Five Reasons To Have Group Disability Insurance
Having group disability insurance can keep a company’s bottom line healthy along with its employees. Disability insurance helps cover an employee’s basic living expenses while they are recovering from illness or injury even if the incident didn’t occur on the job. Small and large companies benefit from group disability insurance by keeping their employees healthy and productive. Below are five reasons to have group disability insurance at your company.
1-Most Workers don’t have it
One of the most significant reasons to add group disability insurance is to cover workers that don’t have it. A large majority of workers do not have long term disability and statistics prove that as many as one in three workers will get hurt or ill during a lifetime. Workers think if they work and then get hurt that they will be covered by workers compensation. The fact is most people get hurt or sick off the job and that is not covered by workers compensation.
2-Helps the Bottom Line
Employers know that a healthy and happy worker keeps the company on target to achieving its goals. With group disability insurance the employees can get well faster and get back on the job. Losing employees cost money and time and disability insurance keeps this from happening. When the company loses skilled workers they have to be replaced and this adds up to lost time and productivity and increases in training costs.
3-Group Disability insurance is significantly cheaper than for workers to get it on their own. When you look at your current insurance coverage at the company be sure to check for this group disability insurance that can be added onto the employee’s benefit plan for a much lower price than private group disability insurance.
4-Adds a sense of security for workers
Workers feel secure by having this added sense of security and are more likely to be retained at the company for a longer period of time. Having group disability insurance gives the worker greater confidence in working at the company because they value having the ability to work for as many years as they can. Making sure to have income protection with disability insurance builds a stronger company over time and makes the workers feel more secure about employment.
5-Group disability insurance helps protect workers from loss of income and helps pay bills including medical so they won’t be left behind because of accident or illness. Long term disability can even go as long as almost thirty-five months which is great if the worker has to be off the job for a long time. If the disabled worker has a mortgage to pay, this gives them and the family a secure way to keep out of foreclosure.
The need for Group disability insurance has become more important in today’s insecure world and any size company can add this to the benefits package at an affordable rate.