Your company must work to reduce risks. While you expect to pay the overhead for utilities, rent, employees and goods, you also need to set aside insurance costs into your budget. The right health insurance will protect your business from unforeseen costs for your business and employees.
What is Small Business Insurance?
Small business insurance has a broad level of coverage, and most providers will call this commercial insurance. Often rolled into a business owners policy (BOP), there are three main types of coverage offered through this insurance:
- Property coverage
- Business interruption coverage
- General liability coverage
These insurance options are a must-have because they offer extensive coverage for your business to help mitigate risks. Everything from theft to a fire can be covered under these policies.
However, there’s a need for health insurance in today’s business environment, too.
Business owners who want to attract and retain employees must offer some form of health insurance that can help provide much-needed coverage to their employees if they get sick.
How Health Insurance Benefits Businesses the Most
As a business owner, there are many insurance products to consider. However, health insurance is one of the most crucial forms to consider.
Health insurance benefits businesses in numerous ways:
- Group plans offered through businesses help lower the cost of insurance for employees.
- Tax benefits are available for offering health insurance. First, you can deduct insurance premiums from your business taxes, and depending on your business and where you live, you may be able to qualify for tax credits.
- Healthy employees are happy, productive employees. However, if your employees have health problems that they don’t treat, this can cause them to miss work, deadlines and more.
When you offer your employees quality health insurance, you can boost employee loyalty and retention. Training the average employee costs businesses over $1,880 for each employee just three years ago.
Depending on your industry and the level of training required, this figure may be significantly higher.
If you need to hire new employees, the cost of hiring can be $3,500 to $5,000 or more, and the lower figure is for someone who makes just $8 an hour.
You may have to invest in group health insurance plans for your employees, but the long-term savings and boost in productivity are worth the expense. Employees in today’s ultra-competitive market are picking and choosing employers based on the insurance and benefits that they offer.
If an employer offers subpar insurance or none at all, they can expect high employee turnover and all of the costs associated with it.
Your insurance choices will protect your employees as much as they protect your business. When you offer affordable health insurance to employees, you’ll be working to foster a healthy company culture that shows you’re invested in the health and well-being of your employees.
If you’re a business owner struggling to determine the correct insurance for your business, we can help.
Click here to learn how we can help you find the right health insurance for your business.