Disability Insurance and Your Company – What You Need to Know
Recent research shows that one out of every seven people will become disabled for at least five years by the time they turn sixty five years of age. Disabilities have increased a staggering four hundred percent over the last twenty five years and raised the need for disability insurance. The odds are you'll end up with at least one employee becoming disabled while working for your company, which means you'll need disability insurance. In some cases, it could even be you yourself. In short, it's worth investing in disability insurance.
Worker's compensation is the most obvious example of disability insurance on the workplace. Disability insurance offers various things depending upon the specifics of the incident, but generally pays for the medical expenses, some damages, and lost income while the employee recovers. But while it is usually the only form of disability insurance offered by companies, it will only cover employees who are injured and become disabled while on the job. Studies show that the majority of disabling accidents actually occur off the job site, which means that worker's compensation disability insurance could do nothing for the disabled party.
Basic employee disability insurance is offered by many businesses and is very similar to worker's compensation except for the fact that benefits are paid even if the party becomes injured while not at work. Companies who offer this type of disability insurance generally purchase a simple policy at a steep group discounted rate, and it offers very basic coverage. This lower level of disability insurance is cheap for employers to offer but some employees may have the option of buying additional coverage and upgrading what they already have by contributing their own payments to the disability insurance account.
For small and mid-level business owners, taking out a disability insurance policy on themselves is a good idea and a sound investment in their company's future. Most disability insurance policies will have options such as overhead payments, which will help cover the costs of operating a business while the owner heals and recovers. The exact nature of each of these disability insurance policies are as varied as health or life insurance and it will take some research in order to gain a solid understanding of just what is needed to create a good disability insurance policy for each individual's needs.
The two easiest and most effective ways to purchase disability insurance for yourself or your employees is through the use of an insurance broker or agent or a company you trust. Instead of wading through tons of information and policies trying to find that 'needle in a haystack' that is perfect for you, giving these pros your exact needs will likely be all that is required to get the perfect disability insurance policy in a matter of seconds. Since you're making a long term investment when you buy disability insurance it's in your best interest to consult an experienced professional or a company you trust so that your purchase is one that you won't regret down the road. However, Unicorn HRO offers disability insurance at a pay as you go rate that is affordable and effective. If you care about your company enough to buy disability insurance, you should care enough to make sure that you get the best one for it.