3 Reasons Why Every Auto Dealership Owner Should Privatize Their TDB Coverage
In New Jersey, auto dealership owners are required to have Temporary Disability Benefits (TDB) insurance to protect their employees from the aftermath of an injury or illness. Amidst meeting deadlines and achieving monthly targets, employees in an auto dealership often lose track of their health and other factors that may cause injuries and illnesses. And when an injury or illness happens, they have to bear the major consequences, including loss of pay and the inability to work. This is where TDB comes into play, offering them compensation for their loss of pay until they return to work.
Most auto dealership owners provide employees with TDB coverages offered through the state; however, many have now started turning to private carriers because of the additional coverage that state-run plans don’t offer. And here are a few reasons why you should too:
Fixed Low Rates
Every November, the state announces new TDB rates for the next year. These rates either may go up or down. If they surge, you will have to pay a monthly premium based on those rates for the rest of the year. If the rates go down, you may be able to enjoy a lower premium; however, it rarely happens. But by choosing the best disability insurance in New Jersey, you are more likely to lock in lower rates for 3 years.
Typically, if you get injured while being an employee in an auto dealership, you have to wait for a month before receiving your first check with the state TDB insurance. However, if you choose temporary disability insurance, you may get your check-in within 7 days of filing the claim. Besides faster payout, you have the option to select the best-suited payment option, such as a debit card or check to receive the amount. Also, you can schedule your disability income so that your already-established budget remains unscathed. By going private, you can provide your employees with peace of mind in regards to timely payment.
Save More by Bundling TDB with Ancillary Benefits.
Being an employer of an auto dealership, you may want to spend less on TDB coverage while receiving more benefits. While it’s unlikely to be the case with state-run plans, you can enjoy more benefits and low rates with private plans. By turning to private plans, you can provide your employees with voluntary ancillary benefits such as vision, dental, and group life coverage.
If you own an auto dealership in New Jersey, you are required by law to get disability insurance for your employees. Make sure you provide them peace of mind by offering coverage that ensures more benefits.
If you want to privatize your TDB plan, get in touch with us today.