Employees care more about health insurance than any other benefit in most cases and many employers are stepping up to meet the needs of their workers. As the owner of a small business, it can be challenging to offer insurance and stay within your budgetary goals. Nevertheless, it’s a valuable investment because it helps satisfy your workforce. When your employees are happy, they become more productive which, in turn, helps your business prosper. As a small business owner, group benefits in Fort Lauderdale may be the practical solution. We’ll discuss how group benefits might be a good solution for your business and employees.
What are Group Benefits?
Group benefits are a type of insurance that covers a group of people rather than the individual. When compared to individual insurance, it’s a more cost-effective solution. Offering group benefits will reduce your premium costs, as they are generally more affordable than individual insurance. Most employees care about health insurance, but there are many types of group insurance to offer, such as:
- Group life insurance
- Group disability insurance
- Group dental/vision insurance
Group health insurance works similarly to individual insurance in that its purchased by you, the employer, and offered to eligible employees. In some cases, the insurance extends to your employee’s family members.
One of the advantages of offering group benefits in Fort Lauderdale is to reap tax advantages for both the business and the employee. You can deduct the cost of premiums from the business’ taxes and your business may qualify for a tax credit, ultimately reducing the amount of tax you owe. Most group benefits are tax-advantaged, including life insurance, disability insurance, etc. This alone is a good incentive to reward your employees with insurance.
You can offer your employees insurance at a lower cost because it’s being offered to a large number of people. This results in better insurance plans at a significantly lower price and more coverage for pre-existing conditions. If you’re eligible, group benefits should be the obvious option.
To avoid any confusion, contact the professionals at Lewis and Palmer Benefits. We understand some stages of the process can be confusing, so we’ll make sure you have access to the small business owner’s guide to group benefits we assembled for educational purposes. We’ll also provide necessary assistance through the whole process to ensure you know how to utilize your benefits.
Retain Your Best Employees
These days, employees expect their employer to provide benefits. They value employee benefits in Fort Lauderdale more than a pay raise. Try not to focus on increasing salaries to attain key players – instead, give them what they really want: an attractive benefits package. When you keep your best employees happy, you’re less likely to lose them to another business.
Increases Job Satisfaction
Few things are better for a business than happy employees. When employees have excellent insurance to keep them healthy, they miss fewer workdays and are more productive on the job. Consider the burden that is lifted off an individual’s chest when s/he no longer covering health costs. While on the job, they’ll work harder because they know you care. With quality insurance, employees take on a new perspective of the job. They:
- Establish a stronger working relationship with you and, in many cases, their fellow employees.
- Care more about you, their employer, and the company they’re helping you build.
- See a future and job security in the company.
- Feel valued, which boosts company morale.
Essentially, offering group benefits in Fort Lauderdale is an investment in your own business.
We Can Help!
As a small business owner, you may wonder if the advantages of offering employee benefits in Fort Lauderdale truly outweigh the negatives. This is a big decision and one you don’t have to make on your own. It’s understandable to have questions, and fortunately, the team at Lewis and Palmer Benefits has answers.
When you schedule an appointment to meet with our specialists, we’ll learn about your business and team, including their needs and expectations. From there, we’ll be able to offer you benefit options that are best for your specific needs. Contact us today.