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When it comes to hiring and keeping the best employees, paying a good salary isn’t enough. Benefit packages, specifically insurance benefits, play a huge role in the decision to accept a job at any company. So what kind of insurance should you carry and offer to your employees? And are there any benefits for you?

Health Insurance

According to eHealth Insurance, health insurance is a huge selling point for company benefits. Health insurance is incredibly expensive, especially for employees who are married or have children. Group health insurance tends to have lower premiums, which makes this very attractive for employees. Health insurance is also one of the most important benefits that employees look at. In fact, many people have indicated that they would take a lower paying job for better health insurance. Providing health insurance also means your employees are more likely to take care of their health, resulting in less sick days and increased productivity.

Life Insurance

For employees with dependent family members, life insurance is incredibly important. They want to know that if the worst happens to them, their family will be taken care of. Similar to health insurance, group plans that are offered by employers tend to have cheaper premiums than a normal life insurance policy. Even if your employees want more coverage than your plans offer, being able to get some coverage at a cheaper rate is very comforting. Offering life insurance is doubly important if the job is high risk or puts your employees in dangerous situations.

Workers’ Compensation

While workers compensation isn’t an insurance plan that employees sign up for like many other insurance policies, this is something you need to make sure that you have for them. When employees are hurt on the job, in most states, businesses are required to offer workers compensation and most carry heavy penalties for businesses that don’t have a policy.. Even if your employees work desk jobs, you need to make sure you have coverage. According to Bruscato Law, work injuries can happen due to the most simple things like repetitive stress. Workers comp insurance will help you cover the cost of any claims so you don’t end up in serious legal and financial trouble.

Dental Insurance

Dental insurance is quickly becoming a benefit that people expect their employers to offer. Health insurance doesn’t cover dental visits and it is prohibitively expensive, so offering this is a great way to show your employees that you are serious about caring for their well being. Most insurance providers will let you bundle dental and health insurance together, so it really doesn’t cost anything extra for you to offer this to your employees, with the added benefit of standing out a little from other companies.

Health Savings Account

According to the P&A Group, health savings accounts are employee-owned savings accounts that allow the employee to save money for out of pocket medical expenses. These can include prescriptions, co-pays, and any care not covered by insurance. They are often paired with high deductible health insurance plans. While they provide a great benefit for employees, they also come with some added benefits for employers. HSA contributions from employee payrolls aren’t subject to payroll taxes, which means you can save a bit of money. Like dental insurance, it also has the added benefit of being very attractive to potential employees and doing a lot for maintaining current employees.

Disability Insurance

While disability insurance is often confused with workers’ compensation, according to JP Griffin Group, it is not the same. Workers’ compensation covers the costs of employees who can not work due to a job-related injury or illness. Disability insurance covers any loss of income, regardless of where the injury or illness occurs. There is both short-term and long-term disability insurance. Short-term covers things like loss of income from major surgery, car accidents, or anything that might cause a temporary leave of absence. Long-term disability picks up after three to six months and covers a portion of the normal salary.

Insurance and benefits are an important part of employee compensation, so make sure you are providing adequately for your employees. Not only will this help you have happier and healthier employees, it will increase your employee retention and loyalty. That sounds like an all around win for everyone.

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