Don’t Be Late (on DBL Premiums): Let The DBL Center Help You Get the Commissions You Deserve

Insurance brokers know that DBL stands for “Disability Benefits Law,” which provides statutory New York State short term disability insurance to qualifying workers through employer-funded benefits packages.

But here at DBL Center, we love a good play on words. We want to remind our brokers that this year, more than ever, the “DBL” in DBL Center stands for “Don’t be late.” That is, don’t be late with your NY disability insurance premiums and delay your incoming commissions because clients haven’t remitted premiums on time.

Are You Leaving Commissions on the Table?

Across New York, businesses have closed as a result of the pandemic. From mom-and-pop boutiques, to law firms, restaurants, gyms, and even larger companies, New York business owners felt the crush of the quarantine, followed by re-opening regulations, and a public that is wary of leaving their homes or spending money.

As we continue to struggle with these challenges, one thing insurance brokers shouldn’t have to worry about is whether or not their clients still in business have paid their premiums.

Yet, it’s a fact of life. Brokers face cancellations due to non-pays, client bookkeeping errors, and other lapses that can delay your commissions.

Even in the best of times, you don’t want to have to waste time chasing down clients. The Covid-19 pandemic complicated it further, because you don’t know who:

• Went out of business
• Doesn’t have the money to pay
• Received a PPP loan but perhaps thought premiums were yet another bill waived due to the pandemic
• Put their statutory DBL last on the list of payments to make, after paying the lease and keeping the lights on

Whatever your client’s situation, if they have an in-force NYS DBL policy or enriched DBL, they owe the premium amount due – and you deserve your commission.

We’re More Than Your Insurance Wholesaler, We’re Your Bill Collector

DBL Center is here to remind your customers “don’t be late,” on their DBL payments. Through our powerful Broker Dashboard: Net Revenue Tracker, we can track renewals, cancellations, and non-pays.

Then we send those emails and make those uncomfortable calls reminding your clients their New York state DBL payment is due. We use the utmost tact, and will get that bill paid so you can collect your commission.

And if a company has gone out of business? We’ll adjust the Broker Dashboard records to reflect that. No more wasted time on out-of-business companies.

Tracking Lives After Layoffs and Furloughs

Many customers might have NYS DBL premium payments due, but not understand the amount owed due to a change in their overall employee head count. If their bill does not reflect the new number of lives, reflective of layoffs or furloughs that occurred as a result of the Covid-19 pandemic, we’ll recalculate the total amount due.

And, again, get that bill paid so you can collect your commission.

Free Up Your Time to Grow Your Business

When you help your clients purchase NY disability insurance through The DBL Center, we serve as your back-office staff to manage your accounts. That frees you up to do what you do best, which is sell insurance – even in a struggling economy.

With access to our Broker Dashboard: Net Revenue Tracker, you’ll always know what you’re earning at a glance. You can track accounts ready for renewal, cancellations, and commissions. The Broker Dashboard helps you stay on top of it all – and The DBL Center team is here to help you manage it.

As I stated in my last video interview, the year is more than half over. Halloween is just around the corner and before you know it, we’ll all be closing the books on 2020 and hoping for better things ahead.

Now is the time to start planning for 2021. What will your book of business look like? Are you putting the time into sales or hunting down premium payments? Let us help so we can all look forward to a better future.


Should the State Increase NY Disability Insurance Rates?

Governor Cuomo signs Covid-19 legislation.We’re living in unprecedented times and federal, state, and local governments are looking for ways to adapt. Seeking a balance between regulations and budget, legislation has sought to help Americans keep their businesses open and their employees paid through the vast challenges 2020 has brought us.

Most business owners in New York, along with insurance brokers and other professionals, have concerns about keeping our economy going. Increasing NY disability insurance rates for statutory DBL coverage might be the last thing on people’s minds. But it’s something those of us in the insurance industry should be thinking about.

Should the State Consider Raising NY Disability Insurance Benefits?

NY State Disability Insurance benefits, or DBL, has not increased in decades. With a maximum payout of $170 per week, NYS DBL lags behind New Jersey TDB benefits, and even Massachusetts and Connecticut. The latter two states recently introduced statutory paid leave for non-work related illness or injury.

