When you hire a new employee it costs $4,129 on average. This is why it’s smart to limit your turnover as a small business owner. How can you do that? Well, with small group insurance! Keep reading to learn about the benefits of small group insurance.
The Benefits of Small Group Insurance
If you’re a small business owner looking to provide health insurance for your employees, you can’t go wrong with small group insurance. Between saving money and satisfying employees, you’ll be happy with your investment. Here are the benefits:
1. You’ll Attract the Best Employees
If someone earned a degree in their field and spent years building up experience, they’re going to want a job that compensates them for that hard work. When you offer great health insurance benefits, you’re much more likely to attract employees with the best credentials. With so much competition out there looking for educated and qualified employees, you really can’t afford to be offering poor benefits.
2. People Will Feel Motivated to Stay
Depending on the industry you work in, it can take employees a long time to learn the ropes of your business. Learning the handbook, policies, getting to know the clients, and learning how to effectively communicate with coworkers can take some time. This is why it’s more effective to keep employees for as long as possible. As an employee gets more experience in their position at your business, they’ll only grow and add to your mission.
3. Tax Benefits
When your health insurance is in a group plan, the monthly premiums are going to be less than they would if they were based on each individual person. Plus, you can often have the cost of these premiums come out of the employees’ pre-tax salary. This is reducing their amount of taxable income so they’re getting the benefit of insurance as well as saving some money around tax season.
4. A Closer Bond
When a team works together for 40 hours per week in the same building, having a positive company culture is important. In addition to great benefits, employees often look for a positive atmosphere at work. When you’re all on the same insurance, you can create team-building exercises related to health care. For example, a health and fitness challenge that involves only ordering healthy takeout and offering points to the employee for each healthy choice. Not only is this fun to do as a group but every business owner wants healthy employees who call in sick less.
5. Saving as a Small Business Owner
Since the business has so many costs associated with it, you appreciate being able to save any money that you can. It also helps when you’re able to keep your staff happy as you save money. This is why getting a small group insurance plan from an insurance company is a great investment. It allows you to offer health insurance to all your employees while avoiding the high per-person fees.
Are You Ready to Invest in Small Group Insurance?
There are so many benefits that come with investing in small group insurance. One of the most important benefits of small group insurance is the fact that your employees will be more motivated to excel in their job.
If you’re ready to talk about insurance plans, reach out to us today!