expenses for repairing or replacing assets. Professional liability insurance (also called errors and omissions insurance) is essential for businesses offering services safeguarding against claims of negligence or harm resulting from advice or services. Entrepreneurs need to evaluate their business risk profile to select types of insurance that offer ample coverage without unnecessary costs.

The Role of Experts in Safeguarding Assets

Engaging with seasoned experts in legal, financial, and technological fields plays a pivotal role in enhancing the effectiveness and reliability of asset protection strategies.

Legal Consultants

Working with advisors specializing in asset protection is highly valuable. These professionals can provide in-depth insights into structures and strategies tailored to your business's specific needs. They possess an understanding of asset protection intricacies. Can assist you in navigating the legal complexities involved in establishing and maintaining appropriate structures, like trusts and LLCs.

The experience they bring can be extremely valuable, in navigating the changing environment and making sure that your asset protection strategies meet both requirements and are structured optimally.

Financial Consultants

Financial consultants play a role in the asset protection strategy by overseeing its financial aspects. They help in managing risks and investments by offering guidance on planning and managing assets. This ensures that the company maintains a position capable of withstanding potential threats to its assets. Financial consultants can help identify weaknesses in your setup and recommend ways to strengthen your defenses ultimately contributing to the longevity and prosperity of the business.

Common Errors in Asset Protection

Common Errors in Asset Protection often stem from a lack of comprehensive risk assessment and inadequate planning, which can leave businesses vulnerable to unforeseen threats.

Neglecting Potential Risks

One mistake in asset protection is overlooking the range of risks that could impact a business. Entrepreneurs often concentrate on dangers while disregarding less apparent but equally harmful potential risks like cyber threats, employee misconduct or shifts, in regulatory environments. This limited perspective may result in implementing measures that are too narrow leaving key assets inadequately shielded. Businesses might realize late that their asset protection strategies are not robust enough to address challenges potentially leading to severe financial consequences.

The Future of Safeguarding Assets

Keeping assets secure in the future will require sophisticated technologies and cross-disciplinary strategies to ensure robust protection against evolving risks.

Impact of Technological Advancements

The influence of progress on asset protection is substantial and expanding. With the emergence of solutions such as technology companies now can secure transactions and safeguard sensitive information with unparalleled security measures. For instance, blockchain offers a tamper ledger system that's invaluable for preventing fraud in domains like real estate ownership and intellectual property rights. Moreover, automated risk evaluation tools leverage intelligence to anticipate and address threats before they materialize significantly boosting the accuracy and efficacy of asset protection strategies.

Projected Developments in Asset Protection

Looking forward, the direction in asset protection is shifting towards integrated approaches that merge financial and technological resources. This comprehensive method ensures a defense, against a range of risks.

For instance, AI-powered data analysis tools can enhance strategies by predicting legal challenges based on trend data. In finance, tailored investment strategies can be crafted to mitigate risks identified through analytics. With the changing business landscape and the rise of global markets and digital economies asset protection tactics must evolve to become more sophisticated and interconnected.

Entrepreneurs need to grasp and execute asset protection strategies. By being proactive and drawing insights from approaches and understanding common errors, entrepreneurs can safeguard their assets against various risks. This ensures the security of their assets but also secures future growth and stability for their business. In a business where risks and opportunities abound, having an asset protection plan is not just recommended; it is imperative, for long-term success and sustainability.

This article dissects fault and no-fault insurance systems, unearthing the nuances that define them. We will traverse through different states, pausing at curious outliers like Oregon, to furnish you with a roadmap for handling claims with finesse.

Unraveling Fault Insurance Systems 

Within fault insurance systems, responsibility is clear-cut: the driver who causes an accident must shoulder the cost of damages. 

For instance, Oregon is a "fault" car accident state, which means the driver responsible for the crash must pay for the victim’s damages. The same holds in states like California and Georgia as well, where drivers must have enough coverage to cover any mishaps they cause on the road. 

Drivers in such states engage with this accountability framework by submitting claims to the at-fault party's insurer. The simplicity of knowing that there's a direct line to follow from fault to compensation obscures the potential complexities of claims disputes and insurance negotiations. 

The No-Fault Landscape

Transitioning from the blame game of fault-based systems, no-fault insurance introduces a different rhythm to settling claims. In this environment, drivers first turn to their insurance policies for medical expenses and lost income, regardless of who caused the mishap.

States upholding no-fault laws, such as Florida, Michigan, and Minnesota, aim to streamline the process, sparing policyholders from the entanglements of liability determination. However, it's not without its complexities. 

Some thresholds must be met before you can step outside this system to pursue additional legal action against a driver at fault. Ensure you understand these subtleties as they shape how you'll manage your affairs in the aftermath of a collision within these jurisdictions. 

Navigating Between Systems

Venturing between fault and no-fault states underscores the importance of comprehending local regulations. While fault insurance tasks you with proving the other driver's liability, no-fault insurance demands familiarity with policy limits and state thresholds.

This interplay becomes crucial when crossing state lines. For example, a resident from a fault state might find themselves in unfamiliar waters after an accident in a no-fault jurisdiction, facing different procedures for compensation.

So, arm yourself with knowledge about your home state's system and keep abreast of the rules that govern any state you visit regularly. This empowers you to handle cross-state discrepancies adeptly, ensuring a smoother journey through the aftermath of traffic mishaps.

Exceptions to the Rule

Even within these established frameworks, anomalies still exist. Some states blur the lines with hybrids of fault and no-fault systems or offer choices between the two. 

Oregon, for example, though predominantly a fault state, offers Personal Injury Protection (PIP) as part of its auto insurance policies. This inclusion allows for certain no-fault-like benefits despite the overarching fault-based approach. 

On the other hand, choice no-fault states, including Kentucky, New Jersey, and Pennsylvania, offer motorists a choice. That means they can opt for either a no-fault policy or a traditional tort-based coverage when they first insure their vehicle.

Drivers should stay alert to such deviations and consider how they influence the management of auto insurance claims. Understanding these variances ensures that you're never caught off guard and can navigate your policy's intricacies with confidence when an accident occurs.

Choosing Wisely in a Complex Landscape

As we conclude this exploration of different insurance systems and their exceptions, the emphasis on informed decision-making becomes paramount. Choosing the right policy isn't just about complying with state laws; it's about safeguarding your financial health against the unpredictable turns of the road.

For instance, when you're insured in a choice no-fault state, understanding both options allows you to balance cost against potential risk. In Oregon, familiarizing yourself with PIP benefits can offer additional protection without deviating from the fault system's path.

Therefore, scrutinize your own driving needs and risks. Whether you're bound by fault rules or navigate within no-fault territories, make sure your insurance decisions are as deliberate as steering through rush-hour traffic - calculated and cautious for a smooth ride ahead.