When it comes to employee benefits, most people think of the typical health insurance, retirement plans, and paid time off. However, many employers also offer supplemental benefits to their employees that can provide additional financial protection and peace of mind. Here are five extra benefits that you may want to consider offering employees if you are a business owner looking to improve your organization’s desirability.
Wellness Solutions
Wellness solutions benefits are a type of benefit that focuses on promoting overall health and wellness among employees. These benefits include access to gym memberships, healthy eating programs, mental health support, and more. Employers can improve employee health, reduce healthcare costs, and boost productivity and morale by offering these attractive benefits from trusted providers. When exploring what wellness benefits you can offer, be sure to check out and compare the offerings of various providers, like Nations Benefits and others, so you can attract and retain top talent, as employees are increasingly looking for employers who prioritize their health and well-being.
Disability Insurance
Disability insurance is designed to replace a portion of a person’s income if they become disabled and cannot work. This type of insurance can provide a safety net in case of an unexpected illness or injury and give employees peace of mind, knowing they are covered in an accident. While some employers offer disability insurance as part of their standard benefits package, those organizations are in the minority, and most offer it as a supplemental benefit.
Accident Insurance
Suppose an employee is injured in an accident. In that case, an accident insurance policy can provide them with a lump sum payment which can help cover the cost of medical bills, lost income, and other expenses associated with an accident. Accidents can happen to anyone, anywhere, resulting in unexpected costs and financial burdens; accident insurance can provide financial protection and peace of mind in case of an accident, allowing employees to focus on their recovery rather than worrying about the financial impact of an injury.
Critical Illness Insurance
Critical illness insurance provides employees with financial support if they are diagnosed with a serious illness such as cancer, heart disease, or stroke. Unlike health insurance, critical illness insurance pays out a lump sum to the policyholder, which can be used to cover medical expenses, lost income, or other expenses associated with the illness. This type of insurance can be particularly helpful for those who may not have sufficient savings or other financial resources to cover the costs of a critical illness.
Pet Insurance
Pet insurance is a type of insurance that provides financial protection for employees’ pets in case of illness or injury. Pet insurance is not typically offered as a standard employee benefit, but some employers may offer it as a supplemental benefit, particularly in industries relating to pet care, such as pet stores, veterinary practices, etc.
There are many types of supplemental benefits that employers may offer to provide additional financial protection for their employees. With so many options to choose from, it’s important to carefully consider your business needs and budget when deciding which supplemental benefits to purchase to make your organization more attractive to top talent and help you retain your current workforce.