Does your workplace need disability insurance? This question might not be top of mind when you're thinking about employee retention at your insurance workplace, but for employees who need it, disability insurance can be a lifesaver. Here's why your insurance agency should consider what benefits you offer and think about adding disability insurance to that roster.
What Is Disability Insurance?
According to Forbes, LTD "stands for long-term disability insurance, and it pays to have it to provide for your family when you can’t work because of an injury or an illness like cancer." Often, this benefit is up to 60 percent of your regular salary. Many employers are also switching to a plan that's paid for by the employee, rather than by the employer. This means that disability insurance becomes voluntary, and fewer people pay for it. Surprisingly, injuries are not the main cause of disability claims. Forbes states that bone and tissue disorders such as sciatica are the primary cause of new claims, while cancer is second. Even those employees who aren't apt to take risks but spend a lot of time at the computer are prone to get injured.
Benefits Help You Recruit
Why should you add new benefits like disability coverage to your employee benefit plan? If you're trying to find the best new employees who will draw in new business, be innovative and efficient, and generally be a delight to work around, improving your employee benefits package can help. Your future employees are looking at all aspects of your workplace including your corporate culture, the convenience to home, the possibility of a promotion, the pay, and yes, the benefits package.
Benefits Help Morale
Happier employees mean that your employees are able to focus on their jobs and to improve their customer service. Forbes has actual statistics that show how much more your employees work when they are happy: 20 percent, to be exact. If you want happier employees, you could have a weekly pizza party at the office, but more importantly, you could offer better benefits packages. According to Career Cast, "work engagement and satisfaction increase with better benefits." In fact, benefits can be more important than salary when you're trying to predict job satisfaction.
Your Employees Have Time to Heal
If your employees experience a significant health challenge, this can be difficult for them to navigate. They might need to take time off work or pursue treatment. This can cause significant financial stress for individuals and for families. While some people might be able to work part-time while pursuing treatment, it might not be advisable for them to do so. Disability insurance gives people the option to focus on their health when they most need to do so, without some of the financial pressures that they would otherwise face. Instead of trying to juggle part-time work and absences with treatment, this gives your employees time to heal from their illness or learn to live with a disability, and hopefully, they will be able to return to your agency in time.
At American Agents Alliance, we are an insurance agent association that's not only dedicated to helping you help your clients but to improve your workplace as well. We offer a discounted disability insurance program for members. Contact us today and see how we can help you incorporate programs that help you improve employee morale and retention.