Why Small Business Benefit Packages Matter

Tuesday, October 20, 2020 21:03 Posted by Admin
small business benefits

Employees are key to the success and vitality of a small business. Yet, small businesses often can’t compete with larger business budgets to hire top talent. When small businesses want an edge on the competition, they craft a competitive benefits package. This helps to recruit and keep top talent.

According to a Society for Human Resources Management (SHRM) 2018 Employee Benefits survey, more than one-third of organizations (34 percent) increased benefit offerings in the last 12 months (1).

Group health benefits insurance coverage can include standard health, dental, vision, death, disability, critical illness, health savings accounts (HSAs), wellness benefits, health screenings, and paid parental leave (including adoption and foster care). The cost and amount of coverage offered varies, depending on company and employee premiums selected.

Benefits of Group Health Insurance for Small Businesses

One of the biggest benefits of participating in a group health insurance plan for your small business is shared cost and affordability. Employers can cover all employee medical liabilities in one convenient plan at a cost-effective rate.

Employees benefit in group health insurance plans because their premiums won’t be as high. Insurance carriers offer affordable alternatives versus seeking independent insurance. The group health insurance model is attractive to potential employees and may make existing employees more likely to stick around.

Taylor Benefits helps small businesses establish a balance between benefits and value. We provide employee benefit plans for the following: health insurance, dental insurance, vision insurance, short and long term disability insurance, 401k, retirement & pension, section 125 cafeteria, HSA, life insurance, long term care, ACA (Affordable Care Act), corporate health insurance and employee benefits, and large groups.

Group Health Insurances Saves Money

A group health insurance plan helps everyone save money, adding value, offering better insurance plans, lower prices, and more coverage for pre-existing conditions. Costs are usually lower for employers and employees due to a larger risk pool. More people equal more options, and generally less cost.

Employees like this. They are proud they can afford insurance for themselves and their family. It’s also less money out of pocket for the employee. Small businesses can keep top talent with an attractive benefits package.

Group Health Benefits Offer Tax Incentives

Every small business could use a way to save money on their taxes. Group health benefit packages allow businesses (in most cases) to get a credit on their taxes. They are compensated for the money they are spending to buy the group health plan.

Employee Satisfaction Increases with Group Health Benefits

Small businesses agree, the most valuable assets are employees. They are the ones that create opportunities to make money. Without them, would you be able to run your business? Keeping employees happy is an important advantage of group health benefits.

Employees are more likely to appreciate their position. They care more about their job because of added benefits. They also feel supported. Promoting a culture of value and appreciation, increasing your chances to keep top employees.

When choosing a company to buy group health benefits with, make sure they follow ACA requirements, meet your employees’ needs, provide options, and offer premiums to fit your budget.

Why choose Taylor Benefits Insurance Agency?

Taylor Benefits has been providing group health insurance and employee benefit plans to the United States since 1987. Located in San Jose, CA, we specialize in group plans for businesses large and small. We pride ourselves on finding a plan that will fit both the coverage needs and budget of your company.

According to a survey conducted by the California Healthcare Foundation, insurance premiums in California have increased by 170 percent in the past 10 years, making reduced healthcare costs a critical concern for employers. As an independent broker, we work with all carriers that are competitive in the marketplace to find plans that are a good fit for both your company and its employees.

Find out how easy it is to get started by giving us a call today at 1-800-903-6066 or fill out the free online proposal form to the right. Start providing affordable, quality benefits to attract and retain the best employees.

 

Resources

1) RESEARCH & SURVEY- 2018 Employee Benefits

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