Keep Key Employees With Disability Insurance

According to the Council for Disability Awareness, over 25% of today’s 20-year-olds will become disabled before they retire. As with many types of small business insurance, there are two big reasons to invest in disability insurance: to protect the financial wellbeing of your company, and to protect the financial wellbeing of your employees. 

Retain Your Talent

If your company wants to retain its best talent, offering benefits that help an employee when he or she is down will help keep great team members on board. When an employee is unable to work due to an illness or disability, short-term disability insurance (STD) can help replace part of the employee’s income. 

Long-term disability (LTD) insurance begins where STD insurance ends. LTD insurance also replaces part of an employee’s income when an employee is unable to work due to an illness or disability.

Cover Employees With Growing Families

Short-term disability insurance can be beneficial for expectant mothers. Depending on the insurance company, partial wage replacement benefits may be available beginning on the day the mother gives birth. Partial wage replacement may even begin before, depending on different factors, such as required bedrest. Short-term disability insurance for pregnancy-related disabilities generally pays benefits for a limited amount of time after the baby is born and before the mother returns to work.

Compete With Larger Businesses

STD and LTD — along with other benefits — are among the benefits many large employers offer. Employees who have worked at other companies may expect those benefits. By offering STD and LTD as part of a comprehensive benefits package, you can even the playing field and recruit the best talent out there.