There’s strength in numbers when it comes to insurance. When accessed as a group, insurance premiums are generally lower for employees. In some cases, coverage will be significantly better than if they purchase insurance on their own.
What would happen if an employee suddenly couldn’t work due to an illness or accident? What if a household breadwinner passed away unexpectedly? How would their families make ends meet? Certain group benefits can help ensure your employees are able to answer these questions with clarity and confidence.
A great benefits package helps you attract and retain the great employees you need to keep your business thriving for years to come. In addition, happy employees may generally be healthier employees, which means your business enjoys better productivity.
It’s understandable to be concerned about whether you can afford a comprehensive suite of benefits for your employees. But those concerns shouldn’t stop you. If you’re on the fence, follow these steps:
- Ask your employees what they want.
Different employees want different things. Figuring out what kinds of benefits your employees value most will help you determine how your benefits package should look. For instance, they may value dental and vision coverage or want different types of voluntary benefits, such as critical illness or hospital indemnity coverage.
- Consider different benefit structures.
Some employee benefit structures might be more financially viable than others. It’s important to determine how much of the financial responsibility can and should reside with you, or with employees.
- Find a carrier that offers the right mix of benefits for your needs.
Not all insurance carriers offer the types of benefits your employees want. Further, working with multiple carriers for different benefits might present more of a challenge than it’s worth. It’s helpful to find a carrier that can seamlessly provide all the benefits you want to offer your employees.
- Consult with a professional for help.
Meeting with a financial representative can help you assess what your business can realistically afford now, then make a plan for how you’d like your benefits portfolio to change over time so you can continue to build on the success of your business and meet your employees’ evolving needs.