The last thing New York business owners would want to face right now is a premium increase for any benefits. Many New York City landmarks have shuttered as a result of recent events, and mom-and-pop shops in Main Street areas across upstate and downstate New York have closed permanently or struggle to stay alive.

But an increase in NY state disability insurance pay-outs could yield benefits to employers in the long run, especially as we face uncertainty related to the pandemic. Will DBL claims rise if we see a second wave of the virus? Will the government be so quick to offer Federal aid packages the second time around? Will businesses, already hard hit by recent events, be able to mount a second comeback? No one knows the answers to these questions.

FFCRA Alleviates Pressure on NY State Disability Insurance Brokers

When the first wave of COVID-19, the novel coronavirus, hit, the Federal government intervened with the Families First Act. The FFA alleviated much of the pressure on insurance carriers who otherwise would have faced unprecedented levels of claims because of COVID-19.

Here at The DBL Center, we also sprung to action. Our COVID-19 pre-screening software helped eliminate confusion regarding NY State Disability Insurance claims and FFA claims.

If the Federal government had not signed the FFA to help Americans with income replacement if they became ill from COVID-19 or had to care for family members with the virus, disability insurance carriers and brokers may have experienced a situation similar to what P&C brokers in the northeast experienced in the aftermath of Hurricane Sandy. Business owners and the insurance industry, alike, were not set up to respond to an emergency of this scale. Our country was not prepared; but perhaps there is no effective way to prepare for a global pandemic.

Looking to the Future of NY Disability Insurance

Many people reading this, even our brokers who are tapped into the industry, don’t realize that the governor initially had plans to increase DBL benefits when he introduced Paid Family Leave. A short-term disability insurance increase was in the original legislation, but removed before the Paid Family Leave Act was signed.

Increasing NY state disability insurance benefits will help business owners retain high-quality talent, which is a challenge in any economy. New York City, especially, is suffering from “brain drain,” or young, smart, and affluent couples leaving the city. Reports say five percent of Manhattan’s population fled the city between March 1 and May 1 at the height of the pandemic. Further, 69% of tech and finance employees said they would leave New York if they could work from home.

This exodus began years prior to the pandemic because of real estate prices, but was exacerbated this spring.

No, increased DBL may not tip the scales, but having peace-of-mind that you can survive on your disability insurance benefits should you become ill with coronavirus could give many New Yorkers one less reason to leave. Couple that with the most robust PFL policy in the nation, and New York becomes a more family-friendly state.

It’s a good time to make legislation changes right now. New Yorkers have become accustomed to rapid change and increased benefits, including the $600 Federal boost in unemployment benefits.

As always, because it is a shared benefit, DBL represents one way business owners can provide added value to their top employees at a small cost.

Until the time comes that NY State disability insurance benefits rise, business owners can purchase private disability insurance in New York. DBL Center brokers can offer their customers increased benefits through enriched DBL, white-glove service, and faster, more flexible payouts.

What do you think? Is it time for NY to increase their disability insurance benefits?


Private Disability Insurance in New York: Save Money and Create Happier Customers

As New York begins its phased reopening, many employers seek to call back workers on furlough or re-hire employees who have been laid off. Employers may also be looking for ways to reduce expenses as they come off possibly the roughest financial quarter New York businesses have faced in decades.

Now, more than ever, your clients are looking to save money and improve retention (or entice employees back to work). Enriching DBL benefits through private disability insurance in New York is one way your customers can:

  • Enjoy better service
  • Get an enriched benefits package
  • Save money by bundling statutory NY disability insurance with ancillary benefits

Why You Should Encourage Employers to Privatize NY Disability Insurance

The New York State Disability Benefits Law (DBL) gives employers the option to purchase NY state disability insurance through the New York State Insurance Fund (NYSIF). But writing policies through the NYSIF does not offer the advantages of private disability insurance. New York businesses who write DBL with the NYSIF max out coverage limits at $170 a week for 26 weeks. Who could live on that, especially in downstate New York?

When employers write NY Disability Benefits insurance through a private insurance carrier, they can enhance coverage limits past the state minimum, improve employee retention, and enjoy more personalized service. Additionally, DBL Center has relationships with multiple carriers, to offer a wide range of coverage options.

