Small businesses benefit tremendously from having comprehensive benefits packages
Small businesses have become trendy within the past few years. A small business is profitable because employers hire a few people who are incredibly talented and add value to their business. Smaller companies become like a family, and employees look forward to coming to a place where everybody knows their name. With that in mind, if you’re a small business owner, you should offer your employees the best benefits packages. Excellent pay helps with retention as well as benefits. Here are some of the top benefits packages that you should be offering your employees if you’re a small business owner.
Workers’ Compensation
Workers’ compensation is necessary because, unfortunately, injuries happen on the job. Neglecting to purchase workers’ compensation insurance is detrimental to your business because it could result in fines and, in the worst-case scenario, criminal penalties. It’s a common misconception that workplace injuries only happen in an industrial setting. However, if you don’t have an ergonomic office setup, employees may experience debilitating back pain. With this in mind, you should always have an ergonomic work environment in place, but you should also have workers’ compensation in place so that you can avoid a lawsuit as well as ensure that your employees receive pay. The difference between workers’ compensation and disability insurance is that with workers’ compensation insurance, the injury has to happen on the job.
Disability Insurance
Speaking of disability insurance, this is another essential type of business insurance that should be accessible to small business employees. What many people don’t know is that maternity leave, while it isn’t an injury, may fall under short-term disability coverage and eligibility.
Key Person Insurance
Key person insurance is crucial, especially as it relates to a small business. This type of insurance helps a company to last, even when its owner or other key players become disabled, or unfortunately, pass away. Such occurrences can result in a significant loss of income. With key person insurance, the business receives a payout that can help the company stay afloat. Having key person insurance as a backup aids in a business’s durability and longevity.
If you’re interested in making your small business better with the best benefits packages, then contact us today. You and your team deserve nothing less than the best.
Partner with Malden Solutions Today
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.