Are you a growing business entity striving to become a desired employer brand and want to take good care of your employees? Call a local agent to understand the ins and outs of employee benefits insurance.
Are you an employer of a growing company with a passion for people management and genuine concern for your employees? If you answered a yes, then the first thing you must do is offer an employee benefits insurance policy to attract and retain the best talent and represent yourself as a highly considerate employer brand. It’s an excellent way to take responsibility for your workforce and becomes mandatory for businesses like construction companies where accidents are an all-time possibility.
Here is a snapshot of what a typical employee benefits insurance policy includes:
Retirement Benefits
Retirement benefits include income or a pension fund issued when people declare an end to their career and service. Retirement benefit plans are generally of two types. Defined benefit plans, where the employer bears the costs associated with risks, and the benefit funds are pre-decided based on service years and salary. On the other hand, defined contribution plans are where the employer and employee mutually contribute to the benefit fund.
Insurance For Disability
This part of the insurance covers an employee’s income for the entire time they’re unable to perform their job duties due to injury, illnesses or a disability. Short-term disability insurance covers paid weeks for the employee to recover until they’re fit to work again. Long-term disability insurance covers income an employee with terminal illnesses or permanent injuries loses out on, and the policy remains valid until retirement. Not many companies offer this insurance as part of the employee insurance policy, but a company may choose to give this for specific reasons.
Life Insurance
Buying a life insurance policy privately is relatively more expensive. Hence employees appreciate getting it from the employers. A life insurance policy pays out to protect your family and dependents if you pass away. The insurance fund is paid all at once to the beneficiaries (includes children, spouse, and possibly old parents). These policies are standard for all full-time employees in small and large enterprises.
Medical Insurance
Typically, medical insurance plans cover surgeon and physician expenses, OPD expenses, drug prescription, hospitalization, and room service expenses. It’s one of the most crucial benefits of an employee’s insurance policy. The employee may have to pay monthly, a full or part of the insurance value alongside the employer. Employers may also choose to include optical and dental treatments in the policy as per employment nature or simply personal discretion.
Fringe Benefits
Fringe benefits are included in an employee insurance plan to attract and retain top talent by issuing non-cash payments. These benefits include childcare spending, tuition fee, child health care and bonuses not related to work outcomes and production. An employer may choose to include more perks in the policy if they have the resources.
Closing Thoughts
If you want to do something for the benefit of your workforce that also supports your business and creates a win-win, then offering your people a solid employee insurance plan is the best thing to do.
Contact Bay Insurance Services to discuss clauses for your employees’ insurance plans.
