Learn why short and long-term disability insurance are so important.
While dental and vision care are typically the second and third most popular employee benefits after health insurance, employers need to look at the importance of short-term disability and long-term disability insurance as integral to their benefits portfolios. Here are just a few reasons why disability insurance is incredibly important for employers to consider when creating a voluntary benefits package for their employees.
Financial Issues
When anyone misses a significant amount of time away from the job, there is a financial issue that inevitably arises. In fact, not only is the impacted employee struggling with a loss of income, but the employer will also struggle with various compensation decisions regarding this individual during their absence from the job. This is also in addition to the compensation investments that might have to be made to fill the position left open in this person’s absence.
Access To Short And Long Term Disability Insurance Is Actually Improving
Recently, employers have noticed an increase in employer-provided access to both short and long term disability insurance policies. In fact, for long-term disability coverage, the increase in the desire for more coverage is paramount in the private sector.
Employees Get Frustrated With Limited Benefits
When employees are frustrated, they will leave. In fact, one of an employers’ biggest frustrations is having employees go to a competitor just because they offer a better benefits package but provide them with a lower salary. In fact, there are a lot of employers who feel like disability insurance is simply a waste of time. However, these thought patterns can be harmful to the longevity of a business. If voluntary benefits are something you want to incorporate into your business, having short and long term disability plans will definitely be a welcome sign for your employees- for sure.
Get Your Voluntary and Supplemental Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet the needs of all your employees. With over 17 years of experience, The MWE Partnerships is your one-stop shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, then contact us today! Also, be sure to like our Facebook page, follow us on Twitter, LinkedIn, and Google+ for all the latest voluntary benefit news!