Why Insurance Brokers Should Choose DBL Center for New York Disability Benefits Coverage

The DBL Center has been helping NY insurance brokers write private disability insurance in New York for more than 40 years. Our instant binding application helps you prepare quotes from multiple carriers in a matter of minutes.

You can bundle enriched NY state disability insurance (DBL) with ancillary benefits like vision, dental, and group life / AD&D for added savings. Plus, you’ll gain access to our state-of-the-art Broker Dashboard: Net Revenue Tracker, helping you keep sight of it all with just a click.

Compare rates, grow your book of business, and earn more commission while DBL Center serves as your back-office support staff to manage and maintain your policies.

Bind your application for NY disability insurance (DBL) today!

 

 


The Rule of 72 and Why Your Customers Need Enriched DBL

In our last post, we spoke about using ancillary benefits to help reduce the financial stress that’s placed on employees.

This is especially crucial for employees in the New York tri-state area, which includes regions with the highest cost of living in the country. An accident or illness can leave an employee’s finances depleted. The New York State minimum for DBL coverage hasn’t kept up with inflation and isn’t enough to live on. In fact, the statutory disability benefit in New York has not increased since 1989.

The Rule of 72, for example, states that a specific dollar amount invested at an annual fixed interest rate of 10% would take 7.2 years to double. Yet, in 30 years the DBL benefit has remained the same.

Why not enrich DBL for a very low cost, ramping up the ROI on the investment?

Enriching DBL helps this important benefit keep pace with inflation to cover more of an employer or employee’s living expenses if they are ill or injured.

Consider the Needs of Your Customers

While it’s important to consider hourly workers who may be living paycheck to paycheck, it’s also important for brokers to consider the needs of company owners and top-level employees, including CEOs, CFOs, and HR managers, who make the buying decisions when it comes to employee benefits.

Of course, c-level executives want the best benefits for their employees to improve morale, maximize productivity, and aid recruiting and retention. But if you can also sell decisionmakers on the benefits that also serve their best financial interests, you’ll earn their lifelong trust.

Twenty years ago, Governor Mario Cuomo voted to increase the statutory disability benefit. His son, Andrew Cuomo, decided not to increase DBL. Instead, he introduced Paid Family Leave as a statutory benefit in New York.

But PFL – while it’s undoubtedly an important benefit – doesn’t apply to a vast majority of workers. Many middle-aged and older employees are past child-raising years and have already faced the loss of their parents. People in these demographics, especially middle managers and top executives, need benefits that will appeal to their needs.

Enriched DBL is a “set it and forget it” benefit. Once a business owner enhances their short-term disability benefits in New York, they will renew automatically each year. They aren’t likely to go back to the state minimum benefits.

Why Is Enriched DBL Such a Good Investment for Company Executives?

Many business owners and executives have savings and investments to cover a worst-case scenario such as an accident or illness that could leave them unable to work.

But, in fact, enriching DBL can be the smartest investment company leaders can make.

If it takes 7.2 years to double your income from investments at a rate of 10%, you don’t want to pull that money out to cover your living expenses.

Enriched DBL allows employers and employees – from c-level executives to hourly wage workers – to keep their savings where it is and receive a rate-of-return on their insurance premium that is far beyond any investment.

If a company enriches DBL by 5X, they will only pay $9.75/mo/male in premium and $11.50/mo/female, and if they need to make a claim, receive $850 per week for up to 26 weeks.

When you show your customers the math – and the benefit of leaving their investments growing – they will ask you to enrich DBL for their own financial peace-of-mind.

Build Relationships with the Right Advice

Smart insurance brokers are serving two customers – the employees who use the benefits, and the company owners and HR executives who are making the decisions on what benefits to offer.

When you can open doors to give them a low-cost, high-return benefit that appeals to employers and employees alike, you can gain trust and earn their business for life.

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Are You Selling DBL Coverage and Ancillary Benefits to Your Customers Who Need It?

Coastal Insurance offers tips to expand your book of business with strategic cross-selling of home insurance, DBL coverage, and ancillary products

By David Clausen, Coastal Insurance

If you’re like most P&C brokers, NYS DBL and NJ TDB insurance aren’t your only niches. Most brokers sell a variety of lines, whether it’s healthcare, business insurance, or personal lines of coverage like home insurance.

