For many small businesses, providing life insurance for their employees can be a costly endeavor.
Without an adequate amount of funding, insuring the entire staff can really eat up the budget, which creates a slew of other problems if not handled correctly. However, as expensive as life insurance may be, offering it to your employees proves advantageous in many ways.
Life insurance not only keeps your employees safe and secure, but you as well. As a business owner, you’re liable for the well-being of your staff, and if an accident happens on the job, you could potentially lose out big time monetarily. Fortunately, with accident insurance you can better prepare yourself for workplace mishaps, and provide care for anyone injured at work.
Example: If one of your employees is significantly hurt on the job, odds are they will have to take a short leave of absence. During this time they’re likely to miss out on some hours and thus lose some money. But, if you offer workers’ compensation, you can help them pay off their hospital bills and also prevent them from suing you.
If you’re a newer company with a small staff, losing an important employee, not to mention getting sued, can be extremely damaging. However, if you take the right precautions beforehand, you can better prepare yourself for workplace accidents and avoid a lawsuit.
With more and more new businesses popping up every day, it can be hard to stand out against the competition. No matter what your company does, one of the best ways to draw in potential employees is by providing benefits packages for them upon being hired. These packages give you a sense of legitimacy and greatly encourage people to come work for you.
Example: Companies that offer benefits packages are highly sought after. For many people without proper life insurance, being insured by their employer is the only way they can afford it. So, if you plan on growing as a company and attracting a dedicated staff, providing life insurance is a great way to get people interested and in the door.
It’s one thing to start a business; it’s another to start a business that people want to be a part of. Offering life insurance and other perks for your staff is one way that you can do that. It also demonstrates your seriousness as a company.
Although life insurance is often underappreciated, it’s still an excellent way to show your employees that you value their wellness. Promoting a healthy lifestyle at work and providing insurance for your workforce not only keeps them safe while on the clock, but also encourages them to adopt these safe practices at home.
Example: At the end of the day, a safe and healthy staff is a happy staff. By encouraging them to choose healthier alternatives, and seek adequate healthcare, you can greatly reduce the amount of sickness in the workplace. You’ll also demonstrate to them that you want them to be healthy and are willing to do whatever it takes to ensure it stays that way.
If you’re a small business owner still on the fence about whether or not to provide life insurance for your employees, consider the advantages. It will allow you to keep everyone safe at work, it will protect your company if a disaster was to happen and it demonstrates to your employees that you care about their well-being. You may have to revise your budget, but the potential benefits are definitely worth it.