As a business owner, you are liable for injuries sustained while your employees are at work or performing duties for your company. While it is required to carry workers’ compensation insurance, workers’ comp doesn’t always cover everything. Workers’ compensation does cover disability income protection for employeeswhen the injury is not sustained at work. Here are a couple reasons you should carry disability insurance.
Protect Your Employees
When an employee suffers a disability, he or she could be out of work for a long time. This can be financially devastating to your workers. If a worker is in an accident outside of work, he or she may not have a safety net. Purchasing personal disability insurance is often too expensive for an individual, but a business can obtain discounted rates.
Retain Your Employees
If you want your company to compete with other businesses, then you have to be able to retain employees. If you do not offer the best benefits package, employees may skip your company in favor of another. Many workers will take a lower pay if it means that they have better benefits. Offering disability insurance will show your employees that you care.
When it comes to insurance coverages, it is smart to have protection for yourself, your business and your employees.