NYS DBL Coverage, or Disability Benefits Law, ensures that employees
who are injured, ill, or give birth to a child can take time off without losing all their income. Although disability benefits only pays 50 percent of an employee’s paycheck—and only up to a maximum of $170 each week—it can supplement an employee’s own savings in the event of an illness, injury, or childbirth.
If you’re a business owner in New York State, you are required to carry mandatory minimum DBL coverage. You can write your policy through the state, or through a private insurance broker. But there may be a lot you don’t know about disability benefits, and especially about enriched DBL coverage.
1. You can enhance disability coverage beyond the state maximum of $170/week (and even add an AD&D rider).
Did you know that New Jersey state temporary disability benefits (TDB) offer a state maximum of $615/week—more than three times that of New York’s maximum benefit?
If you’re a New York-based business trying to expand your talent pool to stay competitive, it may be difficult to entice New Jersey talent over the bridge to your Manhattan company. Enhancing your NYS DBL benefits package is one way to help level the playing field. For just a very small premium increase, you can enhance your NYS DBL coverage to offer a competitive benefits package.
Adding five times DBL in New York State pays 50 percent of an employee’s salary up to a maximum benefit of $850/week. If you add in-hospital coverage, there is no waiting period for your employees to collect benefits. They will receive basic DBL benefits from the first day of admission. In addition, in-hospital coverage could increase the maximum benefit up to $1020/week.
Adding an Accidental Death & Dismemberment (AD&D) rider provides 24/7 coverage for accidents or illnesses, whether they occur off the job or on. Benefit levels range from $50,000 to $100,000. Learn more about Enriched DBL in NY here.
2. Employees cannot collect a paycheck and NYS DBL benefits at the same time.
If you allow employees to cash in their sick time or vacation days to cover an illness, injury or maternity leave, they cannot collect NYS DBL on top of that paycheck. There is a one-week waiting period after their last paycheck before they can collect DBL for up to 26 weeks.
Employees living paycheck-to-paycheck, which includes many families in the New York Tri-state area, have to do some careful budgeting to sustain their standard of living if they are ill, injured, or have a baby. Enhanced DBL coverage can give employees peace-of-mind that if anything happens to them, they can find a way to make ends meet if they’re collecting more than the maximum state benefits.
3. You can write your policies through InsuranceWholesaler.net for white-glove service and savings on other employee benefits, too.
The DBL Center Ltd. makes it easy to bind rates for businesses with less than 50 lives using our Quick Quote Rate Chart. Connect online with one of our top insurance carriers, get quotes in minutes, and bind coverage when you find the plan that fits your needs. A representative will call you to complete the process, and ensure that you’re satisfied with your coverage, pricing, and policy. From enhancing your DBL coverage to making a claim, we are always just a phone call away. You could buy coverage from the state, but you’ll miss out on the white-glove service The DBL Center has been providing our customers for 40 years.
We can also save you money by bundling other ancillary benefits, including vision, dental, and Group Life/AD&D coverage, as part of an enriched DBL benefits package.
We think we’ve covered some of the finer points you didn’t know about NYS DBL Coverage. If you have any questions, reach out to one of our benefits experts. Our enhanced DBL Coverage and white-glove service is just the beginning…
by Michael Cohen
Small business owners face the struggle of being the HR director, sales manager, CEO, CFO/controller, CIO—and any other C-level titles you may want to add.
The DBL Center Ltd. is large enough to exceed the expectations of even the biggest corporate clients, including a number of well-known retail chains, with the highest level of white glove service. But we are still considered a small-to-mid-size business—just like many of our clients. And that means we are finely attuned to the unique needs of small businesses. And that means streamlining processes like buying employee benefits.
Most small business owners in New York understand they need DBL coverage. But they don’t want to spend a lot of time shopping around for the lowest premiums or the best service. They want to shop online, quickly and easily, binding the lowest rates they can find from a reputable carrier.
We also understand small businesses from the perspective of our brokers. Insurance is, largely, a volume business. Brokers may invest the same amount of time and energy into selling a 500-life policy as a 50-life policy. But basic math can show you where they are earning the most commission. That means brokers need a fast, easy way to bind the best rates for NYS DBL coverage for small businesses.
For over a decade, The DBL Center has been providing a solution to small business owners and brokers writing DBL policies for fewer than 50 lives in New York.
Small business owners need mandatory NYS DBL coverage quickly, without spending too much of time shopping around for the lowest premiums or best service. And brokers need to write mandatory DBL policies in New York quickly and easily to maximize their profits.
That’s where the DBL Center’s Quick Quote Rate Binding Chart comes in.
When we revamped our website, we made a few modifications to make our Quick Quote Rate Chart even easier to navigate and more intuitive to use. But it remains the same popular tools hundreds of our brokers use each week to secure a quote from one of our top carriers for their clients with 50 or fewer lives.
Let us walk you through the quick and easy three-step process.
To bind coverage for New York small businesses with fewer than 50 lives:
1. Choose one of our select carriers.
You can read about New York’s top DBL carriers, and learn the key differentiators of each insurance company, here. Our choice carriers include:
Each of these carriers has an A- rating or higher by Standard and Poors.
Simply click the button next to the carrier’s name on the chart, and a new box will open that allows you to bind coverage in minutes online, without leaving InsuranceWholesaler.net. You’ll also have the option to enrich coverage beyond the NYS DBL minimium.
Note: In the case of AmTrust, you’ll need to follow the instructions to open a new window on the AmTrust site to bind coverage.
Note: For ShelterPoint, you’ll need to login with your broker credentials first. This also enables you to look up your block of business and issue DB 120.1’s or certificates of insurance
2. Input your broker information and details about your client.
You’ll need to spend a few minutes telling us about yourself and your client. Make sure we have a copy of your updated license. This is important because all commission checks will go straight to you, with your name on the application.
The DBL Center Ltd. provides a white-glove, white-label service. Any correspondence comes to your client with your name and your brokerage information. A copy also comes to you, the broker. We work behind-the-scenes to ensure you and your clients receive the exemplary service you all deserve.
In addition to simple details about you and your brokerage, as well as your client’s name, the company name and type of company, owner name, phone, and address, we’ll need to know:
You can even bind a quote online while you have a client on the phone – it’s that easy.
3. Submit your form to bind your quote.
When all the information is complete (hit N/A if you don’t know, don’t have an answer, or need clarification), hit enter to submit the form directly to the insurance carrier. The price quote is now binding, ensuring your clients the low premiums and quality coverage they want.
A representative from The DBL Center Ltd. will contact you within 24 hours with a policy kit.
At The DBL Center, we understand the importance of online outreach, especially for time-strapped small business owners. (Might as well add Chief Marketing Officer or inbound marketing specialist to the many titles a small business owner holds!)
As a result, we are always working to improve the online experience for our brokers and their clients, from the information we share to how we make it easy to get a quick quote for DBL coverage to insure fewer than 50 lives in New York.