As an employer, you might be weighing the costs of offering group health insurance and benefits. The price tag of group health insurance might seem quite large, and if you’re not legally required to offer it you might be tempted to forego it as part of your business insurance plan. However, we’ve got 6 reasons to consider offering group health insurance.
6 reasons to offer group health insurance/group benefits for your employees.
1. Recruiting.
Here’s something to think about:
Your business immediately becomes more attractive to prospective employees if you offer health insurance or other group benefits. It can help you attract top talent to your business and help you gain employees who will be real assets to you and your business. Millennials, in particular, are concerned with group health insurance and benefits when it comes to choosing jobs, and as they’re a large demographic in the workforce, you can’t entirely ignore the things they value when choosing a workplace or employer. Offering group health insurance can give you a leg-up over your “competition” if they’re not offering benefits.
Wondering how much it would cost to offer group health insurance to your employees? We can help you get a quick business insurance quote – all you have to do is fill out our online form.
2. Employee retention.
Employees who are happy with the benefits they receive through their job are probably going to be less likely to get antsy and leave. They tend to be loyal to their employer, something that’ important to you financially. Think about it – if an employee leaves your business, you’ll lose time as you look for someone else and go through the process of hiring a new employee. Then you have to train “someone else” to perform the job, which also costs time and resources.
Putting money talk aside, you also have to think of the dynamic of your team. Having a constant revolving door of people can really impact how your team works together and your company’s morale. Retaining your best employees behooves you because it’s your people who keep your business running and make it all possible.
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3. Healthy employees.
If your employees have access to health insurance through their job, they’ll be able to get the care they need if they get sick. When people are able to take care of themselves and their health, they probably won’t need to take as many sick days in the long run, and they will probably be more productive since they won’t have to be suffering through a sickness and trying to work at the same time. Health insurance can also offer preventive care, which can help people catch things early on and treat them.
4. Employees can see a doctor when they need to.
Without easily accessible health insurance, employees who get sick will probably become pretty stressed. They’ll worry about how to pay for the medical care they need and the time off they’ll need to take. If they have access to health insurance through their jobs, they’ll be able to have a bit more peace of mind about getting the medical care they need.
5. Team morale.
Offering benefits can help your employees feel valued and invested in. Just like we mentioned earlier, employees who know they’re valued and appreciated are more loyal. They’re also going to work hard and enjoy what they do.
6. Tax deductions.
Small businesses could also be eligible for tax deductions when they offer group health insurance. Find out if your business could qualify for tax deductions by offering group health insurance.
Offering group health insurance can make a big difference to your business. If you’re still not sure if offering group health insurance is right for you, we’d be happy to talk with you about your business and an insurance solution that works for you. We can also help you get a quote for group health insurance. To get in touch with us, you can either fill out our online quote form or give us a call today. We’re here to assist with any of your insurance needs.
Source:
https://sanfrancisco.cbslocal.com/2017/05/09/employee-benefits-boost-bottom-line