Marshall & Sterling Insurance can work with you to develop a disability insurance program that meets your company's needs and budget or to evaluate and revise your current disability program.
We will conduct a thorough assessment of prior experience to determine adequate levels of coverage and projected budgets. We work with leading disability insurance carriers to secure competitive rates.
Disability insurance coverage is similar to that provided by workers' compensation insurance. The difference between the two is that while workers' compensation replaces income that is lost because of a job-related injury or illness, disability insurance covers absences due to injuries and illnesses that are not job-related. Disability insurance is available through commercial insurance companies or through self-insurance and comes in both short- and long-term forms.
In most states, employers are not legally required to provide disability insurance. Only six jurisdictions (California, Hawaii, New Jersey, New York, Puerto Rico, and Rhode Island) require that employees be covered by short-term disability insurance through state-run programs or by private or self-insurance coverage that is equivalent to the state-run program (the state program is mandatory only in Rhode Island). The state programs provide only minimal benefit levels and do not provide long-term coverage.
Disability insurance is a benefit that is of great value to employees and that can often be provided at relatively little or no cost to the employer. Disability insurance has traditionally been provided separately for short-term and long-term coverage, with employers opting to provide one or the other or both. The latest trend is to provide integrated disability programs that tie together short- and long-term disability insurance, workers' compensation insurance, and health insurance.