03/31/2010 – Understanding Business Income Benefit
Business Income Benefit:
Would your business suffer financially if certain employees became disabled and could not
work, even for a short period of time?
Business Income Benefit (BIB), a provision designed to help businesses minimize financial loss when a key employee becomes disabled. By paying an amount equal to the disabled employee’s schedule amount, the BIB can help the company maintain financial stability while waiting for the employee to recover and return to productivity at work. A reduced benefit will continue to be paid during an employee’s partial return to work.
Available to companies with 75 or fewer employees, BIB allows the employer to specify three to 10 revenue generating and/or key executives whose disability and subsequent absence from the business would result in the business sustaining a substantial financial loss. If any of the specified individuals become disabled, the business receives a monthly payment, for up to 24 months, to assist with the expenses and/or lost revenues associated with the employee’s absence. Limitations and exclusions apply.
Triton offers BIB policies through Assurant Employee Benefits and are underwritten
by Union Security Insurance Company.
1. Disabling Event: Employee becomes disabled and unable to continue to work.
2. Eligible employee receives Employee Benefits’ Long-Term Disability benefit...or...Key executive or revenue generator receives Employee Benefits’ Long-Term Disability benefit
3. Policyholder also receives benefit under Employee Benefits' Business Income Benefit Provision
Contact Triton HR for more details at 866-USTRITON.
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