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Health insurance is often the biggest-ticket item in any company’s benefits package, and the cost of health insurance rises on average each year , historically. Companies spend a lot of money, time and effort to make their benefits competitive and provide quality group health insurance plans to employees.
A business leader can’t eliminate all risks, but insurance can provide some cover should the sky begin to fall. Despite this, insurance is an area where owners often try to skimp on the type of insurance they pay for or the amount of coverage they choose. Property insurance . Workers’ compensation. Professional liability.
Therefore, a major priority of your human resources (HR) function is to: Learn how to enhance employee wellness Commit to employee wellbeing for the long term, as part of your workplace culture Whether your HR team accomplishes this speaks to how well your company does HR. Preventing absenteeism and boosting productivity.
Learn more about lawsuits and their legal and financial implications. The post CrowdStrike Faces Lawsuits Over Global Outage, Likely to Drive Up Insurance Costs appeared first on Spiceworks Inc.
Standard” benefits may include: Health, dental and vision insurance Retirement savings plan, with a company match Life insurance Disability insurance Workers’ compensation insurance Paid time off (PTO) – two weeks per year at a minimum, three weeks per year preferred. If you need help, a PEO can provide assistance.
Insurers have estimated that the overall cost of CrowdStrike's recent outage, caused by a faulty Falcon update, is billions of dollars. Learn more about the development and its implications for the cybersecurity sector. The post CrowdStrike Outage to Cost Billions, Insurance Estimates Reveal appeared first on Spiceworks Inc.
With the recent global tech outage causing multiple days of flight cancellations and thousands of stranded passengers, the discussion around travel insurance has become even more relevant. Travel insurance is one of those things you don’t need until you really need it, so many people choose to travel without it.
Buying life insurance isn’t usually fun, but it can be vital to your financial plan. If there are people in your life who rely on your income, life insurance can be essential to ensure that they are protected. Figuring out whether you need life insurance and what type that will work best for your family can take some thought.
It’s best to collect the employee’s report about their injury as soon as possible after the incident and to pass it along to your insurance carrier promptly. That pace allows the insurance adjuster and the employee to have their follow-up discussions while the facts are still fresh.
As a co-employer, the PEO you choose will ultimately take responsibility for payroll processing, providing workers’ compensation insurance coverage, providing an employee benefits package and a host of other sensitive human resources (HR) and administrative tasks. To learn more about CPEOs, read: What is a CPEO?
As a freelancer or independent contractor, you may think your business is too small to need insurance. Client contracts sometimes even require you to have freelance business insurance. The bottom line: More than half of those surveyed said their biggest barrier to getting coverage was understanding what insurance their business needed.
This includes: Retirement account (401(k)) Health insurance (along with dental and vision insurance) Paid time off (PTO) Life insurance Disability insurance. They feel stagnant and stuck in a rut, as though they’ve learned all they’re going to learn at their current company. Transparent leadership.
Having virtual care options can also be help reduce employees’ stress about their own health-insurance costs. It’s possible that these benefits are already available through your company’s health insurance plan or employee assistance program (EAP) – if so, you should promote these benefits and their pros to your employees!
This includes medical, dental and vision coverage, a health care flexible spending account , a retirement plan, life insurance and personal accident insurance, short-term and long-term disability insurance, adoption assistance, commuter benefits and educational assistance. Training and development. Recruiting support.
As management professors who study remote work and collaboration , weve learned a lot about remote works challenges and its often underappreciated advantages. The technology, insurance, telecommunications, professional services, and media and entertainment industries are among the biggest adopters of long-term remote and hybrid arrangements.
Their benefits include: Healthier employees, which can help companies contain health insurance costs Less absenteeism and, therefore, greater productivity Higher morale A sense among employees that their employer cares about them in a holistic manner – beyond their functional role at work – which can strengthen loyalty and improve retention.
From employer-sponsored health insurance to retirement savings plans, an attractive benefits package can help you hire the best employees and ensure you retain them for many years to come. Outside vendors, such as the insurance provider and investment company. What does their short-term disability insurance cover?
An example of this is a client company discovering that they’ve been continuing to pay for medical insurance for a terminated employee. Some compromise may be necessary When you choose your own insurance offering through a broker, you can select from a vast number of available insurance carriers and plan designs.
These things have become so commonplace that employees expect them, such as: Health insurance Dental insurance Paid vacation and sick days 401(k) retirement plan Disability insurance Life insurance Workers’ compensation Unemployment insurance.
If you’re looking for ways to save on workers’ compensation insurance, you’re well aware of the direct costs that you pay in premiums. But what you may not have considered is the indirect costs of on-the-job accidents and injuries, which go beyond what you pay for workers’ compensation insurance.
To prevent a negative scenario with the DOL or IRS and accurately classify your workers, learn about the most common mistakes you should avoid. Does the worker receive employee benefits , such as insurance, retirement savings plans or a pension and paid leave? For example: Paid time off Retirement saving plans Health insurance.
Then, over the summer, she got a notice in the mail from the center’s liability insurance company that it was dropping the center’s policy. Even though the center’s licensing and accreditation were never at stake, the insurer said it would no longer cover the program.
