Why You Should Offer Your Employees Health Insurance

Do you own or manage a small business?

Are you wondering if you really need to offer health insurance to your employees? Are you thinking that many small businesses do not offer any health insurance and the government doesn’t require it so it is really worth it?

If you answered yes to any of these questions, you are not alone. However, it is beneficial to both you and your employees to have small business health insurance.

Here’s why:
1. You want to make your employees happy. You value the people that work for you each day and want to offer them affordable health insurance as a reward.
2. You want to hire and keep the best employees. The fact that a company offers health insurance may be a make it or break it factor when a new employee is choosing between possible jobs or a current employee is deciding whether to stay at a job or look for a new one.
3. Tax deductions. Did you know that 100% of insurance premiums are a business tax deduction?
4. Increased productivity and decrease in absenteeism. Employees that know they will be covered if anything should happen to them are more likely to attend work every day and work to
their potential. This may occur because preventative care measures are being taken by employees who have health insurance, thus avoiding potentially more serious health problems.
5. Pre-tax premium contributions. When employees access group health insurance through an employer, their share of the premium is taken out of their paycheck before taxes are taken out.
This is more beneficial to an individual than paying with after-tax money, which is what they do if they have to purchase individual health insurance on their own.
6. Cheaper group rates. Group rate health insurance can be much less expensive than individual health insurance. Plan coverage can also be much more comprehensive.
7. HAS’s. Health Savings Accounts offer a flexible way for business owners to offer health insurance while keeping their costs at a minimum.
Take another look at your company and your employees. Decide what your specific needs are and find a plan that fits those needs. Insurance companies offer plans for small businesses as small as 2
individuals and as large as 50 employees. Whatever your reason is for looking into health insurance for your company, contact a trusted advisor in this area to learn more.

Tips to Control Workers’ Compensation Costs

Regardless if employees are injured on the job due to their own careless behavior, those accidents are still covered by their employer’s workers’ compensation insurance. To reduce and/or avoid injury claims, it is crucial to continually promote safety awareness and safe work habits. To enhance workplace safety and improve employees’ quality of life, as well as the company’s bottom line, employers can consider some the these ideas:

Provide each employee with a workplace safety manual with detailed rules and safe work practices they are expected to follow.

Inspect the workplace on a regular basis to identify and correct hazards and monitor use of safety equipment and adherence to safety rules. Reward employees for compliance.

ommunicate with employees to assure they understand the importance of safety guidelines and solicit their feedback with regard to safety issues and corrections.

Develop an effective safety program and consistently enforce safety rules.

Post safety reminders in common areas and hold workshops or safety seminars to cover specifics.

Provide employees with ergonomic products and protective equipment, and monitor their use.

Maintain detailed records of injuries and accidents.

Create return-to-work programs to return injured employees to work as soon as possible, even if on a limited basis.

Pay extra close attention to activities with high-injury rates.