Protecting employees in a catastrophic event
Employers are shouldering a great burden from the disruptions caused by severe hurricanes and wildfires which are amplifying and extending the effects on lingering supply chain disruptions resulting from the Covid-19 pandemic. It is staggering to realize that there has been a 700% increase since the 1980s in insurer loss costs related to natural catastrophes.[1]
What’s more, the National Association of Home Builders reports prices have increased nearly 36% since January 2020, with 80% of that increase occurring since January 2021.
These market factors are also leading to an expectation that auto and home premiums will rise, and carriers will tighten policy coverage.
As your employees prepare to weather these headwinds, do they have enough insurance? Are you confident they have the right coverage? Proactively searching for and comparing policy coverages puts them in control. Waiting until a catastrophic event occurs to find out they are not properly insured puts you both at a disadvantage. What is the impact on your employee and your business when they are displaced by an unplanned catastrophe or disaster?
Home insurance is designed to pay for damage to your home and personal belongings. The right insurance should allow you to customize your coverage to cover events such as tornadoes, hail, fire, theft, vandalism, and the contents in your home. You will benefit from options that will pay you the full cost to rebuild your home, if necessary.
Mercer's Voluntary Benefits’ exclusive Auto/Home CHOICE platform is in direct response to the current world we live in. We draw upon our insight into market trends to meet the needs of your employees. The result: unrivaled employee experience.
Using our exclusive quoting technology, you can see real-time, side-by-side quote from top US carriers. That saves time and money, with an average annual employee savings of $750.[2] We enhance the employee experience further with dedicated toll-free support and a payroll interface.
Mercer’s Auto/Home CHOICE program includes Recoop Disaster Insurance. This Home Disaster Insurance option helps employees bounce back faster when disaster strikes. Recoop is the first and only multi-peril product. Filing a claim is simple with one call or online with just a few clicks. Your employees can expect fast payment typically within 24-48 hours of claim approval. Employees also enjoy a cash benefit up to $25,000 with no restrictions on how they use it.
Note: Recoop may not be available in all states.
Through a single application, employees easily design and compare auto plans and carriers to select the best coverage option for them Employees trying to navigate today's myriad uncertainties need a lifeline when their lives are turned upside down by a catastrophe. An employer prioritizing their well-being can fill that need with a benefit solution like Mercer’s Auto/Home CHOICE program with a Home Disaster Insurance option.
Learn more about the ease of use, comprehensive coverages, and employee savings and satisfaction. Connect with your voluntary benefits consultant to learn more about the value of adding auto/home solutions to attract, retain and support your employees.
For more information on this topic, listen to our webinar recording of Bouncing back from Shocks – Disaster Resilience in Focus. It is an insightful discussion on the role of insurance in disaster recovery and how we should plan before a natural disaster to lower cost and severity. It includes perspectives on how addressing socio-economic inequality is the key to building resilience. Webinar Link
[1] Source: https://www.iii.org/insuranceindustryblog/category/hurricanes/
[2] Savings are not guaranteed for all employees. The $750+ one-year average reported savings is based on employees who reported their prior premium, and through Mercer Voluntary Benefits, switched to several carriers’ auto insurance programs from 1/1/21–1/1/22.