Growup Rates

When shopping for an individual insurance plan, make sure you identify the applicable waiting period before disability benefits begin, Hagemeier says. Instead of deductibles, many policies require an "elimination period" [a waiting period before disability benefits are paid out that can range from 30 to 365 days]. Anyone shopping for a disability policy should also make sure they know what degree of injury or disability will trigger the coverage and how long the benefits would be paid out before they expire. "They pay for up to a specific period of time called the benefit period. This is one, two, or five years, or to age 65 or 67," says Barry A. Sikov, a financial adviser with Belair Insurance Services. "The shorter the elimination period and the longer the benefit period, the greater the premium would be."

Your pet-sitter's association might consider working with an insurance company to offer some form of group insurance to its members, either through a worker's comp or a disability insurance group plan, Klein suggests. Such a plan could be marketed through your association without it having to get involved in financing or bearing any risk, and it would provide a valuable benefit for current and new members who may be struggling to get individual insurance. "An association could negotiate much better terms for its members with an insurer that would group-market a plan through the association," he says.

Finally, the dangers inherent in pet-sitting, and the difficulty and cost of getting insurance, make it very important for your members to tuck away a financial cushion that will get them through at least a few months of expenses in case a bite or other injury keeps them from serving clients temporarily.