New Insurance for Employees Makes Businesses More Competitive
Extreme weather disasters are on the rise. SALARYGAP® Protector reassures employees they can pay their bills if their job is disrupted.
Salisbury, NC, <June 15, 2016> – Businesses who add SALARYGAP® Protector to their emergency preparedness plan can enhance their competitiveness for attracting and keeping employees, according to SALARYGAP® Partners, an insurance product development company serving the U.S and Canada.
Forty percent of businesses do not reopen after a disaster and another 25% fail within one year according to the Federal Emergency Management Agency (FEMA). The United States Small Business Administration has found that over 90% of businesses fail within two years after being struck by a disaster.
“You never know when a disaster will strike, but if one hits your business, the impact could be devastating on your company and your employees,” said William Jolicoeur, a co-founder of SALARYGAP® Partners. “Our insurance gives employers a proactive way to reassure their employees that they are thinking of their welfare in case a disaster hits.”
Losing wages is a chilling reality in today’s “new normal” of natural disasters. In the case of Superstorm Sandy, workers in New Jersey lost $1.4 billion in wages.1
While Superstorm Sandy was the second costliest hurricane since 1900, it certainly is not an isolated event. Consider the massive flooding in Texas (2016) and the devastating tornadoes that have hit Joplin, Missouri (2011), Tuscaloosa-Birmingham, Alabama (2011), and Moore, Oklahoma (2013) and other places in recent years.
The first decade of the 21st century has seen a 300% rise in natural disasters compared to the 1980s. 2 As a result, the amount of economic damage due to these natural disasters has seen a dramatic upturn.
A hurricane or a tornado can destroy whole communities and businesses in seconds, but it may take many months for people to re-enter the workforce. In the meantime, they need to pay their bills. Consider that:
- Sixty-five percent of working Americans could not cover normal living expenses even for one year if their employment income was lost. 3
- Thirty-eight percent could not pay their bills for more than three months. 4
Those able to land a new job may have to take a stiff reduction in salary. Workers with more than 20 years of experience in a prior job earn 20% less in their new jobs.5
“Our coverage is also designed to help fill a salary gap if a person is re-employed at a lower earning rate after an involuntary unemployment,” adds Jolicoeur.
“Even in the best scenario following a job loss, it could take months to find another similarly paying job,” adds co-founder Bill Graham. “In the meantime, an insured person can use monthly cash benefits from this coverage to help pay any bill or loan and minimize dependence on their savings.”
SALARYGAP® Protector is from SALARYGAP® Partners, a North Carolina-based product development company serving the insurance, association, and employer marketplace in the United States and Canada. This insurance product is underwritten and issued by United States Fire Insurance Company (USFIC), a member of the Crum and Forster Enterprise.
For more information, please contact SALARYGAP® Partners’ <title>, <Name>, at <000-000-0000> or via email at <email address>. Consumers can get a free quote for SALARYGAP® Protector in minutes at:www.salarygap.com.
June 15, 2016
Madison, WI
