Regardless of the reason why you need it, purchasing insurance can cause feelings of anxiety and dread. Buying the right type and level of coverage for you and your business requires a lot of time and resources. You want to ensure that you’re purchasing the right coverage to mitigate risks and provide financial security. If you’re looking for employee benefits, you also have the challenge of balancing the needs and requests of your employees with the needs and budget of the business.
Securing insurance takes time and resources. Because each individual, family, and business has a unique set of risks, there is no such thing as a “one-size-fits-all” policy, regardless of the type of policy you’re seeking. Insurance brokers provide the expertise required to help individuals and businesses secure insurance policies to meet a wide array of needs.
Insurance brokers and agents act as intermediaries between insurance companies selling insurance and consumers seeking to purchase insurance. There are several insurance options and insurance organizations from which to choose. Brokers and agents help navigate the many choices of insurance available to meet the needs of their clients at a fair price. If you’re in the market for personal or business insurance, you might be wondering what the differences are between an insurance agent and an insurance broker.
Health insurance is one of the top benefits that employers can offer to employees. Providing health insurance to employees requires employers to stay on top of the ever-changing legal landscape focused on employer benefits. Do you know both the current and new federal and California health insurance regulations for 2020? In the content below, we explore how this year's health insurance regulations impact employers and employees.
An insurance broker helps businesses and individuals navigate the complex world of insurance and the numerous options available to them. They work with consumers to research insurance policy terms, conditions, pricing, and coverage to determine which policies will meet their needs. Insurance brokers also solicit and negotiate insurance pricing with multiple insurance agencies to help their clients get the best coverage possible at the best price possible. In the content below, we differentiate an insurance agent from a broker, explore the types of insurance offered by a broker, and discuss benefits of working with an insurance broker.
Travel insurance protects individuals and businesses against loss that occurs while traveling. Travel insurance mitigates losses caused by missed flights, natural disasters, acts of terrorism, personal injury or sickness while abroad, lost or stolen personal items and baggage, and unforeseen personal events that prevent traveling. While some might consider travel insurance unnecessary, for many, it provides peace of mind. With the right level of protection, travel insurance allows individuals to focus on the purpose of their trip, whether for business or personal reasons, without wondering what might happen if they find themselves in an emergency situation.
Financial wellness matters to employees. Unfortunately, however, a large portion of the workforce is not financially healthy. From an overload of debt to living paycheck to paycheck, individuals often struggle to maintain financial balance and make ends meet. When employees stress about finances, that stress doesn’t check itself at the office door when the employee arrives at work. Financial stress impacts an employee’s ability to do her job, which can lower productivity and eventually affect the bottom line.
Financial stress can harm mental and physical health. In the American Psychological Association’s 2019 Stress in America survey, 60% of respondents reported money as a significant stressor, which has been recorded at a similar level for the past few years. In a Bank of America Merrill Lynch report, 40% of employees said they spent three or more hours dealing with personal finances weekly, and 56% of employees revealed that they experience financial stress. Money management and financial stress are also cited as top reasons why many married couples file for divorce. These stats partly indicate why so many employees seek out employers that have a well-rounded benefits package with some type of retirement savings plan.
Approximately 93% of fathers and 72% of mothers make up the U.S. workforce, according to the Bureau of Labor Statistics. Because many of the men and women who are not currently parents will be at some point, family-friendly benefits are essential to offer as part of an organization’s employee value proposition.
However, in 2018, only 17% of workers had access to paid family leave, leaving approximately 80% of American workers without paid family leave. Further, 93% of low-wage workers who are in the bottom quarter of wage earners have no access to paid family leave, and 94% of part-time workers have no access to paid family leave. Almost all of the 193 countries in the United Nations offer paid parental leave to its citizens; the United States is one of the rare exceptions. The United States is also the only country out of the 41 in the Organization for Economic Cooperation and Development (OECD) and the European Union that does not mandate some level of parental leave benefits for employees.
Employee benefits matter. They affect work productivity, employee retention, morale, health, and your ability to attract and hire candidates. In the 2018 Society for Human Resource Management (SHRM) job satisfaction and engagement survey, 92% of employees surveyed indicated that employee benefits were linked to their overall job satisfaction. Almost one-third of the employees noted that their current benefits package was one reason why they would possibly look for another position in the upcoming 12 months.
Indeed, compensation is a key factor when candidates are considering different job offers. Many candidates, however, will take a job with lower pay if it has a comprehensive, high-quality benefits package.