Keep Your Employees Happy With Group Insurance
Employees are the backbone of every business — make sure to compensate yours accordingly for all their hard work. With group insurance plans from our insurance company, employers can provide their workers with the coverage they need to increase their productivity, morale, and work-life balance. Whether it’s for a small, mom-and-pop shop; an up-and-coming partnership; or a multinational company; we can provide you with the best master policy for you, your business, and your employees. Contact King Insurance Partners today to get a free, no-obligation quote!
What Is Group Insurance?
Group insurance is a single policy that covers all employees in the same company or organization. This master policy can be customized to include different types of coverage — such as health, dental, life, and disability — depending on the needs of your employees as well as your desired budget. Employers can also decide on how much they want to contribute towards each individual’s premium and whether to cover their workers’ dependents. In most states, employers with 50 or more full-time employees are required to provide basic group benefits.
Group insurance offers several long-term and short-term advantages to employees and employers alike — no matter the industry or size of the business. Regardless of whether it’s required by your state or not, consider the following advantages of employer-sponsored insurance. Contact us to learn more about group insurance and other types of insurance for businesses.
Reduced Employee Turnover
Workers insured through their job are more likely to remain at their company, saving you the trouble and related expenses associated with having to hunt down new talent.
Employees who feel adequately compensated for their work, have a more positive image of their employers, trust management more, and demonstrate greater productivity.
Increased Candidate Pool
Offering benefits can also make your business stand out from the rest, meaning you will likely get a greater candidate pool when hiring.
Group insurance premiums are, on average, cheaper than any individual plan because the risk of injury and accident is evenly spread across the group as opposed to an individual.
Healthy employees are less likely to miss work as a result of illness. Also, a healthier work environment means less chance of contagious workers making others sick.
Businesses that provide group health insurance and pay part of their employees’ premiums are often eligible for multiple tax credits.
With individual insurance prices on the rise, the demand for group benefits is now higher than ever, which is why King Insurance Partners offers a wide selection of policies to accommodate every type of business.
Group Health Insurance
Employer-sponsored medical insurance is by far the most popular type of insurance among employees, covering a wide range of essential health care services, including primary care visits, laboratory exams, and hospitalization.
Group Life Insurance
In the event a worker passes away, life insurance could compensate the people designated as that employee’s beneficiaries. Those funds can help your employees’ loved ones manage financial obligations, such as funeral expenses, mortgage or rent, and daily living expenses.
Flexible Spending Accounts (FSAs)
With an FSA, employees can contribute a portion of their paycheck to a separate savings account. This account can then be used to pay for qualified medical expenses, including medical and dental costs. Funds contributed to an FSA are deducted before taxes.
Group disability insurance can take two forms: short-term and long-term coverage. The former covers eligible expenses incurred by workers who become temporarily disabled. The latter covers individuals with an ongoing disability.
Employers also have the option to extend coverage for their employees in the form of supplemental or voluntary benefits. These add-on insurance policies can extend an individual’s plan to cover things like dental, vision, and disability insurance.
Group Accident Insurance
With group accident insurance, employers and employees can plan for the unexpected. Policyholders can get compensated for personal damages resulting from an accident outside of the workplace.