Best Short Term Disability Insurance Companies in New York

Short-term disability insurance is mandatory in New York, but not all insurance providers are created equal. Here is our list of the best short term disability insurance companies in New York. As independent insurance agents, we are not beholden to any insurance company. Our recommendations are based on more than 25 years of work with these companies and the following criteria:

• Financial Strength – The ability to pay claims
• Most competitive prices
• Top quality
• Ease of doing business
• Customer service

Best Short Term Disability Companies in New York:

1. Standard security
2. Shelter Point
3. bracket
4. Hartford
5. Guardian

This list can change at any time depending on which companies offer the best coverage at the best prices. But first, let’s briefly discuss what New York State’s mandatory disability program is and how it works.

What is Short Term Disability Insurance in New York?

If you are a New York State employer, you are required to provide short-term disability benefits to all of your employees. New York is one of the few states that requires this coverage. You can purchase this coverage directly from the Workers’ Compensation Board that oversees this program, or you can purchase coverage from a state-approved insurance company.

How does short-term disability work?

An employee is eligible for benefits if he or she suffers an illness, injury, or disability outside of work, including pregnancy. Benefits are paid weekly to the employee and equal 50% of the employee’s average weekly salary up to a maximum of $170.00 per week.

Benefits become payable on the eighth consecutive day of disability and continue for up to 26 weeks. Employers can pay 100% of the premium or require employees to pay their share. However, an employee cannot be paid more than 60 cents per week or $31.20 per year. You can read more about the program here: Mandatory disability

Best Short Term Disability Insurance Companies in New York

1. Standard Security Life Insurance Company in New York

This company holds our top spot because of the ease of dealing with them. They can usually approve a new short-term disability policy in less than 48 hours.

And if you receive one of those nasty fines from the Workers’ Compensation Board for forgetting to provide coverage to your employees, Standard Security can often delay your policy for up to 6 months to reduce the penalty.

Standard security Located in downtown Manhattan and rated A- (Excellent) by AM Best. They have been providing disability insurance for over 60 years and cover over 50,000 employers. If you don’t compare your current prices to Standard Security’s, you’re probably paying too much.

2. Shelter Point

Officially known as America’s First Rehabilitation Corporation, Shelter Point Provides short-term disability coverage for over 40 years. This company is also one of the largest DBL coverage providers with over 150,000 business clients.

We love this company for their excellent customer service, competitive pricing (not the least) and their ability to handle difficult cases where multiple years of coverage expire. Located in Long Island, New York, Shelter Point is rated A- (Excellent) by AM Best

3. ARCH insurance

Also known as ARC Capital Group Limited (Arch Capital or ACGL), is a Bermuda public limited liability company. The company writes short-term disability insurance in both New York and New Jersey where such coverage is mandatory. Arch also specializes in casualty insurance, mortgage insurance, and workers’ comp, and provides insurance solutions for alternative markets such as aviation and construction.

We love working with Arch because of their outstanding customer service, ability to pay claims quickly, and knowledge of niche markets. Arch has an A+ (Excellent) rating from AM Best and an A+ from Standard & Poors. Their New York division is located in downtown Manhattan.

4. Hartford

Hartford Financial is one of the oldest insurance companies in the United States. Founded in 1810, it is one of the largest insurance and financial institutions in the world. This company covers all lines of personal and business insurance but also excels in the NY DBL program. Their prices are very competitive, and their customer service department is helpful. However, they are slow to approve new policies, taking about 7 business days or more.

So, if you’re looking for a quick turnaround on your policy, The Hartford may not be the best choice. But if you’re looking to bundle your commercial and group insurance policies with your DBL program, The Hartford would be our top choice. The Hartford company is headquartered in Hartford CT and has an A (Excellent) rating from AM Best

5. Guardian

Guardian Life Insurance Company has been around for over 150 years. It is one of the largest insurance companies with the highest financial rating in the world. Although the company offers several lines of personal and business insurance, it also offers short-term disability insurance in New York. Their prices are competitive but certainly not the lowest.

This company survived the Great Depression and several financial disasters, so if you’re looking for financial stability, Guardian is our top choice. The Guardian Hotel is located in downtown Manhattan and has an A++ (Excellent) rating from AM Best.

New york short term disability quotes for your business

We represent some of the highest-rated disability insurance companies in the industry. If you would like a quote for New York short-term disability insurance for your business, please contact us today at 914-633-1717 To speak to a licensed, independent disability insurance agent.