Choosing The Right Insurance Package For Your Small Business

1. Choosing The Right Insurance Package For Your Small Business

2. As the owner of a small business you’ll want to give your employees a benefits package, not only because it’s good for them, but it can save you money at tax time. However, you may not be entirely sure what a benefits package should include. To help you decipher which insurance package would be best for your workers, here are a few pointers: What should a small benefits package include? Experts say that a good small business benefits package should include health insurance, some life and disability insurance and a retirement savings plan.

3. However, this may not necessarily be applicable for your small business depending upon your budget and employee needs. Let’s look at each one in a little more detail: • Health insurance Group health insurance comes in many shapes and sizes and can be adapted to suit any small business and its employee’s needs. When thinking about health insurance, it’s important to consider whether you opt for a Preferred Provider Organization plan (or PPO), or a Health Maintenance Organization plan (or HMO). To know more about either, consult with a workplace insurance specialist.

4. Life and disability insurance With two categories of life insurance: term insurance and permanent insurance, you’d need to think carefully about which one you choose. Term insurance is designed to cover only an employee’s dependents if they die unexpectedly within a specific time period and is often a more affordable option for employers. However, your employees may be more satisfied with a permanent life insurance plan that provides lifelong coverage and has an investment component. Again, to know more details about each plan, speak with an insurance specialist.

5. Retirement savings plan The benefits of offering this to your employees can outweigh any costs and is one plan that just might encourage them to remain loyal to you and your business. While retirement may be a long way away from some of your workers, most will still consider a retirement savings plan to be a huge draw and investing in a retirement savings plan could be a sound financial decision. Are small business benefits packages worth the money? With statistics showing that more than 70% of employees would prefer more benefits over an increase in their pay, offering a benefits package to your workers, seems as if it would always be worth the cost.

6. If you choose to offer your employees a small business benefits package, you could stay competitive as an employer and a business without having to raise anyone’s salaries, and with a wide selection of packages available, you’re sure to find one that suits your budget and the needs of your employees. We Insure Miami was founded on the principle that every individual and business, big and small, has assets and valuables that need to be protected and insured against forces outside of our control. We offer Homeowners, Auto and small business insurance in miami. Our agents understand that you work hard every day to protect your car, home, business and family. WE are passionate about Insurance and passionate about serving you. If you are looking for homeowners or business or car insurance in miami, contact us for a quote or a complimentary review of your insurance policies.