Disability Insurance That’s Good for Both Employee and Employer
You value your employees and when they are sick or injured and unable to work, you want them to be protected financially. Yet meeting staffing requirements, disability insurance requirements and state and federal employment regulations creates considerable challenges for your business.
OneGroup meets both employee and employer needs. Our benefits experts can show you how a custom program can work for you. For example, utilizing a combination of company-paid and payroll deducted supplemental disability insurance, working with insurance carriers to achieve the best coverages and cost, and ensuring the correct level of short- and long-term insurance creates an efficient program for employee and employer.
As one of the benefit specialists and insurance brokers in Update New York, we have the in-depth experience to design a disability program for any size company, and access to all of the leading insurance companies to ensure we are delivering to you the very best value.
OneGroup can walk you through the process and help you understand what types of disability insurance that might be right for your circumstances.
Supplemental Disability Insurance
There are two primary types of business disability insurance: Short-term disability insurance and long-term disability insurance. There are important differences between the two in terms of how much and how long an individual might be paid under certain situations. A BHL specialist can help you understand the differences and ensure that you have the best disability insurance to protect you and your company.
- Short-term business disability insurance covers short-term expenses up to 100% of an individual’s income. Short-term disability insurance typically has a minimum of a two-week waiting period and lasts for a period of 13-26 weeks. Short-term disability insurance. This business disability insurance has at least a two week waiting period and usually has a benefit period of 13-26 weeks. Short-term disability insurance is often offered by an employer to help valued employees to maintain their expenses until they can return to work.
- Long-term business disability insurance is designed to provide an individual with income (typically up to 70% of pre-tax income) in the event of a long-term illness or injury. There is also typically a longer waiting period, usually 30-180 days (short-term disability insurance will usually cover this gap). Long-term disability insurance can provide income from five years to as long as retirement age. There are three basic types of long-term disability insurance:
- Own Occupation covers your income from the job or occupation you were engaged in at the time you suffer an injury or sickness even if you take a different job. When you are disabled and receiving a benefit, you are still allowed to work and earn an income in another job long as it’s not your original specialty. Some policies include language that allows specific tasks within an individual’s specialty. This is very important because it allows the choice of going back to work and earning an income without jeopardizing the loss of benefit from the insurance company. An example might be a surgeon that is injured and can’t perform certain types of surgeries but could be paid to perform other allowable surgeries. Properly designed, Own-Occupation disability insurance would continue to consider an individual disabled even if they decided to practice in their profession and earn additional income.
- Regular Occupation covers your income in the job you have at the time of disability. You cannot be forced to take another position, and you get 100% of your income. If it is your choice to work in another position, your benefit will be adjusted accordingly.
- Any occupation only comes to play when you cannot work at any job at all. This type is very strict and doesn’t typically come into play until you have been on Regular Occupational disability for at least 5 years.
This is a general description of the available coverages and is not a statement of contract. All coverages are subject to policy provisions and applicable endorsements. For more information about recreational vehicle insurance speak to a OneGroup advisor.