For Small Business: An Introduction to Insurance Benefits

Starting a business is not an easy feat, and considering employee benefits is just one of your concerns. Insurance benefits are an essential component of business that owners need to navigate to protect their employees and make their business competitive. However, knowing when to offer benefits and what type of benefits to offer can be a daunting task.

Insurance Decisions Small Business Owners Must Make

Offering insurance benefits helps businesses retain and attract good employees. However, it’s important to understand that the right time to offer benefits varies for each business and different stages of growth.

You may be looking at adding these benefits for your employees:

  • Health insurance
  • Dental insurance
  • Life insurance
  • Vision insurance

As you consider these benefits and their costs, you’ve also got to think about the other types of insurance you’re going to need or that you may already have:

  • Commercial insurance
  • Liability insurance

Navigating these expenses can be overwhelming, but it’s essential to first understand the costs and how they impact your business. That’s where a licensed insurance agent can be so valuable.

Structuring and Timing Your Insurance Benefits

Working with a licensed agent such as MBhealth Insurance Agency can help business owners determine the right time to offer benefits and how to structure them. When you are starting a benefits plan, here are some of the questions that must be answered:

  • How do you want to structure your insurance benefits?
  • Do you want to structure it as just medical insurance for right now?
  • Do you want to offer everything?
  • Do you offer it to all employees?
  • Do you offer it to management only?
  • Do you have the right staff in place to administer these benefits?

Once you have the answers to all these questions, you can then begin to work with an agent to review the plans that are available. Your agent can help you look at the added costs of health insurance benefits which can run to $35,000 or $40,000 a year. You can, however, get a tax advantage when you take this step. Making sure your benefits are structured properly to give you every advantage is one of the reasons why you need to talk to a licensed agent as you take this step.

Adding Employee Insurance Benefits for Long-Term Success

The addition of health insurance benefits is a necessary investment for the long-term success of your business. We work with our clients every step of the way to ensure they are making informed decisions that will benefit their employees and their business.

If you’re a small business owner, and you’re looking for help navigating insurance benefits, MBhealth Insurance Agency is here to help. Contact us today by calling (314) 544-5400, and one of our licensed agents will be happy to assist you. We’ll help you navigate this process and keep your business on track for long-term success.

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