There are other insurance options that help employees and their families when the unexpected happens. These types of insurance can help give employees peace of mind, knowing that when they are disabled or when they die, there will be financial support.
Life and AD&D insurance
Life insurance and AD&D (Accidental Death & Disability) insurance both offer funds when the employee dies or is disabled.
- AD&D is often included in life insurance.
- Life and AD&D are similar but the two insurances slightly differ on which instances are covered.
Disability insurance options
Worker’s Compensation insurance only provides wage replacement if your employee gets hurt while on the job. Disability insurance provides partial wage replacement when the employee’s illness or injury happens when your employee is not at work.
- Short-term disability insurance only pays for a short period of time.
- Long-term disability insurance pays for either a long period of time or until the employee reaches a specific age.
- Both types of disability insurance only offer partial wage replacement.