The Best Benefits Suitable for Small Businesses

The Best Benefits Suitable for Small Businesses

The Best Benefits Suitable for Small BusinessesSmall or start-up businesses can supply benefits that are most suitable for them.

Every small business faces the decision of offering quality benefits and forgoing profits or cutting back on certain benefits and risk losing your best employees. If you’ve found a great team and hit reliable finances, finding the best benefits for your company’s niche will only strengthen your business.

The Basics
As a general consensus, to attract and retain talent, entrepreneurs should offer health insurance, some life and disability insurance, and probably a retirement savings plan. Specialty benefits, such as vision and dental coverage, can become available to employees once the employer understanding their needs.

Employees do realize that they may have to chip in for some of these benefits, especially the vision and dental coverage. Providing employees with several different options eliminates the back-and-forth motion of what is available.

A recent survey showed that on average, 60 percent of firms with fewer than 100 workers offered health benefits. The companies in question covered 80 percent of employees’ premiums for individual policies and 65 percent for family policies. As a result, attractive benefits for employees resulted in lower turnover rates than those companies that didn’t offer benefits.

Specialty
Next to health care and retirement plans, perks like disability insurance, life insurance, dental and vision coverage aren’t nearly as important when it comes to attracting and keeping talented employees. Still, having a choice matters! Choosing not only the right coverage but the right amount of coverage is important for businesses.

To select the right benefits package for your business, contact Employee Benefit Plans Inc. for Group Health and insurances! We serve Greenwood Village in Colorado with the suitable medical, dental, disability, and voluntary benefits insurance policies that you need!