But you may not be thinking of ways to cross-sell your lines to expand your book of business and increase your commissions without cold calls or prospecting for new clients.

When you get in the habit of consultative selling, which includes getting to know your customers, their businesses, and additional insurance needs they may have, you’ll discover avenues to increased profits.

Mandatory coverage like workers’ compensation and NYS DBL coverage, along with enriched DBL, provide excellent upsell opportunities. Many business owners don’t realize they need this coverage even if they only have a few employees. Even if they know about statutory DBL coverage, they may not recognize the opportunities available with enriched DBL and ancillary benefits.

As their trusted insurance broker, you can help make sure they are protected from nearly any contingency. Chances are, you are already taking some of these steps. But are you closing the deal?

These tips, garnered from years of experience selling home insurance and other personal and business lines to Long Island-based customers, can help you expand your book of business.

1. Look for opportunities to upsell complementary insurance lines by getting to know your customers.

In Coastal’s niche market of home insurance for high-net-worth homeowners, many of our best clients also own their own businesses. This means they need workers’ compensation insurance and statutory disability coverage in New York State.

Ask your customers, “Who is currently writing your statutory DBL coverage?” to uncover opportunities.

With the introduction of Paid Family Leave as a rider to DBL, they might be looking to shop their policy around, since some carriers have stopped providing DBL.

2. Don’t forget about your customers who hire domestic employees.

Most Coastal customers who aren’t business owners are c-level executives, celebrities, and other high-net-worth individuals who may hire domestic employees to help run their households. A lot of people don’t know that workers’ compensation and NYS DBL coverage is mandatory in New York for full-time domestic employees or for domestic employees who live in your home, even if they don’t work a full 40-hour week.

This includes nannies, au pairs, housekeepers, gardeners, chefs, drivers, personal assistants, and anyone else who works for an individual. Even if people may treat their nannies or housekeepers like family, the State of New York classifies them as domestic workers or residence employees – and they need to be insured as such.

There can be hefty fines for failing to provide the proper insurance coverage for domestic workers, not to mention the liability if an employee gets hurts on the job. Brokers are doing a service to their customers by letting them know what employee coverage is required.

As with any job, providing ancillary benefits to domestic workers can also help improve retention rates and reduce sick time.

3. Discuss the potential for ancillary benefits.

Whether your customers are business owners seeking to hire the best employees, or individuals with a team of domestic help, they may not have considered ancillary benefits as a low-cost way to recruit and retain employees.

Benefits like Group Life, vision, and dental coverage are still highly sought after by workers. In a Harvard Business Review study, 88 percent of employees said they would consider accepting a job with a lower salary if the position had better health, dental, and vision benefits than the job with the higher pay.

Explore these possibilities with your customers, and they will look to you as a trusted business resource rather than just someone selling insurance products.

4. Educate your customers about enriched DBL.

NYS DBL coverage provides a bare minimum to help an employee who is ill or injured (while not on the job). DBL pays out just 50 percent of an employee’s salary up to $170 per week for 26 weeks.
Enriched DBL is a powerful retention tool for middle managers who exceed the maximum payout but may not have private disability insurance or a savings account to help get them through a medical emergency.

With the introduction of Paid Family Leave as a rider to DBL coverage in New York, many employers are looking to enrich DBL benefits in order to provide coverage comparable to PFL for employees who don’t have, or plan to have, families or may want a robust benefits package for themselves.

PFL was the big news in the insurance industry in 2018, but many people still aren’t aware of the policy changes. Stay on the forefront, educate your customers, and they will trust you to write their policies for personal and business insurance.

5. Offer the best rates by bundling coverage.

When you take advantage of The DBL Center’s carrier relationships, you can bundle lines to provide your customers with the best rates for DBL, ancillary benefits, and more.

Why would they go to any other broker if you’ve positioned yourself as a one-stop-shop for their business and personal lines of insurance coverage?


DBL Center Acquires DBL Advantage, Starts the New Year with Major Growth Initiative

Top New York insurance wholesaler announces the acquisition of DBL Advantage Etc. Ltd

Effectively immediately on January 1, 2019, the DBL Center Ltd. has acquired DBL Advantage Etc. Ltd., a New York-based licensed General Agency specializing in NYS DBL, Paid Family Leave,  NJ TDB and group ancillary benefits. The synergy between the two company’s insurance lines, as well as the mutual carriers and industry partnerships developed by both firms over several decades, made the acquisition the next logical step in The DBL Center’s growth.

