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Topics: Disability Benefits
In New York State, employers with one or more employees working within the state are legally required to provide disability benefits to all eligible employees, both part-time and full-time, for an off-the-job illness or injury. This coverage guarantees that a claimant will receive cash benefits of 50% of their average weekly wage up to $170 per week. The Disability Benefits law hasn’t been updated since 1989, but the cost of living in New York State has increased substantially.
By offering your clients a Statutory Disability Benefits Insurance policy, agents can help clients retain their most important assets—their employees—by providing financial security to employees until they’re ready to get back to work.
There are more options for your employees now than there were in 1989 when the law was last updated. Today carriers like AmTrust North America offer enriched benefits coverage to bridge the gap and help employees make ends meet while they try to survive on a disability benefits check.
There are many benefits to the business carrying a Statutory Disabilities Insurance Policy including:
Providing extra coverage for employees through a Statutory Disabilities Insurance policy makes financial sense as well, since it may cost the same as basic statutory coverage.
Finding ways to set your agency apart from the competition is sometimes difficult. Providing an outline of your client’s current coverage costs vs. the additional cost of coverage with Statutory Disability Benefits Insurance is a great way to start the conversation.
Smart business owners understand: companies who want to attract and retain the best and brightest employees have to offer the best benefits. That’s why agents offering enhanced disability benefits to their clients– such as Statutory Disabilities Insurance – can create a win-win-win situation for agents, clients, and employees.
For pricing, coverage, and availability, or to schedule a training webinar, contact the Statutory Disabilities Insurance team at AmTrust.
Since the New York Paid Family Leave (PFL) program is new and unprecedented in the country in terms of the amount and scope of benefits, there are bound to be some bumps in the road when it comes to filing PFL claims. To help minimize the frustrations of employees filing claims for PFL, we have provided three simple tips to help make the claims process easier and more efficient.