Currently, employers can offer incentives up to 30% of the total cost of health insurance. Maintaining workers’ compensation insurance is the best guard against this risk. To get updates and learn more about navigating workplace issues during this unprecedented time, visit the Insperity COVID-19 Resource Center.
Encourage managers to reinforce continuing education through your learning portal by offering $25 gift cards for successful completion. To learn more, download our free e-book: 7 most frequent HR mistakes and how to avoid them. Use your EAP to help promote various benefits to staff.
You’re probably well-aware of the direct costs you pay in workers’ compensation insurance premiums, but you may not have considered the indirect costs of on-the-job accidents and injuries. Your workers’ compensation insurance carrier – Many carriers provide fee-inclusive safety consultation services to their customers.
To learn more about the benefits that PEOs offer for midsize businesses, download Professional employer organization services come to the rescue of midsize businesses. Access to Fortune 500-level benefits When joining a PEO, companies can can access to PEO-sponsored benefit plans.
Learn to spot and prevent phishing. Contact your company’s insurance provider, if you have cyber liability Insurance. Never open an unsolicited email attachment or unknown file. Until you can verify it’s safe, just don’t open it. A cyber liability policy will pay for some of the costs associated with responding to a data breach.
Use the infographic below to learn how a PEO can help you create more effective and streamlined HR practices so your business can thrive. This may include: Health insurance 401(k) retirement plans Healthcare FSA/HSA programs Life/disability insurance 2. Explore more in depth below: 5 big benefits of joining a PEO 1.
Many companies provide a basic benefits package that may offer employees access to things like: Health insurance. Dental insurance. Vision insurance. Life insurance. Disability insurance. They also want to learn of concrete achievements toward these goals. Regularly evaluate your benefits offerings.
With a PEO, your staff gains access to employee benefits that rival that of a Fortune 500 company — including health insurance plans, retirement and other benefit plans. They’ll learn how to counsel employees and document discussions so that you can make sure everything is handled and documented properly in the event of an employment claim.
Everyone wants less expensive benefits and insurance (and without having to scale back on coverage). To learn more about how the HR outsourcing savings that can benefit your business, download our free magazine: The Insperity guide to HR outsourcing.
While the rules vary from state to state, there’s one consistent underlying theme: To qualify for unemployment insurance, employees must have lost their jobs through no fault of their own. Unemployment claims chip away at your bottom line — racking up charges to your unemployment insurance account and increasing your tax rate. (An
Today’s candidates are interested in salary range and traditional benefits like a 401(k) and health insurance. Does your company offer opportunities for learning and career growth? If not, including a clear employer brand message may boost the number of candidates who apply. What is special about your company culture?
The average American’s medical debt is significant: as of 2023, we collectively owe over $140 billion to medical providers, hospitals, insurance companies, labs, and more. This pervasive problem often prevents people from getting necessary medical care whether they have insurance or not.
As a co-employer, the PEO you choose will ultimately take responsibility for processing payroll, providing workers’ compensation insurance coverage, providing employee benefits and a host of other sensitive tasks. Learn more about finding the right PEO for your company.
Unfortunately, there’s a misperception among many hiring managers that military members only learn combat skills. Of course, military reservist and veteran employees want the same set of benefits as anyone else: health, vision and dental insurance, 401(k) and paid time off (PTO), for example.
An employee’s health insurance continues during their leave, as long as the employee pays their usual portion of the premiums. Employers are required to obtain paid family leave insurance. If your company self-insures on disability benefits, you may purchase a separate paid family leave policy or apply with the state to self-insure.
Learn what to do when employees request a leave of absence from work and how to minimize the impact of their leave on your business. Short-term disability insurance and long-term disability insurance are both designed to provide replacement income to your employees in the event they’re unable to work due to injury or sickness.
Also, take every opportunity to share relevant data and lessons learned so they can understand and avoid repeating others’ mistakes. Secure photocopies of each new worker’s driver’s license and insurance (verifying that both are current). What company vehicle safety training do your employees need? Company cars or personal vehicles.
Health insurance Health insurance aims to assist employees with the costs of obtaining medical care. Optional dental and vision care are usually offered alongside health insurance for an added fee.) To confirm your company’s legal obligations for these types of insurance, check the laws in your particular state.
When weighing where to move, it’s worth considering, for example, the workers’ compensation insurance requirement or the required timeline for filing for unemployment claims as these may impact your administrative timelines. Yet HR-related laws and regulations are increasingly complex.
Lower health insurance premiums? Research over the years has offered conflicting reports on whether wellness programs actually reduce insurance and workers’ compensation claims. Host healthy lunch-and-learns on a variety of topics, from financial wellness and nutrition to local history. Happier, healthier employees?
One of the great perks of working with a reputable PEO: a single provider will be responsible for processing payroll, as well as providing workers’ compensation insurance coverage, benefits, and more. the amount of loss that you experience compared to the amount of loss that similar insured companies have) when you join or leave a PEO.
Training and development To feel comfortable staying with a company for the long haul, employees want to know that they have a viable career path there, with opportunities for internal mobility and continual learning and development of their skills. Download our free magazine, The Insperity guide to HR outsourcing.
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