DBL Center: Celebrating a Rich History and a Strong Future

The DBL Center was founded in 1976 by David J. Cohen. Now under the guidance and leadership of Michael Cohen, the company is one of the largest insurance wholesalers in the New York Tri-state area. In 2014, The DBL Center Ltd. acquired Combined DBL, a Long Island-based General Agency, to expand its ability to serve customers in the NJ TDB, NYS DBL, and group ancillary markets.

In addition to these noteworthy acquisitions, the past decade has brought unprecedented growth, market expansion, and new technologies to the company. The acquisition of DBL Advantage is a testament to, and a direct result of, DBL Center’s rapid expansion and market position.

How the Acquisition Will Affect NJ TDB and NYS DBL Brokers

Expanding The DBL Center’s market share and increasing the general agency’s leverage in the marketplace, the acquisition provides outstanding benefits to new and existing DBL Center brokers. The acquisition promises to strengthen the position of The DBL Center and its brokers in the statutory disability, PFL, NJTDB, and group ancillary markets, resulting in lower rates, higher commissions, and more options.

“The combination of premium between DBL Advantage and the DBL Center enables the DBL Center to provide brokers with higher compensation on new DBL and PFL business placed after the first of the year and moving on through 2019,” says DBL Center President and CEO Michael Cohen.

“New brokers that came to us as part of the acquisition will enjoy additional office staff to answer all their questions and to provide the full, white-glove back-office support DBL Center is known for,” Cohen says. “With generous commissions, multi-line discounts, and the most advanced technology available to P&C brokers, we have no doubt that our newest customers will view the acquisition as a favorable transition, and we welcome DBL Advantage brokers to the DBL Center family.”

White-Glove Support and the Latest Technology

The DBL Center will provide new customers with a designated account manager for over- and under-50 employee cases, as well as sales representatives to assist in the cross-selling of ancillary product lines.

“Working with DBL Center, brokers will discover multiple ways to round out their book of business and earn additional compensation through the sale of Group Life / AD&D coverage, group long-term disability, dental, and vision benefits,” Cohen says.

In addition, new brokers will gain free access to the DBL Center’s proprietary Broker Dashboard, a cloud-based app that enables brokers to track accounts and renewals, receive monthly reports on cancellations and reinstatements, and receive an earnings report on a monthly, quarterly, and annual basis.

With the white-glove service brokers have come to expect for more than 40 years, along with the latest technology and innovative solutions to the challenges today’s NJ TDB and NYS DBL brokers face, DBL Center is ready to move to the next phase of growth.

“To say we are excited about the future is an understatement,” Cohen says. “As the NYS DBL and NJ TDB markets change and evolve, The DBL Center keeps pace, providing our brokers with all the support they need to thrive.”

 


ShelterPoint Life Insurance Executive Shares Important Facts about PFL in New York

The opportunities under Paid Family Leave are too powerful to ignore.

Are you an insurance broker worried about managing the added operational and transactional requirements of New York’s new Paid Family Leave laws? Although the rate has yet to be announced (as of this writing), and no one knows the commission potential, one top DBL carrier isn’t worried — and says you shouldn’t be either.

Photos courtesy Nicole Best, Best Photography
Photos courtesy Nicole Best, Best Photography

New York State PFL  is one of the most comprehensive policies of its kind in the country offering paid time off and job security for employees. We covered some of the specifics of the mandatory Paid Family Leave benefits here. But if you’re a broker, you probably still have questions. Fortunately, The DBL Center, along with ShelterPoint Life, one of our top carriers, is prepared with answers.

How Much Commission Can Brokers Earn?
Commissions will depend on the rate, which is yet-to-be-announced, although we’re expecting to find out by early-to-mid May. “Our commitment is we are going to do everything possible to make fair payments to brokers,” says DeWitt M. Smith, Senior Vice President and Chief Sales & Marketing Officer for ShelterPoint Life, a top-rated insurance carrier poised to offer Paid Family Leve coverage through brokers across New York State.

