As a business owner, you want to attract the most skilled, most educated employees. To do so, you not only need to offer competitive wages, but also a solid benefits package. This package should include paid vacation time, paid sick days and several types of insurance, which a Schaumburg insurance broker can help you purchase.
The most important type of insurance you need to provide to your employees is health insurance. Based on how many employees you have, your budget and several other factors, you will be able to choose between several types of insurance, each of which has its own advantages and disadvantages.
- Health Savings Account (HSA)
- Preferred Provider Organization (PPO)
- Health Maintenance Organization (HMO)
- Point of Service (POS)
- Medicare Risk Plans
POS insurance combines certain aspects of HMO and PPO plans. In addition to these basic health plans, you should also consider providing dental and vision insurance since they aren?t usually covered under traditional health care plans.
Like health insurance policies, a Schaumburg insurance broker will be able to walk you through the various types of life insurance policies you can offer to your employees. Options include whole life, which accumulates a cash value and is payable upon death, and term life, which provides coverage for a specified amount of time, as well as universal and accidental death and dismemberment (AD&D) insurance. Universal life insurance combines elements of term life and whole life plans, and as the name describes, AD&D insurance covers unforeseen circumstances resulting in death or loss of limbs. In some cases, AD&D also covers loss of eyesight, hearing or speech.
Disability and Workers’ Compensation Policies
Although these two types of insurance are slightly different, they do fall under the same category. Disability insurance, which is available in short- or long-term options, covers your employees should they suffer an accident off the job that makes them unable to work. Workers’ compensation, which is required by law, covers your employees if they injure themselves on the job.
Providing insurance to your employees with the health of a Schaumburg insurance broker isn?t just the right thing to do to bring in great employees, but is also required by law in some cases, depending on your company?s circumstances. If you aren?t sure if you are in line with the law, a professional will be able to help.
A Schaumburg insurance broker can assist you in finding the insurance policies you need for your business, your employees and your own family. Bring in better employees when you work with your Schaumburg insurance broker.
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