June 2007 - Beachwood, Ohio - Psychologists have a name for it: the 'humanization' of pets; 63% of U.S. households have pets(1), and they are frequently considered 'one of the family.' So, when a pet gets sick or is injured, a 'pet parent' can be distraught. Couple this with the possibility of a gigantic vet bill and the stresses of a full-time job, and an employer of a pet parent probably has a worker productivity problem on its hands.
With this in mind, Embrace Pet Insurance, a company that specializes in offering affordable, practical and simple pet health insurance plans, has launched "Embrace Your Employees," a new program that enables employers to offer pet health insurance to their employees. "Embrace Your Employees" is available immediately, which means employers can build it into their upcoming employee health benefits open enrollment programs that typically begin around this time of year.
"Savvy employers looking to differentiate their benefits programs can now offer their employees an Embrace pet health insurance plan that eliminates pet-health related financial surprises," says Laura Bennett, a leading pet life and health actuary and co-founder of Embrace Pet Insurance. "This is a great way for employers to retain and attract pet-loving employees."
The pet health insurance plans featured in "Embrace Your Employees" cost employers nothing, and let employees choose a plan that meets their needs. Embrace lets pet owners build a custom pet insurance policy online that is tailored to their budget by specifying maximum cash outlay, deductible, co-pay, and optional coverage.
Embrace pet insurance plans are underwritten by certain underwriters at Lloyd's of London, and are specially designed to address the shortcomings of traditional pet health insurance:
Embrace plans reimburse based on actual vet bills, which means that pet owners are reimbursed a larger portion of their expenses.
Embrace includes coverage for genetic conditions, including cancer, in all of its plans. Many other pet insurance plans are ambiguous about their coverage of genetic and congenital conditions, and deny claims that pet owners expect to be covered.
Embrace lets pet owners choose whether they want coverage for chronic conditions. Insurance plans offered by other companies define an illness diagnosed once coverage has begun as a 'pre-existing condition' in subsequent years, and therefore exclude ongoing treatment for recurring or chronic conditions.
Embrace Pet Insurance is exhibiting at the HR Star conference in San Francisco on July 18, 2007.
About Embrace Pet Insurance
Embrace Pet Insurance Agency LLC is a specialist insurance agency headquartered in Beachwood, a suburb of Cleveland, Ohio. Embrace was founded by Laura Bennett and Alex Krooglik, pet parents who also happen to be insurance experts, and offers self-serve, customizable pet health insurance for dogs, cats and goldfish. The Embrace culture is based on the core values of innovation and not taking oneself too seriously.
About the North American Pet Health Insurance Association
Embrace is a member of the North American Pet Health Insurance Association (NAPHIA). Founded in 2007, the North American Pet Health Insurance Association is committed to educating and promoting the values and benefits of quality pet health insurance to North American pet owners, the general public, and the veterinary community. As an association, it is committed to high standards and transparency in all of our actions and products. To learn more, visit www.naphia.org.