Small Business Employee Benefits: 2 Benefit Options That Can Be More Affordable Than You Realize

Small business owners often choose to opt-out of offering employee benefits because they believe that offering these benefits will simply be too expensive for their relatively small budget. This can be problematic for some business owners since the unavailability of a benefits package can discourage many workers from seeking employment at a small business. The good news is there are some employee benefits that even the smallest businesses can afford to offer their employees. Continue reading to learn more about two of these benefit options. 

Workers Compensation Insurance

Employees like having the peace of mind that comes with knowing that if they are ever injured on the job, any medical bills they incur will be covered and that they will be compensated for any time that they are out of work recovering from their injuries. The best way to provide your employees with this peace of mind is by purchasing a workers' compensation insurance policy. While you may not be required to carry this type of insurance by law due to the small size of your business, choosing to purchase this insurance anyway can provide financial protection for both your employees and your company. The best part is when purchasing a workers comp policy that covers only a small number of employees, this type of policy can be extremely affordable.

Group Health Insurance

Another reason why qualified workers are often attracted to larger companies is that these companies are able to offer them employer-sponsored healthcare benefits. While you may not be able to afford to make contributions towards your employee's medical insurance premiums, it is still possible for you to offer healthcare benefits to your employees. This is accomplished by purchasing a group health insurance policy that all of your employees and their immediate families have the ability to join. The way these policies work is quite simple. By joining together to form a group, you are able to increase your buying power with the insurance company and therefore command a lower rate. In many cases, your employees will find that they are able to save even more money when choosing to participate in this type of insurance plan since the law allows them to pay their insurance premium before taxes are taken out of their paycheck. By using pre-tax dollars to pay these premiums, your employees will be able to enjoy affordable health insurance even in the absence of a traditional employer-sponsored healthcare benefit.  

For more information about employee benefits, contact an insurance company near you. 

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