Employee Insurance Guides and Benefits to Retain Your Employees
Without healthy and vibrant employees, a business or company won’t be success. If the business you run today requires you to keep your employees to work hard and happily, you need our employee insurance guides. Before purchasing any insurance for your precious employees, you must understand assorted insurance types for employees. You are going to find some of them below.
Employee Insurance Guides All Employers Must Know
- Life insurance policy for employees’ family
If your employee dies, life insurance policy will help protecting his family. The benefits usually will be paid at once directly to policy’s beneficiaries that can be the spouse or kids of your employee. Company sponsored insurance plan is standard benefit for full time employees whether they work for medium firm or large firm. Your employee can buy life insurance himself but it is pricier than company sponsored.
- Disability insurance policy in two different types
This policy is going to replace part of all income that lost when your employee cannot perform his job due to injury or illness. This policy is not as famous as the first policy above. First type of this policy is short term disability policy that begins within few weeks or right away after illness or accident. Long term disability policy covers employee who got permanent disability until the retirement age.
- Medical insurance policy for employees and sometimes their family
This insurance policy will cover physician costs, surgeon fees, prescription drugs, and hospital rooms. Some medical insurance policy may also offer optical and dental care for employees. Some medical insurance policy covers not only the employees but also the family of employees or the dependents. Usually, employers can pay part of all premium for this insurance policy.
- Time off benefit for employees
This one is not really like insurance policy, but more like benefit that is paid to employees when they take their time off. Most popular time off benefit types are vacation leave, sick leave, and holidays. You can also combine the vacation leave and sick leave into an account for your employees so they can use it as needed. It is a good way to save too.
- Retirement benefits that help employees and their family at end of careers
This program comes in two different categories. First one is called pension plans or benefit plans. Amount of this benefit will be pre-determined depends on your employees’ service years and salary. Second category is called contribution plans. The contributions of employee or employer are specified. Even so, the amount of benefit usually is tied to the returns of investment that aren’t guaranteed.
So, which one between those benefits and employee insurance guides that will help you attracting and retaining your talented employees? Watch your employees and make sure what they really need. By providing insurance plan or benefit they really need, your employees will stay and help you improving your business. Try to give at least one or two benefits mentioned above to keep everyone happy.