Providing Group Disability Insurance is a meaningful way to demonstrate your commitment to employee health and financial stability. At 705 Insurance, we understand the complexities of designing benefits packages and work closely with businesses to create plans that offer comprehensive coverage and peace of mind for both employers and employees.

What is Group Disability Insurance?

Group Disability Insurance is a policy offered by employers to provide income replacement for employees who are unable to work due to illness, injury, or disability. These plans typically cover a percentage of the employee’s salary and may include short-term and long-term disability options. Group policies are often more affordable than individual coverage, offering significant value for both employers and employees.

Benefits of Group Disability Insurance with 705 Insurance

• Income Protection: Ensure employees receive a portion of their salary during periods of disability.

• Increased Morale: Demonstrate your commitment to employee well-being, boosting loyalty and satisfaction.

• Cost-Effective Solutions: Share the cost of coverage among employees and the company, reducing expenses for everyone.

• Customizable Plans: Tailor coverage levels and policy terms to align with your workforce’s needs.

• Expert Guidance: Work with our experienced brokers to navigate plan options and choose the best fit.

Common Questions About Group Disability Insurance

• What does Group Disability Insurance cover? Coverage typically includes illnesses, injuries, and disabilities that prevent employees from performing their job duties. Policies may also offer rehabilitation support.

• How is short-term disability different from long-term disability? Short-term plans provide coverage for temporary disabilities, often lasting a few weeks to months, while long-term plans extend coverage for years or until retirement, depending on the policy.

• Is it mandatory for employers to offer this insurance? While not mandatory in most jurisdictions, offering Group Disability Insurance is a valuable way to attract and retain top talent.

Clearing Up Misconceptions

A common misconception is that workers’ compensation covers all disability-related situations. However, workers’ compensation only applies to work-related injuries, leaving gaps for illnesses or injuries occurring outside the workplace. Another myth is that Group Disability Insurance is too costly for small businesses. In reality, plans can be scaled to fit any budget, and the benefits often outweigh the costs. At 705 Insurance, we ensure you understand your options and find a solution that works for your business.

Real-Life Examples

• For Small Businesses: A retail business offers short-term disability coverage to support employees recovering from minor surgeries or illnesses, reducing turnover and absenteeism.

• For Large Employers: A corporation includes long-term disability in their benefits package, ensuring comprehensive support for employees facing life-changing conditions.

• For Professional Practices: A law firm provides disability coverage to maintain income stability for their team during unexpected medical absences.

The 705 Insurance Difference

At 705 Insurance, we’re dedicated to supporting businesses and their teams with tailored benefits solutions. Our brokers take the time to understand your company’s unique needs and offer personalized advice to build a plan that aligns with your goals. Don’t leave your employees’ financial security to chance—contact us today to explore Group Disability Insurance options and create a more resilient workplace!