Indeed, insurance might not be the most exciting topic for individuals to discuss. However, it's a necessary one for them to consider. When individuals forgo purchasing insurance, it can have a life-altering impact should the needs arise where they wished they'd purchased it. Insurance helps reduce the financial burden related to maintaining health and well-being and mitigating costs associated with accidents, liability, and death.

Outlined below are seven common types of insurance for small businesses to offer individuals and families that come to them for their insurance needs.

We often get asked about the types of insurance necessary for small businesses to have. It’s a valid consideration, given that small businesses can lose millions of dollars out of pocket due to lawsuits and damages without the right types and level of insurance coverage. Business insurance provides protection for a wide range of unexpected accidents and events to mitigate potential damages and losses.

In a four-generation workforce that includes baby boomers, Generation X, millennials, and Generation Z, millennials are considered the largest and most influential group in the labor market today. By 2025, they are anticipated to make up nearly 75% of the workforce.

Also referred to as Generation Y, millennials are often painted as a uniquely lazy, privileged, and entitled-acting group of employees. However, research indicates that millennials are similar to other generations and put in longer hours than any other generation, averaging more than 40 hours per week.

Offering a robust portfolio of employee benefits can come at a cost—but in today’s labor market, the cost of not offering employee benefits is becoming too much to bear. It’s a delicate art figuring out the perfect balance between offering a competitive suite of employee benefits, including health insurance and other ancillary lines of coverage, while still keeping an eye on the bottom line.

You might be thinking that you need to change insurance employee benefits brokers for a number of reasons—you’re concerned with the quality of service, you realize you’re not getting the best value, you met a broker or brokerage firm you trust more, you don’t like your current broker, and so on. Even if you’re considering it, however, you might avoid it because you think it’s too difficult. The reality is that if you think you need to change brokers, there is reason to consider it. And, if you do decide it is in your best interest to do so, changing brokers isn’t as difficult as you think.   

Regardless of the type and size, every enterprise with employees must determine the best benefits options for its workforce. However, the task of determining how to offer the right benefits and perks to retain your best employees without forgoing profits is not an easy one for most businesses to balance.

It might be true that mid-sized employers have more revenue than smaller employers—between $50 million and $1 billion by definition—but many factors can impact the bottom line and reduce profit margins for any business. Benefits, for example, have a hefty financial impact on organizations, and the higher the headcount, the more the company will need to pay for traditional health care and benefit plans.

In today’s market, employees would often select a job with a lower base salary for a job with a better benefits package. A 2020 Employee Benefits study by Fractl asked respondents how heavily they would weigh a list of 17 benefits when deciding between a lower-paying job with more benefits and a higher-paying job with fewer benefits. Health, dental, and visions insurance ranked as the most important benefit, with 88% of respondents indicating they would give these benefits heavy consideration (54%) or some consideration (34%) when reviewing a job offer. The next three highest-ranking items on the list included flexible work hours, more vacation time, and work-from-home options.

Deciding on the right insurance plan for your organization, and especially for your employees, is a challenging task. That’s why so many business leaders take some of the burdens off their HR team’s backs and work with an insurance broker.

That process can be challenging and time-consuming as well, but once you find an insurance broker you can trust to introduce good plan ideas and find the best carriers and prices, you probably won’t have to look for someone new again for a long time.

Offering health insurance is a must to retain and recruit top talent. Each generation that currently makes up the multigeneration workforce emphasizes the importance of healthcare benefits as part of their benefits package. The question for employers comes down to what type of health insurance plan is best to support the business and its employees.