An employer should offer group disability insurance for several reasons:
- Attracting and retaining employees: Offering group disability insurance can make an employer more attractive to job seekers, especially those who are concerned about protecting their income in case of disability. It can also help retain current employees by providing them with a valuable benefit.
- Protecting employees’ income: Disability insurance provides a source of income for employees who become disabled and are unable to work. This can help them pay bills and maintain their standard of living while they recover.
- Lowering costs: Group disability insurance policies are often less expensive than individual policies, because the risk is spread among a larger group of people. This can help the employer save on costs while still providing a valuable benefit to employees.
- Compliance with legal requirements: Depending on the jurisdiction, an employer may be required to provide disability insurance as part of their employee benefits package.
- Enhanced productivity: When employees have the peace of mind that comes with knowing that they are protected in case of a disability, they may be less stressed and more productive on the job.
Overall, offering group disability insurance can be a win-win for both the employer and employees. It can provide peace of mind for employees, help attract and retain top talent, and potentially save the employer money in the long run. Interested in offering a plan? BenefitsDNA can help.
