5 Must-Have Employee Benefits For Small Businesses

Insurance Blog

Are you wondering how best to look after your employees? It is now a long-established corporate practice to entice employees with benefits. Today, employees enjoy benefits like financial wellness, mental health insurance, and flexible work programs. However, you may not have a very comprehensive benefits program because of budget constraints. Nevertheless, every business, whether big or small, is legally mandated to provide essential benefits for its employees. So, what are these employee benefits for SME employers?

1. Health Insurance

For small businesses, health insurance is a must-have employee perk. According to the Affordable Care Act, it is a basic employee benefit that every company must provide to its employees. All full-time employees who work 30 hours or more each week must be covered by health insurance. If you are unable to make full contributions, the government may be able to assist you through subsidies and tax credits.

2. Medicare and Social Security

If you have over 20 employees, your business must offer these two essential benefits under the Federal Insurance Contributions Act (FICA). Failure to pay attracts a penalty. Medicare is designed to provide medical coverage and financial protection for senior citizens.

For small firms, it is one of the most important employee benefits. Furthermore, Social Security is a government-sponsored insurance program that aims to help people with limited income and resources live with dignity in their later years.

3. Unemployment Benefits

Workers who lose their employment might receive temporary financial support through this program. Depending on where you are located, your company is required to contribute to this program at the federal or state level, or both. It provides benefits to individuals looking for new jobs or who cannot find work after exhausting all employment avenues.

4. Workers' Compensation

Workers' compensation is one of the most important employee benefits because it protects against loss of income because of accidents. It is a sort of insurance policy that covers employees who are wounded or killed on the job. It also covers some medical treatments for accidents and illnesses caused by work.

5. Family Medical Leave

This perk allows employees to take up to 12 weeks of unpaid, job-protected leave each year. It allows employees to take time off work, to care for a really ill family member or to look after themselves if they are suffering from a serious illness.

Would you like to become more competitive as an employer? Talk to your insurance provider about desirable employee benefits to keep your staff happy and motivated.

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