Disability insurance is an insurance policy that protects an employee from loss of income in the event that he or she is unable to work due to illness, injury or accident. Disability benefits are temporary cash payments available to an eligible employee who is disabled by an OFF the job illness or injury.

NYS Disability - In New York State, nearly all employers are required by law to provide statutory disability coverage to his/her employees including part-time employees. The current benefit is 50% of an employee's average weekly wage to a maximum of $170 per week. This benefit begins on the 8th day of accident or sickness and is paid up to a maximum of 26 weeks during any consecutive 52 week period. If an employer fails to obtain coverage for disability benefits within 10 days after becoming a covered employer, they will be in noncompliance of the Disability Benefits Law and subject to a fine by the Workers' Compensation Board. Let us look at what you have in place already to ensure that it's competitive! Contact your Bond representative for the current NYS DBL rates.

Long Term vs. Short Term - Both long and short term disability insurance are put in place to provide income to you and your family in the event that you are unable to work due to illness or injury. The major difference between the two policies is how long they will provide replacement income to your family. Short term policies provide you coverage up to a maximum of two years, whereas long term will provide you coverage for a minimum of two years and up to age 67. Long and short term disability insurance are not mandatory. It is an appreciated benefit, protecting your employees' paychecks. These plans can be 100% employee paid, 100% employer paid, or both parties can split the cost!

 

Call Bond's Small Business Team at 585-248-5870 with any of your questions.