Should you offer Insurance to your Employees?

Though insurance options are not compulsory for employers. Still, it is a better practice to offer insurance to the employees. There are numerous kinds of insurances you can offer to them. Some of the popular ones include:

  • Health Insurance
  • Life Insurance
  • workers comp insurance

Though health and life insurance are usually given in maximum corporate companies, hardly few companies go for burial insurance for seniors in their office. But in today’s time, this kind of insurance has also become necessary for the families. And hence, companies should start reconsidering their policies and include these insurance kinds in their salary offers.

But why should they do that?

Attract employees

Since not every company offers such employee benefits, and considering the fact that insurance is in a way mandatory for every person, people get automatically attracted to such companies. Bonuses like access to a personal injury lawyer should the need arise are not offered in every company, and those that do are noticed and receive more applications from potential employees that are looking for a business that will look after them. Keeping aside the job profile and their choice of companies, if they can get the insurance options as a part of the plan, not only would the employees be attracted, they would also prefer staying with the company for as long as they can.

In this way, with the help of a workers comp lawyer you can attract and retain a lot of your qualified employees, thereby increasing the performance and reputation of your company to great heights.

All workers should consider group accident insurance and LTD insurance and which is a type of protection that is designed to cover serious injuries and illnesses that keep you out of work for three months or longer click here to learn more about this insurance.

According to an insurance claim law expert, after the injury, your employee can file a claim with your workers’ compensation insurance, also known as workers’ comp, to help get important benefits, like medical treatment coverage. To get this sorted and avoid all the paperwork and headache of dealing with the insurance company and the employee lawyer, hire the rochester brain injury lawyer who is an expert in injuries at work, such as cases where an employee has tripped and fell.  A compensable injury is an injury from an accident out of and in the course of employment. However, it is important to note that just because an injury occurs at work does not mean the injury is covered under the Act.

Gain tax benefits

Not only are the employees benefited with these insurance covers, you as a company also benefit from this. When you offer business health insurance to the employees and increase their compensation package, you also allow yourself tax deduction for this contribution. Self employed or not, your insurance covers are allowed under income tax deduction.

Hence, the self employed can get 100% deduction of their insurance covers. While the employers can deduct 100% of the cover they give to their employees from the tax.

This way, a lot of tax saving happens, while at the same time benefiting employees too.

Moreover, if you are a small company with less than 25 employees, you can also take tax credit to provide health insurance cover to your employees.

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