Top Employee Benefits Insurance Plans Every Small Business Should Offer 

Small business employees play an integral role in daily success and long-term aspirations. As the owner of a smaller company, you likely lack the staff numbers of your larger competitors, often requiring greater contributions from each team member. However, given their limited resources, small businesses might also struggle to match the salaries and wages available from larger organizations. Given these inherent hurdles along your small business’s path to success, the right employee benefits package, including various insurance plans, can make a huge difference.

What Types of Insurance Do My Employees Need?

Your small business is unique in many ways, including the makeup of its staff and each member’s insurance needs and preferences. Still, while workers’ exact circumstances may impact the ideal makeup of your employee benefits offerings, many small businesses across industry lines may benefit from providing access to the following:

• Health insurance can help enrollees and their families access essential preventive care and medical services, often at lower rates than they’d be able to find on the open marketplace.

• Life insurance may offer financial security and stability for employees, helping them feel comfortable knowing that should something happen to them, their families can receive financial aid for the difficult times ahead.

• Workers’ compensation insurance can help employees manage expenses and losses while recovering from work-related incidents.

• Disability insurance can offer additional financial security for employees, as even nonwork-related incidents may be covered and help insureds maintain financial stability and standard of living after an injury or illness.

• Vision insurance is typically separate from general health insurance and may help employees access optical health services and products.

• Dental insurance also usually requires its own policy and can assist staff and their spouses and dependents with costs related to oral health care.

Some federal, state or local requirements may require small businesses to offer specific benefits or types of insurance. Consult with a qualified professional to discuss your circumstances and needs.

We’re Here to Help

At Lyceum Insurance Services, we can help your small business assess its employee benefits plan options and procure ideal policies for its staff. Contact us today to learn more.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.