Privatize New Jersey Disability Insurance for your Retail Store to Retain Better Workers
If you have employees working in New Jersey, you are required by the law to purchase New Jersey disability insurance for yourself and your workers. The cost of the benefits are shared, with a portion taken out of employee’s paychecks, pre-tax, and the balance of the premium funded by employers.
What Is New Jersey Disability Insurance?
New Jersey is one of only a handful of states mandating short-term disability insurance for all full-time workers. If a retail store employee or owner experiences an illness or injury off-the-job that prevents them from completing their core job functions, New Jersey disability insurance provides partial income replacement for up to 26 weeks.
But many retail store owners don’t know that you have the choice to write private disability insurance in New Jersey. Privatizing your TDB plan in New Jersey can potentially lower premiums while also delivering a higher level of customer service and faster, more flexible payouts than you would receive on the state plan.
Reach out now to privatize TDB for your retail employees.
Retain Higher Quality Retail Workers with Better Employee Benefits in New Jersey
Throughout the pandemic, retail workers were classified as essential workers on the front lines to deliver the items, including crucial foods, medications, and household goods, Americans need year-round.
And yet, hourly retail workers often seem to be the most under-rated (and underpaid) employees in the working world.
Perhaps that’s why it’s so hard to keep good retail workers. The industry has a high employee turnover rate of 5% per month, or 60% annually, according to a Bloomberg report. And it’s not cheap to replace hourly wage workers in the retail setting. The cost to replace an employee totals about 16% of their annual wage. Even if an employee is only making $20,000 a year, that’s $3,200. Multiply that by 60% of the workforce, and the dollars add up.
It pays to retain retail employees with a robust benefits plan that includes a private TDB policy, plus ancillary benefits like vision, dental, and Group Life/AD&D.
The Benefits Retail Employees Want Most
Retaining your best front-line retail employees doesn’t have to be the biggest challenge to your retail business. Deliver training, mentorship, support, and the benefits workers say they want the most.
You can save on premiums for voluntary benefits when you bundle them with private disability insurance in New Jersey from one of our top carriers.
When polled, 53% of employees say they want vision coverage, while 68% want a job with a dental plan. Because you can provide these ancillary benefits as part of a voluntary package, fully funded by employees with pre-tax dollars, it won’t cost you a dime.
Plus, you could save money on a private TDB policy. It’s state law than any private disability insurance plan in New Jersey must provide equal or better benefits than the state plan, with premiums equal to or lower than you’ll pay with the state.
There’s no downside to it, but so many retail store owners just don’t realize they can put money directly in their pockets with savings on private disability insurance in New Jersey.
Choose a Private New Jersey Disability Insurance Plan with EZTDB and Offer Better Benefits for Less
EZTDB provides you with better disability insurance plans for retail shops and empowers you to:
- Customize your employee’s TDB coverage with faster payouts and choice of payments
- Protect yourself from potential rate hikes and save up to 20% on TDB
- Join the elite club of 2% of business owners enjoying the best service with private TDB
- Increase employee satisfaction and retention with customized, better benefits
Only private TDB insurance allows you to choose a better plan than the state mandates, plus multi-line discounts on important ancillary benefits.
Reach out to EZTDB to discuss your best available options for New Jersey disability insurance!