Your employees do a lot for your business. You want to show them that you have their best interests at heart. Offering benefits is one way to do so.
Not only do you recognize the importance of protecting employees, so does the law. Some benefits are not options, but requirements. Businesses often have to provide certain perks to their employees. These particular benefits often act as valuable personal protection for your workforce.
Required Employee Benefits
Employee benefits usually involve various forms of insurance. Therefore, multiple laws cover whether certain businesses must offer certain benefits. As a business owner, always make sure you provide the benefits required of you. These might include
- Health Insurance: Many employers have to offer some or all employees health packages. The employer usually shares the cost of the policy with the employee. These packages usually must meet standards set forth in health insurance law. Whether the employee takes this coverage is up to them. However, the employer usually must at least offer it.
- Workers’ Compensation: If an employee gets hurt on the job, they might have to miss work to recover. This means they might not be able to receive income because they cannot work. Most businesses have to provide workers’ comp as a result. It serves as a way to help an employee receive income while recovering from an injury.
- Overtime Pay: When certain employees work past their required time, they qualify for more pay.
- Minimum Wage: Federal and state law require some or all employees to receive pay at a minimum level. The minimum wage is one way of making sure that employees can pay their own bills.
A variety of laws might govern how businesses must compensate their employees. Check your local statutes for more information on the benefits you must offer.
Optional, Additional Benefits
Good perks often provide incentives for your employees to stay with your company. So, most businesses provide a wide range of benefits. Beyond required benefits, additional perks you might offer include
- Dental insurance for adults (many health insurance plans come with pediatric dental insurance)
- Paid maternity or paternity leave
- Paid holidays
- Club memberships such as gyms or health spas
- Life insurance and retirement accounts (some states might require this coverage)
And everything from pay raises to severance pay.
When it comes time to setting up your company's benefits plan, talk to your commercial insurance agent at 734-421-9900. They can help you enroll in benefits in compliance with the law. You can then work on offering extra benefits that provide workers with more comfort.
Also Read: Reducing Worker Falls on Icy Outside Surfaces and What to Consider When Launching a New Business