Employee Benefits

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For more information on how we might be of service to you, call us toll free @ 1-800-526-8057 and ask for Chip Graber. In addition, you can fill out the Information Request Form.

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Start-Up Companies

If you are a start-up company based in New Jersey and have between 2 and 25 employees some of the plans you may wish to consider include:

HEALTH INSURANCE
DISABILITY INSURANCE
KEY PERSON LIFE INSURANCE
RETIREMENT PLANS

Health Insurance: The laws in New Jersey have significantly reformed health insurance for companies like yours and premiums are generally based on the age and gender of your employees. It is not permitted for an insurance company in NJ to rate your group based on health status so you do not need to be concerned that a pre-existing condition will effect your rates. However, there are circumstances, such as if you have fewer than 6 employees, in which a pre-existing limit could apply to your plan. You will need to discuss your specific circumstances with us so that we can advise you of the provisions that may impact your coverage.

If you are a one-person start-up company with no employees but yourself, there are health insurance plans available for you also, but you will have to shop in the "individual" market. We can also help with this situation - but please be aware that coverage can be expensive and depending on the product, rates can vary greatly from one insurance company to another.

Disability Insurance: Why do we often recommend disability insurance? Because unfortunately disability can happen, and if you cannot work, you cannot make a living. Under NJ State law you and your employees must be covered under the State Disability plan. However, NJ State Disability only covers you for 26 weeks at a rate of 66 2/3% of your salary to a maximum benefit of $444/week (in 2002). After 26 weeks, there is no NJ State disability insurance coverage available. Therefore, if you need more protection than this, we recommend that you consider adding a long term disability plan to your coverage.

Key Person Life Insurance: Key Person Life and Disability Insurance can be important too, especially if the success of your business is highly dependent on either you or another key person. In the event of death or disability of the key person insured, these policies would pay a benefit to your company They can be designed to also include compensation for a key employee or family. A well-designed key person program can provide important extra cash just when you and your business need it most!

Retirement Plans: Retirement may seem a long way off, but as numerous studies have shown, the sooner you start saving for retirement the more money you will have in the future. Although your business may still be in the early stages of development, you may wish to consider adding some type of basic retirement plan to your employee benefits program.

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