Keeping Your employees as safe and as protected as possible is the duty of any business owner, even if your company is just a startup with a handful of employees. And having disability cover is one way to let your employees know that you prioritize their health and wellbeing, knowing that you provide them with the protection they need from accidental injuries and various illnesses. While business insurance is essential to protect various aspects of your company, your employees are just as important as the structure they work within. You can find out more about disability insurance at HelpAdvisor, and if you don’t yet have cover for your employees, here is why this type of cover is essential.
Peace Of Mind For Everyone
Knowing that staff can get injured away from work or at work is a scary thought. Still, it’s part of life, and with your team having peace of mind that their salary is protected in the event of sickness or injury that prevents them from working, it can be an excellent way for staff to stay motivated and keep the momentum going. And as the boss, you will know that you can be protected against any lawsuits that will require you to pay an employee if they get injured at work.
Employees Can Still Have A Life
Suppose an employee has been injured at home or at work. In that case, your employee will still get a monthly payment to pay bills and cover medical costs. Although they may not receive a full salary, their money should be enough to cover a typical middle-class expenses bill. If they can never work again, they could also get funding from social grants and other government funds. Disability insurance can pay in a lump sum or a monthly fee.
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However, this insurance protects your employees’ income without affecting your business.
Caring For Employees Dependents
Many employees use their incomes to care for several dependents. Therefore, if an income is lost due to injury and illness, all the dependents suffer financially without any available funds. The employee and the dependents can soon find themselves drowning in medical bill debt while still trying to survive. Caring for your employees also means caring for their dependents.
Avoid Costly Lawsuits
If one of your employees is to become ill or injured due to work environment factors, your business can have a costly lawsuit on its hands. However, if you have the right insurance to protect you from the instance, your business finances will stay intact, and so will your employees. Workers’ comp insurance will payout for injuries and illnesses that are work-related, while disability insurance will keep your employees able to survive financially long after the incident, especially if the injury or illness is long-term. Avoiding costly lawsuits is essential for all businesses as injuries and illness can still happen even with stringent health and safety measures.
The importance of having disability insurance for your employees is inarguable, regardless of how many employees you have keeping your business running. Even though this type of insurance is not required by law, your employees will benefit significantly from the income protection cover.