Providing benefits to employees is optional for most small business owners. But there are advantages to offering a variety of benefits to your employees including reducing absenteeism, improving employee satisfaction, and retaining and attracting the best employees.
Aside from the standard health care insurance policies, there are other types of policies that may be worth looking into. These can offer additional security to yourself as well as to your employees and keep you covered in case of injury or sickness. Depending on the nature of your organization, the following are three insurance policies that can be of value to you, your staff and respective families.
From: The 3 Insurance Policies You and Your Employees Should Not Ignore
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1. Disability Insurance
Only 31 percent of Americans are protected by disability insurance and half of those believe they need more coverage, a 2012 LIMRA and LIFE Foundation Insurance Barometer Study found. Disability insurance helps protect employees’ most valuable asset: their income and ability to earn a living.
Without steady paychecks, many would find it difficult — or even impossible — to pay the monthly mortgage or rent, car and credit card payments, utility and food bills, education costs, etc. In fact, half of all U.S. households examined would struggle to come up with $2,000 within a month, a study 2013 from the National Bureau of Economic Research determined (PDF).
Disability insurance could help alleviate some of the financial stress when disabling accidents lead to tightened purse strings.
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