Whether you lead a business of five people or 5,000 people, more than likely, you have employees who rent. But, don’t assume those employees have renters insurance to protect their assets from theft or damage.
According to a 2016 Insurance Information Institute poll conducted by ORC International, 95 percent of homeowners have homeowners insurance. However, that same study found that only 41 percent of renters said they had renters' insurance. For more information about percentages in your specific state, click here.
We all know the devastation, both financially and mentally, a person could experience if something were to happen to their belongings. And, while you may not be able to force employees to invest in renters' insurance, you can encourage them by making sure they understand that the benefits outweigh the costs.
3 Reasons Why You Should Encourage Employees to Get Renters' Insurance
Here are three reasons why you should find a way to encourage employees who rent to protect their assets through renters' insurance:
- It costs way less than what employees could potentially lose. According to most insurance reports, the average renter owns about $20,000 worth of personal property. Most policies for protecting these assets are pennies on the dollar compared to replacing these assets. Helping employees know the cost/benefit analysis of renters' insurance is important for providing an adequate human resources experience.
- It provides liability protection in case of an accident. Liability coverage is included in many standard renters' insurance policies. This means that your employees have protection if someone is injured while in their home or apartment. Liability claims can be incredibly expensive. Many renters' insurance policies provide medical reimbursement, the coverage to pay any court judgments, and legal expenses.
- It provides peace of mind while employees travel. Most renters' insurance policies cover an employee’s personal belongings, whether they are in their home, car, or with them while they travel. This is especially important to note if your employees make work trips or enjoy traveling for vacation.
Provide Your Employees with the Opportunity of Protection
As a company committed to helping businesses manage all employee-related matters, even renters' insurance is something we care about. Through our PEO services, we have the opportunity to partner with Liberty Mutual, which provides customized insurance to fit the needs of your employees and their families.
If you want to learn more about the specific policies Liberty Mutual provides through our PEO services, you can contact Anthony Trepka, our representative, to discuss any questions you may have. You can reach him online, by email at email@example.com, or directly by phone at 615-306-3539.
Note: If you are a PEO client who receives these benefits, have your employee ID number ready when you connect with Anthony.
*Discounts and credits are available where state laws and regulations allow, and may vary by state. Certain discounts apply to specific coverages only. To the extent permitted by law, applicants are individually underwritten; not all applicants may qualify. Coverage provided and underwritten by Liberty Mutual Insurance Company and its affiliates, 175 Berkeley Street, Boston, MA. A consumer report from a consumer reporting agency and/or motor vehicle report, on all drivers listed on your policy, may be obtained where state laws and regulations allow.