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Choose Right Policy for Your Employee

Do You Save taxes?

  • When employees buy health insurance on their own, they have to use post-tax dollars to buy it. That is, they make money, the government taxes that money, and then they take the remaining amount to buy what they need.
  • But when employees buy health insurance through a group plan, they pay for the insurance with pre-tax dollars. That can save them up to 30 to 45% on their health insurance premiums.
  • Here are all the tax savings you get by offering group health insurance:
  • Employer contributions are tax-deductible
  • Employer payroll taxes are reduced by 7.65 percent of employee contributions
  • Employer workers compensation premiums are reduced
  • Paying for health benefits instead of higher salaries can save you money because you don’t pay payroll taxes and workers compensation premiums on money used towards health benefits.
  • Plus, your employees may prefer benefits over salary as well. According to that same Glassdoor study, nearly 80% of workers said they would prefer new or additional benefits to a pay increase.

Why Business Owner
Employee Insurance?

If you are a small business owner, you would know that your employees are the most important asset of your enterprise.

Which is why, it becomes imperative for you to offer them comprehensive health insurance plans.

This can go a long way in attracting and retaining employees and improving productivity by ensuring everyone is in the best of health and do not have any worries about medical expenses.

Why Your Business Should Offer Employee Insurance?

Providing Employee insurance helps boost employee productivity

A study from MetLife found that 60% of employers say offering health insurance has led to higher productivity levels. And according to the CDC, employees who prioritize preventive care—like regular checkups—get more accomplished at work. As an employer, you want your employees to focus on being their best productive and successful selves at work. Worrying about health insurance drains their energy and time.

Why Your Business Should Offer Employee Insurance

First thing’s first: You don’t have to do this alone. A broker or health insurance advisor can guide you through the whole shebang. As your go-to agent, they’ll: Help select a plan that’s right for you and your team, based on your industry and the coverage preferences of all the folks in your company. Set everything up and keep you compliant on an ongoing basis. Be the resident healthcare know-it-all for your employees, so you don’t have to answer difficult questions on all things health insurance.

It can give you access to more doctors and hospitals

Employees may get life insurance on their own for their families, though they also depend on employers for the same. Offering life insurance in the workplace goes back many years, so don’t overlook it. The cost of death due to a work accident places a major burden on the employee’s family and your company if litigation occurs. Quality life insurance creates a solid security foundation.

Employee insurance benefits make your employees happy

According to a survey by Glassdoor, employees said health insurance is, by far, the most important benefit they receive from their employer. That’s why employers should offer health insurance as their first company benefit, then add on additional benefits over time. The top three benefits that make employees the most satisfied, according to Glassdoor’s study, are: Health insurance Vacation and PTO Pension plans, 401(k) & other retirement plans If health benefits are a top priority for your employees, it should be a top priority for you.

Employee Compensation Policy

It's the Law

  • The law requires businesses with employees to provide particular types of insurance: workers’ compensation, unemployment and disability, depending on the state where the business is located.

  • Failure to carry legally required coverage could result in fines, civil or criminal penalties, exclusion from public contracts and “cease and desist” orders — all of which could cost you far more than the price of an insurance policy.​

Protects Your Employees

  • Your most valuable asset is not the products or services you offer, the equipment you take so much care to maintain or even the brand you struggled for years to build.
  • No, your most valuable asset is your employees, and it pays to protect them in the event of an accident. The law requires that you carry workers’ comp, but you should also consider offering disability coverage, even if you have to charge your employees for a portion of the cost.
  • By the way, protecting your employees’ interests is also a good way to protect yours — against lawsuits or liability claims.​​

Helps to Attract and Retain Employees

  • Having insurance isn’t just about protecting your business in “doom and gloom” scenarios. It can have the positive benefit of attracting and retaining qualified employees.
  • Second to salary, job seekers look for benefits packages that include life, health, disability and long-term care insurance. If you don’t offer these perks, you may lose a good employee to a company that does.

Contracts May Require It

  • When it comes to contracts and insurance, several variables come into play:If you rent or lease your business facility, you may need to carry insurance, as the landlord’s policy may not cover it
  • .If you borrow money to finance buildings, equipment or operations, the loan agreement will likely contain an insurance requirement.
  • Client contracts may specify that you carry insurance in the event things don’t go as planned.
  • Add language about freelancers who need it and don’t realize it till they get a job and then lose the job because of not having insurance.​

Event of a Lawsuit or Liability

  • We live in a litigious society. In the event of a lawsuit or liability claim, without insurance, your business could fold.
  • One accident. One broken contract. One disgruntled employee, and it’s over.
  • Even if you win the suit, you could go out of business due to the cost of legal defense. Rather than worry about what could happen, liability insurance can give you peace of mind, enabling you to concentrate on what truly matters — running a successful business. Findlaw has a list of calamities that, should they occur, could result in a lawsuit. Some are humorous, but all are worth reviewing.​
  • Findlaw has a list of calamities that, should they occur, could result in a lawsuit. Some are humorous, but all are worth reviewing.​​