Disability Insurance
Businesses that are preparing employee benefits packages are encouraged to offer disability insurance as one of the benefits. Disability insurance offers your employee protection if they cannot work due to a medical condition or injury.
Disability insurance covers 60 percent of the employee's lost wages while unable to work. This policy is not worker's compensation. Worker's compensation covers an employee that cannot work due to an illness or injury that occurs at work. Disability insurance covers an illness or injury that occurs outside of work.
Disability insurance is offered in two categories - short-term and long-term disability. Your business can offer your employees a chance to purchase both of these policies.
Short Term Disability
Short-term disability coverage provides financial help to your employee if they cannot return to work for a short period of time. In most cases, the time off must be more than 30 days and less than 120 days. Some policies may differ on how long short-term disability applies.
When an employee has short-term disability coverage, they will receive 60 percent of their income while they are out of work. The employee will work directly with the insurer for the benefits.
Long Term Disability
Long-term disability insurance covers employees who are going to be off work for an extended time. This insurance will pick up when the short-term disability insurance ends. When this policy kicks in will depend on how long your short-term policy lasts - four or six months.
Long-term disability plans differ in the length of time they will provide benefits. Some plans will only cover an illness for two years after it begins payments. Some plans will cover the illness until you reach age 65. These extended plans may reduce the benefit amount if they pay until retirement.
Speak with your insurance rep about the different types of liability plans available so that you can select the plans that will most benefit your company and employees.
Employee Pays For Coverage
As a business owner, you can pay for a minimal policy as part of your employee benefits package. If the employee wants additional coverage or coverage for their spouse or family, they can pay the small premiums directly from their paycheck. You can also opt to have all of the coverage paid for by the employee.
These plans are very affordable, and most employees appreciate the extra coverage. Worker's comp does not cover events outside of work, but these policies will protect the employee if they are injured or become ill outside of work.
Truckers Insured Offers Disability Insurance Policies
Truckers Insured offers a full range of employee benefit insurance policies. You can create a great benefits package for your prospective or current employees when working with Truckers Insured.
In addition to employee benefit policies, Truckers insured offers a full line of insurance products for the trucking industry. Owner-operators and trucking companies can get all the insurance protection they need when they work with Truckers Insured. We also have a full line of business and personal insurance products for our clients.
With Truckers Insured, you will always find the right insurance policy for the right price.