The Best Employee Benefits for Small Business
There are many fantastic advantages when it comes to employee benefits– and not all of them are solely for employees. In fact, when you offer great benefits, your business will be able to stand out from competitors, attract and retain the right employees, and develop a sense of loyalty in your employees who see that your care about their futures.
Today, the options of benefit offerings are virtually limitless, so it can be hard to find the best employee benefit options for your business. To help ease that struggle, here are a few of the best employee benefits your small business should start offering today.
To learn more about the best employee benefits practices for your small business or to receive a quote, contact Beckham Insurance Group today.
Health insurance is a great benefit for small business to offer their employees–especially considering it isn’t government mandated for those companies with less than fifty employees. It can help cover a plethora of unexpected medical expenses that can save your employees from a huge financial burden. Additionally, because health insurance is such a sought-after benefit on the market, offering it can enhance your business’ appeal to the right workers.
Dental and Vision Insurance
While problems relating to your teeth and vision are technically healthcare issues, they are not typically covered under the umbrella of health insurance. Instead, people need separate policies for each to offset the costs of yearly check-ups, prescriptions, mouth gear, x-rays, routine maintenance, and any additional issues. Additionally, like health insurance, dental and vision insurance are highly coveted among the work force.
Disability insurance can be one of the most important benefits you offer to your employees. It can cover both long and short-term disabilities and provide financial protection for employees who may not be able to work due to an accident, medical problem, or other disabling condition. It can’t replace the entirety of an employee’s lost wages, but generally, up to 60% can be refunded to offset living expenses during the employee’s recovery period.
Paid Time Off
Paid time off benefits are one of the most common employee benefits offered today. They consist of a set number of days in which an employee can request payment for a day’s work without needing to come into the office. Instead, they can use the day–or days–for personal, vacation, sick, and holiday leave. It gives employees flexibility in deciding when they want to take time off and can help increase worker productivity by allowing them to rest and recharge before returning to work.
Everyone worries about the future at least a little bit. From potential financial setbacks to affording your living expenses when your employees retire, there are a lot of things to consider. By offering a retirement package, you enable your employees to greatly reduce some of that worry by giving them the financial security they need to enjoy their life after work.
Generally, small businesses tend to gravitate toward offering contribution-based plans like 401-Ks so that employees can set aside their own money to add to the account. Sometimes, small businesses will match benefits, which can come with considerable tax benefits.
According to the Small Business Administration, there are a few basic employee benefits that employers are typically required to provide. These include worker’s compensation, family and medical leave, and unemployment insurance. Some states mandate the inclusion of disability insurance or other benefits, so be sure to check your location’s exact requirements.
If your business has more than five employees, you must provide worker’s compensation to employees who become ill or are injured while they’re on the job. This compensation covers medical expenses, lost wages, and any necessary rehabilitation.
Family and Medical Leave
According to the Family and Medical Leave Act (FMLA), small businesses are required to provide their employees with twelve weeks of job-protected, unpaid time off. It comes into effect for maternity and paternity leave, adoption leave, foster care placement leave, or any healthcare-related leave. There are a few conditions that employees must meet before they can receive FMLA benefits including having worked for your company for at least twelve months and working a minimum of 1,250 hours during those months.
Employers are legally mandated to pay taxes toward state unemployment funds every year under the Federal Unemployment Tax Act. The taxes are intended to provide benefits to employees who are eligible. Typically, their eligibility hinges on whether their position with a company was terminated for a serious offense.
Employee Benefits Made Easy
We hope you now know more about the best employee benefits for small business. At Beckham Insurance Group, our knowledgeable and experienced employee benefits representatives are here to help make your benefits administration as easy and stress-free as possible. Contact us today to learn more about how we can help you build a competitive and comprehensive benefits program.