Because of the additional premiums that will be deducted from employee wages and paid by employers, there could be a “nice increase in potential commission revenue,” continues Smith. “We believe the State appreciates the efforts involved by the brokers, and will make it possible for us to offer incremental increases in broker commissions.”

In short… we’re still waiting to find out how much commission brokers can earn. But The DBL Center and ShelterPoint Life are ready to make it as easy as possible for brokers to streamline PFL sales, enabling brokers to maximize those potential profits. “We’re working to take the worry and stress out of all the transactional and compliance-related issues that go along with PFL,” says Smith.

How Much Work Will It Take?
Writing PFL coverage will represent an added step in a consultative selling approach for DBL brokers in New York. In spite of the news coverage, many employers and HR executives still don’t understand what PFL means or what they need to do to get coverage in place. Employers can begin making payroll deductions for this coverage as early as July 1, so it’s up to you, the trusted broker, to educate your customers on their options.

Fortunately, ShelterPoint Life and The DBL Center are working to make it easy. If you currently write your NYS DBL policies with ShelterPoint Life through The DBL Center, PFL coverage will take the form of a simple rider added to the DBL policy. “For brokers accustomed to working with us in a simple, automated way online, adding PFL coverage to existing policies should be easy,” says Smith.

Brokers who offer PFL should also be ready for an influx of new customers, as only select carriers will write PFL coverage. Brokers who work with The DBL Center have an advantage, because our brokers can continue to write both DBL and PFL coverage policies through us.

My Customers Have Questions. Where Can I Go To Find the Answers?
The PFL education process will take time. Yet, it represents a great opportunity for brokers who work with The DBL Center to employ their consultative selling skills to give customers the answers they can’t find elsewhere. “We’ve had a dedicated task force in place since the day the law was signed,” notes Smith. “We also have a robust external communications strategy, with a dedicated PFL micro-site, blog, and newsletter designed to provide answers to brokers, employers, and employees.”

Browse the ShelterPoint PFL micro-site, formulate a marketing strategy to educate customers, and be certain to turn to The DBL Center should you (or your customers) have additional questions. You might also make plans to attend our informative seminar, sponsored jointly by ShelterPoint Life, The DBL Center, and the New York Business Council, to be held May 10, 2017 from 3 to 5 PM at The Friars Club, 57 E 55th Street, NY, NY. Seating is limited, so RSVP today by emailing michael.cohen@dblcntr.com.


New York Leads the Way in Paid Family Leave

Brokers can profit by providing your customers with the information they need about Paid Family Leave.

Last year, New York State announced new Paid Family Leave regulations to be phased in over four years starting in January 2018.

Photos courtesy Nicole Best, Best Photography
Photos courtesy Nicole Best, Best Photography

The regulations would give New York families the best coverage in any state, surpassing even California, which currently has the most generous PFL laws in the country.

To recap what Paid Family Leave provides to employees (from our April blog post, which you can read here):

PFL mandates up to 12 weeks of job-protected, paid leave for all New York employees, regardless of the size of the company, for any of the following reasons:

  • bonding with and caring for a newborn, adopted, or foster care child during the first 12 months
  • caring for a seriously ill family member
  • addressing important needs related to a family member’s military service.

Draft of PFL Regulations Released

Yesterday, the State of New York governor’s office published an important press release outlining developments in the PFL law, as well as a draft of parts of the new PFL regulations. The regulations are now in an important, 45-day pubic commenting period, so changes can still be made. One of our top carriers, Shelterpoint, compiled the regulations in an easy to read format.

Local Change Sets an Example for the Nation

Described as the “nation’s strongest and most comprehensive Paid Family Leave policy,” the policy seeks to support our state’s working families. While past presidential administrations, both Republican and Democrat, have touted support for women and families, the fact is, the U.S. has failed when it comes to putting the legislation in place to support parents and other caregivers.

New York’s PFL policy, like those of California, Rhode Island, and New Jersey, creates a benchmark for other states to follow in providing families with the financial support they need when caring for children and the elderly, and to assist military families in their times of need.

What PFL Means to New York Insurance Brokers

PFL is mandated insurance coverage, just like NYS DBL. Employers will be turning to their DBL insurance providers for the information they need. Obviously, writing PFL policies represents another stream of revenue for brokers—and because it’s mandatory, it’s an easy sell. Your customers know and trust you. They will come to you with questions. It’s important to be prepared with the right answers.

