Did you know 85% of business owners buy TDB in NJ (temporary disability benefits) through the state?
If private TDB coverage is so much better, why aren’t more business owners and HR directors switching?
Most New Jersey business owners simply don’t know there’s a better way.
That’s where DBL Center brokers come in.
You can gain your customers’ trust, increase business referrals, and earn commission on a mandatory insurance product by showing your customers the benefits of private TDB coverage.
1. Employees enjoy faster payouts with private TDB.
When your customers make a TDB claim through a private carrier, they can start receiving a check in as little as 7 days. Employees who make claims through the state insurance fund might wait months for their first check.
In addition, employees can choose to receive a debit card or check and even determine the schedule of their disability income, so they can stick to the budget they’ve established when they were working.
2. Get your questions answered faster with extended service hours.
Have a question about a NJ TDB claim after normal office hours? The Department of Labor Temporary Disability Insurance call center is only open from 8 am to 5:30 pm, Monday and Tuesday, and from 8:30 to 4:30 Wednesday through Friday.
Most insurance carriers have extended hours, and many even offer the ability to check claim status online 24/7. Plus, DBL Center brokers will be able to reach out to the DBL Center directly, 24/7, through the broker dashboard once it is launched this fall. There is no reason for anyone to stay awake wondering about the status of their disability claim.
3. Work with carriers who care.
We’ve all done business with state and federal agencies. The DMV. The state IRS. The post office. There is a reason Amazon uses its own delivery company. Government services typically involve a lower quality of service, slower response time, and lots of red tape.
When you work with top carriers to buy private TDB coverage, you can deliver a higher level of service than your customers would receive anywhere else.
You’ll gain access to the DBL Center’s back office staff to answer your customers’ questions, help process claims, and ensure your customers are getting the best rates.
4. Lock in low rates.
Will the state of New Jersey increase TDB rates? Every November, the insurance industry plays a guessing game before the NJSIF announces its rates for the coming year. If rates go up, you’ll be scrambling to write your customers’ policies with private carriers for more competitive pricing.
Why not beat the rush and help them switch to a private carrier now? You may even be able to lock in low rates for two to three years.
You can only switch to privatize TDB coverage on the first day of every quarter. Now is the time to start thinking about helping your customers make the switch on October 1.
5. Save money by bundling TDB with ancillary benefits.
From small businesses to large corporations, most companies want to save money. Even if the NJSIF premiums remain the same next year, your customers could still save money with private TDB coverage.
Most TDB carriers also provide voluntary ancillary benefits packages, including vision, dental, and group life coverage.
That’s something your customers won’t find with the state insurance fund. And if you bundle ancillary benefits with a TDB package, your clients can save money all around, while providing employees with an enticing benefits package that may help retention rates in their company.
Let The DBL Center Help Your Customers Switch
Making the switch to private TDB coverage isn’t easy. But it’s worth it.
When you work with DBL Center, we will shop around for you to find the best terms and service for your customers. Once you’ve made the sale, The DBL Center will provide your customers with the paperwork they need, walk you both through the process, and make sure the switch to private TDB coverage happens seamlessly. Your customers will feel good about the money they saved and the service they are receiving.
Learn more about how New Jersey insurance brokers are using private TDB coverage to increase their bottom line. Then reach out to your friends at The DBL Center to get started.
by Dawn Allcot