Increased Employee Satisfaction & Productivity
For many business owners, two major goals are acquiring a robust customer base and increasing revenues. To do so, they rely on employees who keep the business running in exchange for a salary or hourly wage. Offering benefits to employees can help reduce turnover and avoid the cost of training new staff. Because the cost of benefits, especially those involving healthcare, increases each year, many business owners are constantly searching for packages that cater to their employees’ needs while remaining affordable.
In early 2017, MetLife Insurance Company released its 15th Annual U.S. Employee Benefit Trends Study, which surveyed more than 2,600 full-time employees across the country. These were the results:
- 74 percent said having benefits or insurance through their employer gave them peace of mind about the unexpected.
- 72 percent said the ability to customize benefits to their needs would result in more loyalty to their current employer.
- 59 percent said they’d be more likely to stay with their current employer if health and well-being benefits were offered.
- 51 percent said employer-offered benefits impact their focus and productivity at work.
MetLife found that many employers rely on an insurance broker or agent to help employees understand benefits and insurance. Moreover, 81 percent of employers stated that an agent or broker played a role in their decision to select certain benefits during a renewal period. Commercial insurance companies such as King Insurance offer employee coverage that is easily tailored to individual needs. We're available 24 hours a day to answer questions and help educate employees about the benefits you provide.
Group benefits commonly include dental, health, and life insurance, along with flexible spending and health savings accounts. A comprehensive group plan goes a long way toward retaining valuable team members and attracting outstanding future employees. The MetLife survey found 58 percent of employees want benefits that meet their needs. King Insurance works to find these customizable business insurance benefits and adjust them as needs change over time.
Employer-provided health or medical insurance is considered a must-have benefit by 88 percent of employees. Their bosses seem to agree, for 61 percent of employers feel responsible for their employees’ health and well-being. Yet, the glut of information found while trying to navigate the health insurance landscape is overwhelming for many employers. Don't stress over the number of options — contact King Insurance today!
Dental care goes hand in hand with overall health. For 68 percent of employees, dental insurance is a must-have. Regular dental care can prevent costly procedures that require employees to take time off work to recuperate.
Maintaining a work–life balance is important to employees, and for those with dependents, it carries extra prominence. Life insurance provides a sense of security in case a what-if situation becomes reality. King Insurance can create a commercial insurance group policy best suited for your business.
Flexible Spending Accounts (FSAs)
Commonly found with premium-only commercial insurance policies, FSAs allow employees the opportunity to save for future health expenses. FSAs have several additional benefits to businesses, such as lower payroll taxes.
Health Savings Accounts (HSAs)
HSAs differ from FSAs in that employees are able to reserve part of each paycheck tax-free. Many people use their HSA funds to pay toward a health insurance deductible when a medical situation arises.
Group Disability Insurance
Many business insurance providers such as King Insurance understand the sheer importance of employees being able to provide for themselves and dependents. In fact, 43 percent and 45 percent of the employees surveyed by MetLife consider short- and long-term disability insurance must-have benefits, respectively. By offering group disability insurance, your business can help reassure employees in times of uncertainty.
Voluntary insurance for your business comes in many forms, from financial counseling to concierge services. It benefits businesses through increased employee satisfaction with little to no additional cost. Employees can choose à-la-carte benefits to fit their lifestyle.
A Leader Among Business Insurance Providers
For more than 40 years, King Insurance has helped businesses of all sizes achieve their goals through high-quality commercial insurance offerings. We seek your best interest by creating individualized insurance policies that can save you time and money. With 24-hour availability, King Insurance goes the extra mile to provide superior customer service. To learn more about our employee coverage options, contact King Insurance today!