Business owners in New Jersey can buy temporary disability insurance in two ways: first, through the state and second via private insurance carriers. While the majority of them get TDB coverage through the state, many have started to turn to private carriers upon realizing the additional benefits they receive. In this article, you are going to learn why shopping for private temporary disability insurance in NJ is better. Let’s find out!
Generally, employees filing a claim through the state TDB insurance have to wait for a month before receiving their first check. With private temporary disability insurance in NJ, they can get their first check-in just 7 days after filing the claim. Also, they can select a suitable payment option such as debit card or check and determine a schedule for their disability income so that they stick to their already-established budget.
Extended customer service
The Department of Labor Temporary Disability Insurance customer care center is open from 8 am to 5:30 pm on Monday and Tuesday, and from 8:30 to 4:30 Wednesday through Friday. This causes a lot of trouble for people who come up with queries regarding insurance and want to address them as soon as possible. With private insurance, they get extended customer service so that they never have to worry about anything and get their problems solved in the best possible manner.
Better Quality Services
Government organizations usually involve low-quality services, slower response time, and a plethora of red flags. On the other hand, by working with private carriers, you will receive higher quality services, help through the claim process, better interest rates, and better response time.
Lock in Low Rates
Every November, the NJSIF announces TDB rates for the coming year. The rates may go up or down. If they go up, you will be locked in with those rates for the year. However, you may be able to lock in lower rates for up to 3 years with private insurance carriers in NJ.
Save more by bundling TDB with ancillary benefits.
Every business wants to save money or receive more benefits with TDB. By switching to private coverage, you may be able to provide your employees with voluntary ancillary benefits packages such as vision, dental, and group life coverage.