According to the National Safety Council, 63% of disabling injuries and illnesses occur OUTSIDE work. Together with the fact that many Americans live paycheck to paycheck, missing work is potentially perilous.
Sick or disabled employees face enormous financial stress and uncertainty but so do you, the employer.
Does your business have a plan in place to address how long, or if at all, you'll pay a disabled employee?
Have you calculated the cost of paying the salary of an important disabled employee while adding the cost of training a replacement and lost productivity?
Needless to say, it’s expensive.
And "Letting go" of an employee because of an illness or injury is probably illegal in many cases—and at any rate, an invitation to lawsuit.
But no one wants to see a loyal and valuable employee hung out to dry because he can’t come to work and you can’t pay them if they can’t.
But there is a practical and affordable solution—short-term disability insurance. It’s typically the lowest cost of all employee benefit plans and, I find, the most overlooked.
These policies generally cover 50-60% of weekly salary, with a cap; it kicks in after a week and can last up to six months.
This important coverage protects your cash flow, gives security to your employees, and takes away the painful decision from you on who gets paid and who doesn’t.
You might be surprised at how little this valuable protection will cost your business.
Feel free to call me to get a customized quote.