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Whether you’re an employee or employer, you should be thinking about buying in short term disability insurance if you have not already done so. Depending on your situation and status, there are various ways to go about buying this sort of coverage and also varying costs.

As an employer, or indeed head of a large company or organisation, you have numerous options regarding short-term benefits for your staff. And if your company is making enough money you may be able to handle all payouts including benefits internally. Of course, going down this road could lead to complications in the future if you need to make large payouts to staff at cannot attend work for an extended period of time.

You do indeed have the option of contracting the services of an insurance company. The upside to this option is that an insurance company will usually deal with all the necessary work whilst also handling all beneficiary payouts to your employees. On the flip side,you will have to pay fairly large premiums for the service, although buying a group rate will lower premiums substantially.

If you work for a large established company, especially on a global scale, you may already have short term disability benefits and not be aware of it. This is not because your employer has not made you aware about, simply that you may not remember all the details included in your employee contract.So be sure to check this. If you do have this policy included, you are probably already paying for it before you receive your wage. However, depending on your employer, you could be paying for this pre-or post-tax.

When your place of work does not offer a policy such as this, you too can go to an insurance company independently. If you ever need to claim your short-term disability, an insurance company would go directly to your employer and represent you. The price on this type of policy can vary between providers but you can expect to pay on average between $50 and $150 per month.