Working with an agent who is well-versed in benefits plans is an excellent way to review the entire menu of options and choose the most advantageous plans for your company and budget. The four most common types of employee benefits are:
- Medical insurance: These plans can cover hospital visits, doctor visits, surgeries, prescriptions and possibly vision and dental. As the employer, you will cover the majority of the premium.
- Life insurance: If your employee dies, this benefit will provide financial payments to the employee's named beneficiaries; these benefits can help that person's family to cover funeral costs and ongoing living expenses.
- Disability Insurance: You can choose to offer short term and/or long term disability insurance. In the event that your employee is injured or has a lengthy illness, this benefit provides payment during the period of time your employee cannot work.
- Retirement Benefits: The most common type is a 401(k) which allows employees to deduct a certain amount of each paycheck to put towards retirement savings. Some businesses choose to match that deduction amount.
If you can’t afford the total package, you can work with an independent agent who specializes in commercial insurance to help you assemble the best employee benefits solutions for your business and your workers. Call us today at 415-512-2100.