Studies have shown that offering voluntary health benefits may help with reducing the number of workers’ compensation claims. A recent survey conducted by Aflac of 1,500 businesses showed that employers who started to offer voluntary benefits, such as accident insurance, saw a 51% decline in workers’ compensation claims.
It’s possible that voluntary health benefits may also reduce the amount of Monday morning claims received by businesses. One reason may be because the employee might have been injured over the weekend but decided to report it at work so he/she can claim it as workers’ compensation and not lose pay. Employees may do this when they feel there is no other option and cannot afford to lose pay. By offering accident insurance, employees can feel more at peace if an accident happens outside of business hours, which can result in fewer workers’ compensation reports.
What are Voluntary Benefits?
Voluntary benefits are employee-paid benefits that are offered to employees through their place of employment. Employees pay for the benefits they choose through payroll deductions, pre-taxed – which is an additional benefit for your employees. This also benefits the employer by lowering their payroll taxes. Benefits employees may choose can include accident insurance, disability, vision and dental, and life insurance. By offering voluntary benefits to your employees, you are giving them the option for more coverage. As we have seen over the past year, employees are concerned with protecting themselves more than ever.
Types of Voluntary Benefits
There are a variety of different voluntary benefits you can offer as a business owner. Here are a few you can consider:
● Disability Insurance – Covers a percentage of an employee’s income if they are unable to work.
● Accident Insurance – Covers injuries that occur outside of work.
● Dental Insurance – For both routine and emergency care.
● Vision Insurance – For routine checkups, glasses, and contacts.
● Life Insurance – Provides financial protection.
Why Voluntary Benefits Will Benefit Your Business
By providing voluntary benefits to your employees, you are showing them that you care about them outside of the work they do for you.
Voluntary benefits can also attract new employees. Employees who are in the market for a new job not only consider salary, but also what benefits the company provides. This option can also help to retain your current staff. If your staff is happy, your business will thrive.
Voluntary benefits also come with very little to no cost to the business, as they can be 100% employee paid. With the rising costs of health care, most employees would appreciate the option of adding coverage for themselves and their families.
If you are looking to provide voluntary insurance benefits to your employees, our staff agents can help guide you through the process to fit your needs. Give us a call and we can help!