3 Reasons Every Auto Dealership Owner Should Privatize Their New Jersey TDB Coverage
In New Jersey, auto dealership owners are required to have Temporary Disability Benefits (New Jersey TDB) coverage to protect their employees from the financial aftermath of an injury or illness.
When an injury or illness occurs, auto dealership employees face not only the physical consequences, but financial concerns. If they aren’t working, they can’t earn commissions or achieve their monthly sales goals to earn bonuses and advance in the organization.
Fortunately, state-mandated New Jersey TDB coverage can help alleviate some of the financial burden by paying a portion of the employee’s average weekly wage for up to 26 weeks.
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. Here are a few reasons why you should, too:
Private NJ TDB Coverage Offers Fixed Low Rates
Every November, the state announces new TDB rates for the next year. These rates may go up or down. If they surge, your New Jersey TDB coverage premiums will rise for that calendar year. If the rates go down, you may be able to enjoy a lower premium. However, that rarely happens. By choosing the best disability insurance in New Jerseythrough a private carrier, you are more likely to lock in lower rates for three years.
Typically, if you get injured or fall ill, you have to wait eight days or more before receiving your first disability insurance check. If you choose temporary disability insurance through a private carrier, you may get your check-in within 8 days of filing the claim, and possibly even sooner.
Besides getting a faster payout, you have the option to select the best payment option for your lifestyle, such as a debit card or a check. Also, claimants can schedule their short-term disability payments so that they can better manage their already-established budget.
By writing private New Jersey TDB coverage for your auto dealership, you can provide your employees with peace of mind that they will receive timely payments in a form that works for them.
Save More by Bundling TDB with Ancillary Benefits.
As the owner of an auto dealership, you may want to spend less on New Jersey TDB coverage while receiving more benefits. While that’s unlikely to be the case with the state-run disability insurance plan, you can enjoy more benefits and low rates with private plans. When you work with a private carrier, you can even bundle your New Jersey TDB coverage with voluntary ancillary benefits such as vision, dental, and group life / AD&D insurance.
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’re ready to privatize your New Jersey TDB coverage, get in touch with us today.