While dental and vision care are typically the second and third most popular employee benefits after health insurance, employers should look long and hard at short term disability and long term disability insurance as "must haves" in their benefits portfolio.
Why? Well, when someone in the organization misses a considerable amount of work due to an injury or illness, there isn't a business owner we've met who doesn't then struggle with the incredibly difficult decision of how best to resolve the issue.
Not only is the impacted employee struggling with a loss of income, but the employer is also struggling with compensation decisions regarding this individual during their absence, not to mention compensation investments that might have to be made to fill the position left open in this person's absence.
Everyone is spared these difficult decisions if disability insurance is in place. That's because disability insurance protects your employees from a disruption in income in the event of an injury or accident. (This should not be confused with Workman's Compensation. While they are similar, the main difference is that Workman's Compensation only covers employees for illnesses or injuries which are work-related.)
So let's examine the trends in long term and short term disability insurance and discuss tactics to improve employee participation.