That’s where The DBL Center comes in. We are your back-office for insurance sales and service, including DBL, ancillary benefits, and now, PFL coverage.

What We Know Right Now About PFL in New York

We know that the new insurance will be employee-funded and community rated, but we don’t yet know the rates. It will be up to carriers to set commissions, which will be dependent on the state-mandated rates in order to keep this employee-funded coverage affordable.

As always, the best way to make money on these policies is to bundle them with other coverage to maximize commissions. Rely on The DBL Center as your back office staff to do the legwork, so you can optimize your time and maximize your profits.

Get Involved

We urge our brokers to read through the regulations, think about them carefully, and propose suggested changes in writing, which will serve to benefit insurance brokers and their customers.

Most importantly, keep an eye on this site to read the latest news and developments about PFL in New York. The times they are a’changing, as they say.


Why New York State Employers Should Offer Enriched DBL Coverage

Five ways it benefits employers to provide a living wage for workers on NYS DBL.

In the months leading up to the election, there’s been a lot of talk about Americans having the opportunity to earn a living wage. While some states have minimum wage laws in line with their costs of living, the Federal minimum wage as of 2016 is only $7.25 as of July 2016. Most of us reading this might remember earning that much during high school or college—it’s certainly not enough to raise a family or buy a home. New York State workers—and their employers—face another wage challenge: Mandatory NYS DBL payments cap out at 50 percent of an employee’s paycheck, up to $170 per week. This is not a living wage. And the financial burdenNYS-DBL-Businesspeople is even greater if the employee is facing medical bills and co-pays or the birth of a newborn and the added expenses that come with a child.

But there is a solution.

It’s important for New York State business owners, CFOs, and HR directors to understand why they should offer enriched DBL coverage in New York to provide employees on temporary disability with a living wage. If you’re a broker, please share this information with your customers to start earning commission on these enriched mandatory benefits today.

1. Enriched DBL coverage can encourage employee retention.

An injured or ill employee on temporary disability shouldn’t have to worry about how they will pay their bills. If your organization isn’t taking care of them, they might use their time off to polish up their resume and look elsewhere.

2. A robust benefits package helps attract top talent—even across state borders.

Today’s employees, particularly millennials, want to have it all in a job: Salary, flexible hours or work locations, and a robust, customizable benefits package. Providing enriched DBL—even if the majority of your employees don’t use it—lets you beef up your benefits package.

Additionally, New York-based businesses in Manhattan or on the New York / New Jersey border should consider that they are competing with New Jersey-based businesses—which already have a generous mandatory disability benefits package—for top talent. A NYS DBL package that rivals New Jersey’s Temporary Disability Benefits might help you attract the best employees from over the bridges.

3. As far as benefits go, enriched DBL provides employers and HR directors with a lot of “bang for their buck.”

With minimal employer contributions, which can be shared with employees at a rate of one-half of one percent of the employee’s wages up to 60 cents per week on pre-tax dollars, employers can offer generous NYS DBL coverage of up to $850 per week. Few benefits cost so little yet provide so much value.

4. With New York introducing Paid Family Leave in 2018, enhancing DBL benefits to keep pace will improve employee morale and loyalty.

In states that offer Paid Family Leave, this benefit for new parents and anyone caring for an ill or injured loved one has been shown to improve employee morale and loyalty. More importantly, co-workers don’t mind helping out to cover for employees taking Paid Family Leave.
Offering enriched NYS DBL benefits for employees who are ill or injured can help ensure co-workers won’t resent those who are out on PFL, because they know they have the same protection should they ever be unable to work.

Additionally, New Jersey employers found that the state’s generous paid leave package helps reduce stress amongst employees who took leave, as well as their co-workers, which can impact the company’s bottom line, according to the National Partnership for Women and Families.

5. Top executives benefit, too.

When you enrich your DBL benefits package in New York, your disability benefits package will increase, too, up to the maximum of $850/week or $1020/week with in-hospital coverage. You can also add an Accidental Death & Dismemberment (AD&D) rider to the policy, with a tiered plan that will provide your C-suite with the most coverage available.

Find out more about Enriched DBL in New York State in this post, or bind your NYS DBL quote for a company with fewer than 50 lives here.