Your employees are the drivers of your business. They work hard every day to ensure that your business runs effectively and customers are well served. Today, employees also want to know what you will bring to the table as they seek better employment opportunities. If you hope to retain the best talent out there, you need to offer them more than a six-figure salary. Employee benefits are the next big thing if you would like to retain talented workers. Below are the insurance benefits you should consider offering your employees:
Medical Insurance
This is among the most popular insurance benefits employers are offering their employees today. However, it’s essential to note that according to the Affordable Care Act- ACA, businesses with over 50 full-time employers must include medical insurance in their employee benefits program. Medical insurance often covers three main things: vision, health, and dental. Ensure you use a Medicare Advantage Solution software to modernize and optimize your administrative processes.
Disability Insurance
On top of health insurance, you should also offer your employees disability insurance. It acts as wage protection. It will protect you and your employees from future unforeseen circumstances which may prevent the employee from working for an extended period of time.
Life Insurance
Today, over 85% of businesses now offer group life insurance options for their employees. In most cases, life insurance provides provisions covering in case of dismemberment or/and accidental death of employees. The policies can be paid out to beneficiaries designated by the employee. The beneficiaries may include their children, partner, mother, siblings, and other extended family members.
Liability Insurance
This insurance policy will cover any job-related lawsuits such as discrimination, wrongful termination, violations of work laws, and sexual harassment. The policy will only cover violations of the employee’s legal rights.
Worker’s Compensation
This is an insurance that covers work-related illnesses and injuries. These injuries include those that occur at the work premises and even injuries related to a car accident that occurred while the employee is driving between job sites.
If you are a business owner, offering your employees insurance benefits will be both an incentive to your company’s workers and legal protection. Competing with other employers who already offer their employees these benefits can be an uphill battle. While hiring and retaining young talent is essential, the benefits will also be a selling point for potential employees.
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