Product
Choices:
Short Term and Long Term Disability Insurance
To protect your employees should they be unable to work due to illness or accident, you will want to offer disability insurance. Coverage is available on a short and long term basis and plans can be paid for by employers or by employees, through voluntary benefits.
Hanratty & Associates consultants will help you differentiate between disability insurance and workers’ compensation as well as assist you in determining the best approach to take. We include disability insurance in our portfolio of choices, work with a number of different carriers, and can consult with you regarding the best product to include in your benefits plan design.
Should an injured or ill employee be away from work for longer than a typical sick leave but less than about six months, they would benefit from having short term disability insurance. Short term disability payments cover a percentage of lost salary due to injury or illness. Policies vary regarding the duration of short term disability, but six months is a typical duration.
Long term disability insurance protects your employees from catastrophic illness or injury that would prevent them from earning their salary. Long term disability coverage helps to replace income for an extended period of time—usually from one year to the age of retirement.
Contact us to learn more about short term and long term disability!