Classic benefits like health insurance are common, and retirement benefits, like 401K plans are valuable, especially with employer contributions. But these can be expensive for small business owners.

There are two cost-efficient insurance benefits that employers can offer, without breaking the bank. These programs can be added with no medical underwriting.  Employers can offer these benefits to all full-time employees, or to a select class of employees through, for example, an Executive Carve Out program.

• Group Disability Insurance.  One in four people will become disabled during their careers.¹ Both short term and long term disability plans can replace income for employees who are unable to work due to accidents or illness. A typical plan covers 60% of employees’ salaries.
• Group Life Insurance.  Like disability coverage, supplemental employer-sponsored Life insurance can help protect employees’ families—and could be the only means for an unhealthy employee to secure coverage for his or her family. Employer plans typically provide a base of 1x salary, and premiums are usually quite affordable for most businesses. Some plans enable employees to purchase supplemental coverage in excess of the base coverage.
• Extra Paid Time Off. While time off for holidays and vacations is standard, you can set your company apart by offering additional paid time for activities, like volunteer work, activism, or voting.
• Work schedule flexibility. In the climate resulting from the pandemic, flex time, summer hours, and remote work arrangements provide the flexibility employees now need.
• Health and wellness perks. From relatively inexpensive things like hand-sanitizer and antibacterial wipes, to on-site flu shots or more robust gym memberships, there are myriad ways to bolster employee well-being.

With employees learning to balance life and work in new ways, offering a robust benefits program that offers employee support and promotes wellness can increase productivity and position your business to attract and retain top talent.

¹https://disabilitycanhappen.org/disability-statistic/, March 2018.