Posted on 23 Feb 11
The Hartford Financial Services Group, Inc. has launched a new disability insurance product designed to help small business owners offer competitive benefits packages without impacting their bottom line.
The Hartford's new group disability product allows owners of smaller businesses to offer income protection as an employee-funded benefit. The insurance is offered to businesses on a stand-alone basis, meaning the coverage does not need to be purchased in conjunction with the insurer's long-term disability insurance.
"Our national survey1 shows employees at small businesses are not as satisfied with their benefits as workers at mid-size and large companies. Our poll also found these employees were less likely than their peers at larger companies to be offered life and disability insurance benefits," said Ron Gendreau, executive vice president of The Hartford's Group Benefits. "Many employers are turning to voluntary benefits to help compete with their larger counterparts in attracting and retaining talented employees."
This new product is available to employers with 50 to 999 employees. It is best suited for business owners who want to provide the additional benefit without increasing their costs, or those who are paying for the benefit but need to shift this cost to their employees. This is the latest addition to The Hartford's lineup of products, services and technology dedicated to voluntary benefits.
The Hartford's survey also showed a low awareness among workers about insurance that provides income protection if they cannot work due to a disabling illness or injury off the job. As a result, The Hartford has a dedicated enrollment team to educate employees at their place of work.
"We hope to raise awareness among business owners and their teams about the role that disability insurance plays in helping them grow and achieve success," Gendreau said. "We also intend to work with our brokers and agents to ensure hassle-free implementation for business owners who wish to add this coverage."
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