Insurance brokers serving New Jersey now have another opportunity to increase commissions with statutory benefits: Family Leave Insurance.
By law, New Jersey business owners are required to provide FLI coverage for employees to bond with a new child within the first 12 months, care for a family member with a serious health condition, or to seek legal counsel, medical care or other assistance following domestic or sexual violence.
The DBL Center is in a position through our carrier relationships to provide robust benefits – equal to or better than those provided by the state plan – with discounted premiums when clients bundle FLI benefits with TDB in New Jersey or with in-demand voluntary and worksite benefits.
If you are a broker in New Jersey looking to boost your business with existing clients and write new business by helping NJ companies gain compliance with state statutory insurance laws, tremendous opportunities lie ahead.
Five easy steps is all it takes.
The easiest way to write new FLI policies is with your clients who already understand the benefits of privatizing TDB coverage in New Jersey. Although FLI has been a statutory benefit in New Jersey for more than a decade, only recently did major carriers begin offer private policies.
The Broker Dashboard: Net Revenue Tracker makes it easy to view all your in-force TDB clients with a click from anywhere you might be: a laptop or desktop computer or on your smartphone through our Android or iOS app.
Take a look at their coverage, if they write ancillary benefits or voluntary worksite benefits with your agency, as well. Look for gaps in their coverage based on their current census. Do they have a lot of high-earners that do not have the coverage they need should they become ill or injured? Is their business protected should the owner die or become disabled? Are they providing their employees with options for voluntary dental and vision benefits?
Of course, they are probably writing their FLI benefits through the state, and may not even be aware that they can privatize FLI for the same advantages they receive with a private TDB policy.
When you set up your meeting, you’ll want to be prepared to talk about family leave insurance and ancillary and voluntary worksite benefits to show your clients maximum savings.
When your clients bundle TDB and FLI coverage together, they can coordinate benefits with a single intake, saving time. They will enjoy integrated claims management, reducing the burden on their HR team or employee benefits managers. Plus, employees and employers will gain access to a personalized claim service with their own case claim representative and experienced nurses as a first point-of-contact for claims.
Benefits are guaranteed to be as good or better than the state plan for both FLI and TDB, and clients can save money by bundling them together. Add long-term disability coverage, ancillary benefits like Group Life / AD&D, dental and vision, and voluntary worksite benefits for additional savings. Plus, clients gain the benefit of one point-of-contact for all their claims needs. When employers privatize FLI, they have the option of contributing to premium costs for their employees. Under the state plan, FLI premiums are entirely employee-funded.
Once you’re well-versed in the benefits of privatizing FLI in New Jersey and have a good concept of what ancillary and voluntary worksite benefits your clients may need, make that call. Set up that appointment.
You will have all the support you need with The DBL Center as your back-office staff. We can provide a free rate quote with just a census and salaries for any company.
Our team may even notice gaps in coverage that you didn’t identify and can share a quote that will ensure your clients have all the coverage they need, including statutory TDB and FLI.
Beginning January 2023, new rates and premiums take effect for TDB and private FLI coverage. Write policies now to start the first quarter of 2023 to take advantage of the low rates and better service with private TDB and FLI.
Reach out to The DBL Center now for information or guidance to pursue this new opportunity for New Jersey insurance brokers.
by Dawn Allcot