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While employees can take out personal disability insurance themselves, businesses that pay for a disability insurance plan as part of their employee benefits package often find that it is a great way to recruit staff and make them feel valued.
When choosing a plan for your employees, you can offer just short-term coverage (which is usually capped at six months) or long-term coverage (which runs for several years or even until retirement age).
Offering disability insurance is also a great way to ensure that injured or sick employees take the time necessary to properly heal, and then return to work in good physical shape and without stress. This prevents employees from rushing back to work before they are fully healed, which could lead to worsening of their condition and even longer recovery times in the future.
It’s important not to confuse disability insurance with some other programs. It is different than workers’ compensation insurance (a mandatory insurance program paid for by employers that pays out if an employee is injured at work) and social security disability insurance (a government program for people with serious long-term conditions or disabilities who are unable to take on employment).
Want to know more about disability insurance for your employees? Reach out! We’re happy to chat through your options.
