Business involves a lot of risks. To shield their business from these, any savvy business person ought to take business insurance. Liability insurance for contractors, in particular, ensures your business is adequately protected. The coverage offered includes your employees and assets. Therefore, as a business owner, you will not be troubled much whenever your business experiences operational hurdles such as losses, fires, lawsuits and the like. To add on, you will be able to provide your employees with various benefits to help better their lives and keep them motivated at work. Such include:
1. Health Insurance
Employees at different organizations, corporations, businesses and non-profit organizations are offered health insurance. Health insurance mainly covers medical emergencies, doctor visits and prescription medication. In instances where the employee has health insurance, they can come to make an agreement with the employers to retain their insurance and chip in however necessary.
2. Dental Insurance
Most employers offer dental insurance to their employees. Their teeth are routinely examined and necessary fillings and leaning are done. Dental surgeries are also offered. However, sometimes employers may include dental insurance benefit as part of health insurance, but at a reduced rate.
3. Vision Insurance
Vision insurance is also a benefit package offered by most companies. The employees are subjected to the routine eye examination. Those with optical challenges can be given corrective eyewear when their visual is determined. Employees with sight-related complications can take advantage of this benefit.
4. Disability Insurance
There are two types of disability insurance;
- Short-term disability insurance
- Long-term disability insurance
Short-term disability insurance ensures employees are paid a certain percentage of their salary in case they fall sick or incur injuries, thus unable to work.
Long-term disability insurance ensures employees retain their salaries whenever they are unable to attend to their work for a long time.
5. Paid Time Off / Paid Holidays
Paid time off benefit means that employees are still paid the same amount of salary while they take some time off work. Sometimes, employers may extend the courtesy and offer paid holidays to their employees. All expenses incurred during the holidays and tours are taken care of by the employer.
6. Maternity Leave
This benefit is offered to employee’s weeks prior to and after birth. Cases of adoption, surrogacy and a new foster kid are also considered in maternity leave benefit. Employees undergoing such processes and experiences are paid during their absence from work.
7. Retirement Plan
At some point, an employee has to contemplate their retirement plans. Usually, businesses attract and retain their employees with sound plans such as the 401(k) or 403 (b) retirement plans. However, not all businesses can afford these. In such cases, other options can be considered to ensure the employees’ retirement savings growth is carried out.
Basic employee benefits are often included in every employer’s program. These benefits play a key role when hiring employees or retaining the ones in the system. Better benefit deals offered results to better workforce gained. These employee benefits also ensure the employees are not overworked, which may interfere with their general output in the long run. Employees perform best when motivated.