3 Things to Know About Employer Disability Insurance

Employer Disability Insurance

Life is full of unexpected circumstances, and unfortunately, often, when individual health is involved, there can be a ripple effect of problems. However, with short or long term disability insurance, some of those issues can be offset. Here are three things to know about short term vs long term disability insurance that will help you find a plan that fits your needs.

What is it?

If you’re a business owner, you know the importance of reducing risk within your company. While illness and injury are unpredictable, they are likely to have an impact on your business at some point in time. This is why having disability insurance is crucial for protecting your investment with essential employees if they can’t work due to illness or injury.

How to File for Benefits

Employees that may be experiencing symptoms or injury that require disability insurance, consult your physician for a detailed medical record. Then, approach your HR department for help filing a claim.

How do Payouts Work?

Most insurance plans don’t cover 100% of an employee’s salary. However, coverage will often reimburse pay up to 70% of an employee’s salary for short-term disability and closer to 40% for long-term.

Disability insurance is crucial for most businesses and is a safety feature that benefits both employer and employee. With the right plan, employees can get back to work feeling confident, and employers can reduce financial strain.

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