How Much Do Benefits Cost Employers?

Top rated Wichita group health insurance and employee benefit broker

One of the best things you can do to attract and retain qualified individuals as a company owner trying to hire is offer a comprehensive employee benefit plan at an affordable cost. Of course, this will cost your company money but the advantages of having a plan in place greatly surpass the cost to you as the employer. In fact, it is likely that your business will do better and thrive more when you can offer your employees the security of having employee benefits and health insurance.

If you are concerned about the costs of offering employee benefits at your business or you would just like an idea of how much you will need to pay, there are some statistics you can go off of. In the 1990’s employee benefit plans had fluctuated greatly, costing employers anywhere from $5-$7 per hour an employee worked. By the early 2000’s this had dropped to about $4 an hour before it gradually increased to the rate of $8-$9 per hour at which it stands today. By December 2010, these rates had increased and total compensation costs were at about 30.3%.

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Advantages of Hiring an Insurance Broker

Finding the most comprehensive and affordable insurance and employee benefits plan isn’t always that simple. That’s why it’s best and easiest to hire an insurance broker. They have the experience and education in the insurance industry to get exactly what you need out an employee benefit plan at a price your company can afford.

  • They can customize your plan to suit the needs of your company better. They’re also able to negotiate with the insurance carrier.
  • They’ll provide you with the greatest tips and advice to keep costs low, employees happy, and everyone on the same page in regard to the chosen employee benefits package.
  • You’ll have more insurance and benefits options. Through simple communication, our brokers will help you decide what is best for your business if you’re uncertain what would appeal to your employees most.
  • Written by Todd Taylor

    Todd Taylor

    Todd Taylor oversees most of the marketing and client administration for the agency with help of an incredible team. Todd is a seasoned benefits insurance broker with over 35 years of industry experience. As the Founder and CEO of Taylor Benefits Insurance Agency, Inc., he provides strategic consultations and high-quality support to ensure his clients’ competitive position in the market.

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