# What's your Plan B for when you get injured?



## CharlieAaron (May 9, 2017)

My husband and I have been very fortunate that he has never been seriously injured during our time in the contracting business. He's had maybe a day here or there where he has taken off work because of being in pain or a minor injury, but I was thinking the other day about how we have no contingency plan if he has an injury that take him out of work for a few weeks. 

What do you have in place in the event of injuries as far as keeping the business running, money coming in, etc.?


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## illbuildit.dd (Jan 7, 2015)

Work through the pain. Or afflack.... quack quack 

I don't have afflack yet but I hear it's awesome and I have a meeting set up to get it figured out.


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## Peter_C (Nov 26, 2014)

Savings...enough to live for a very long time without going hungry or missing a bill. Our rental house makes enough to offset many of our monthly costs. I want more rentals!

I worked with a broken leg once jumping around on the good leg. It was only broken in 6 places from a sports injury.


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## KAP (Feb 19, 2011)

CharlieAaron said:


> My husband and I have been very fortunate that he has never been seriously injured during our time in the contracting business. He's had maybe a day here or there where he has taken off work because of being in pain or a minor injury, but I was thinking the other day about how we have no contingency plan if he has an injury that take him out of work for a few weeks.
> 
> What do you have in place in the event of injuries as far as keeping the business running, money coming in, etc.?


If you're a one man show, it makes things difficult to keep going without subbing things out... unless it's a catastrophic situation, most guys can run things with help from their bed while healing with their phone/computer and GC'ing the remainder of the job...

But having 3-6 months of Capital Reserves and Emergency Fund goes a long way to helping you overcome an obstacle like that... But most contractors consider the profit as the end of the job what they pay themselves, as opposed to understanding that profit is what you pay your company part of which funds things like Capital Reserves and Emergency Funds and equipment purchases... 

Other options include speaking with your insurance agent in your state on protective insurances for different aspects of your business including injury, key man and business interruption... 

As far as planning goes where the customer is concerned, most customers would be understanding and work with you as it was something unexpected but when you in the middle of a project where it's crucial to living conditions or systems, you should structure your payments for the project so you are ahead of the draw and can release a customer from the contract if you can finish it due to an injury with as little financial exposure as possible...


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## Big Shoe (Jun 16, 2008)

Be thrifty. Don't live high on the hog. Save your money for such cases. 
In my younger years we had disability insurance. Used it for several months after a bad accident. Also had insurance on truck loan that made payments. And disability ins paid for me to go to Vocational Tech School. Took drafting class and they paid for all my drafting supplies. 

Not sure what it cost nowadays. We dropped it about 20 yrs ago. 


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## SectorSecurity (Nov 26, 2013)

I have enough tucked away for about 6 months could stretch it to 8 or so if I made some lifestyle changes.

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## NYgutterguy (Mar 3, 2014)

I guess I would have to start running my business like a real business and put away the belt. In fact I took a few years off not too long ago and was still able to draw an income from just subbing and having my brother take more responsibility. 


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## NJ Contractor (Nov 12, 2016)

CharlieAaron said:


> What do you have in place in the event of injuries as far as keeping the business running, money coming in, etc.?


As far as keeping the business running; my wife and lead carpenter can run the business for a couple months without me. If it was serious, the business would not survive without me long term.

As far as income; I have savings/investments, disability insurance and rents coming in for supplemental income, but again the business (as it currently runs) would not survive without me long term.


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## ZeygerMike (Jun 9, 2016)

It's been mentioned several times already but it's so important that I'll mention it again. Disability, life and proper business coverage. My motto is protect your assets, keep your assets.


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## SectorSecurity (Nov 26, 2013)

Honestly if I was injured to the point I couldn't keep the business running I would likely​just close up shop, that's the one advantage to not having any employees.

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## KAP (Feb 19, 2011)

Your best bet is if you are serious about addressing and you don't have assets, supplemental income or savings for business and personal, that's where insurance comes in... disability, mortgage, business interruption, etc...

You have insurance until you can replace it with the above and in essence self-insure...

Best to get together with your insurance agent who design protection based on your actual needs which is different for everyone...

Best of luck... 8^)


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## A&E Exteriors (Aug 14, 2009)

Plan B? There is no plan B!


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## NYgutterguy (Mar 3, 2014)

A&E Exteriors said:


> Plan B? There is no plan B!




How about an update on your house. Doing a lot of posting... must be finished eh ? 


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## A&E Exteriors (Aug 14, 2009)

NYgutterguy said:


> How about an update on your house. Doing a lot of posting... must be finished eh ?
> 
> 
> Sent from my iPhone using Tapatalk


I am recuperating today! Roof is tarped and one wall is almost fully sheeted. Gonna work on it tomorrow


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## NYgutterguy (Mar 3, 2014)

A&E Exteriors said:


> I am recuperating today! Roof is tarped and one wall is almost fully sheeted. Gonna work on it tomorrow




Recuperating? You sick ? 


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## A&E Exteriors (Aug 14, 2009)

Sore and exhausted


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## Inner10 (Mar 12, 2009)

I could get by without doing any physical work, probably cut my profit a but but it's doable.

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## avenge (Sep 25, 2008)

Don't have a plan B but my plan A is to not get injured it's worked for me.


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## Dirtywhiteboy (Oct 15, 2010)

A&E Exteriors said:


> Plan B? There is no plan B!


I have worked through some nasty stuff!! 
Right now I'm working through a cracked lower right rib. It's been 2 weeks and it's still killing me... I'm favoring it so muck it's messing my lower left side back mussel....


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## Leo G (May 12, 2005)

Plan B: Don't get hurt.


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