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Does your small business offer employee group benefits such as health insurance, dental, vision or other supplemental plans? Offering insurance to employees and providing supplemental plans such as accident, critical illness and life insurance serves to keep staff members healthy, happy and feeling grateful to be part of your company.
Research shows that small business owners who offer these types of benefits and have a strong group healthcare package in place, have a greater chance of attracting and retaining talented employees. Having a well thought out and organized employee benefits package shows that the company is invested in the overall health of employees and their future.
What are the advantages of offering group health insurance packages?
There are various types of small business insurance options out there. However, one of the most important decisions to make is what type of group benefits employees will receive. Nearly 80% of staff members across the US, state that they would rather receive additional benefits, such as health insurance through their jobs instead of annual bonuses or pay increases. Employee benefits are desirable and have been shown to be a reflection of employee loyalty, good attendance, enhanced productivity and better focus.
There are numerous advantages to obtaining group health insurance when compared to individual insurance options; These plans benefit both employers and employees. For example, having small business group health insurance packages can help to save costs on both sides. Employees have a better chance of being able to afford insurance plans for themselves and employers are able to provide good insurance options. However, it is important to become familiar with the different plans out there to ensure each group will benefit.
Business owners who offer group health insurance options have the opportunity to receive small business healthcare tax credit. For instance, if a business qualifies to receive a tax credit, they could be compensated for the amount of money that they are paying toward their employee insurance premiums.
Not sure if you qualify or how small business coverage works?
There are many different options when it comes to obtaining small business insurance. When reviewing policies and deciding on small business insurance coverage, you are eligible even if you only have one employee. Small businesses only require one employee to qualify, and you don’t need to wait for a special enrollment period. You are able to apply and obtain coverage at any time. If you decide to also get the Businessowners Policy (BOP), it will commonly cover property, liability, vehicles owned by the business, and worker’s compensation as well.
Are you a small business owner who is looking into insurance coverage options for your small business? UrHealth Benefits is here for all Ur (your) needs. Whether you are looking for Group Benefits such as Health Insurance, Life, Individual & Family Health, Supplemental, Travel and Medicare Insurances, UrHealth offers incredible resources, and always considers your best interest at hand.