At first, DI may seem like a niche benefit. Disability is most often associated with the elderly, and if your workplace skews young you might be wondering why you should consider covering it at all. The truth is a disabling injury can happen to anyone at any time, and even young employees can benefit from DI. Here are a few reasons why you should seriously consider offering disability coverage to your employees.
It Adds Value to Your Benefits Package
A well-rounded benefits package is one of the key considerations employees make when deciding whether to stick with a company and voluntary benefits like disability insurance poll very well with employees. In fact, 40% of employees report that having a choice in their benefits package increases their loyalty to a company. That's nearly half of the employees surveyed, which is no small margin.
Job seekers also put a company's benefits package very high on their list of considerations when it comes to accepting a job offer. By offering these voluntary employee benefits and creating a customizable benefits package you will not only create loyalty among your current employees, you will also attract new talent to your company.
It's Cost Effective
Disability insurance can produce cost savings in ways you might not expect. A disabling injury does not have to be the end of an employee's career and many disability plans offer tools to assist employees in returning to work. In that way, you can think of DI as a way to rehabilitate your valuable employees and help them return to productivity as quickly as possible.
Without help, many employees may not have the means to rehabilitate their injury and return to work in a timely manner. This leads to lost productivity and the hard cost of hiring and training new employees. For small businesses especially, the absence of a key employee due to disability can be devastating. If you have a handful of employees and only one knows how to run a certain aspect of the day-to-day business, having them out of commission for an extended period of time is simply not an option.
Your Employees Need It
The ability to work to earn an income is one of the most important assets an employee has, so what happens when that is taken away from them? Unfortunately, many employees are currently living paycheck to paycheck. When they no longer have this income stream, bills quickly start mounting up. Disability insurance provides a much-needed safety net for employees and their families.
Even a modest disability payout can mean the difference between stability and financial ruin for many employees. By offering disability coverage you demonstrate that you truly care about the financial and physical health of your employees, all while reaping the benefits of cost savings and increased loyalty.
To learn more about adding disability insurance to your employee benefits package, please contact us at Summerlin Roberts today.