Whether you have recently hired a few employees for your startup or you own a small-scale business with a small team, providing insurance is an excellent way to look after your employees; they are the backbone of your business. While all companies should purchase a few kinds of insurance to protect the company, such as commercial property insurance, public or professional liability insurance, and others, it is just as essential to provide your team with insurance.
Providing your employees with these three insurance policies will not just protect your teams’ incomes as it will also protect your business from certain unpredictable costs.
Health Insurance
Health insurance is essential for everyone, and especially your employees. Providing suitable health cover for your team will ensure they can care for their own health, reducing time off work. Health insurance will cover the cost of doctor’s visits, potential surgery needs, and medications. If your employees are unable to afford the high cost of out-of-pocket health care, they can’t perform at their best at work. You can find out more about health insurance at HelpAdvisor.com. With that said, the best companies in the world provide their employees with medical insurance to ensure their valued team members can take care of themselves as a primary employee benefit.
Life Insurance
Life insurance policies are generally quite affordable, and the small monthly premium will ensure your employees’ dependants are entitled to a large payout in the event of their death. This payout can be used for funeral costs, while it is primarily essential to keep dependants afloat when they can no longer rely on your employees’ income. It would be best if you opted for group life insurance for your team as it not only provides absolute peace of mind for employees, as this type of cover is most affordable for startups and small businesses.
Disability Insurance
Disability insurance is another essential policy that all businesses should provide their employees. Unfortunately, there is no way of predicting certain illnesses and accidental injuries. You may have workers’ comp insurance for your business that will pay out a lump sum to employees in the unfortunate event that they become injured or ill due to work-related instances. However, disability cover will protect your employees even when they aren’t on the job. Therefore, it is essential to have both types of insurance to protect your business and your employees from accidental injuries and illnesses that can hinder business functions and alter an employee’s livelihood.
When purchasing insurance for your business, you should always consider policies that will protect you as well as your employees. While some policies will ensure your business is protected from catastrophic disaster, others will ensure a costly lawsuit from a customer is covered. Because your employees are at the heart of your business, you should prioritize their financial protection as well. What’s more, providing insurance benefits for your employees is the best way to ensure employee engagement as they will know that you value their role in the team.
