Posts Tagged ‘Employee’

3 Things to Know About Employer Disability Insurance

Employer Disability Insurance

Life is full of unexpected circumstances, and unfortunately, often, when individual health is involved, there can be a ripple effect of problems. However, with short or long term disability insurance, some of those issues can be offset. Here are three things to know about short term vs long term disability insurance that will help you find a plan that fits your needs.

What is it?

If you’re a business owner, you know the importance of reducing risk within your company. While illness and injury are unpredictable, they are likely to have an impact on your business at some point in time. This is why having disability insurance is crucial for protecting your investment with essential employees if they can’t work due to illness or injury.

How to File for Benefits

Employees that may be experiencing symptoms or injury that require disability insurance, consult your physician for a detailed medical record. Then, approach your HR department for help filing a claim.

How do Payouts Work?

Most insurance plans don’t cover 100% of an employee’s salary. However, coverage will often reimburse pay up to 70% of an employee’s salary for short-term disability and closer to 40% for long-term.

Disability insurance is crucial for most businesses and is a safety feature that benefits both employer and employee. With the right plan, employees can get back to work feeling confident, and employers can reduce financial strain.

What To Look for in an Insurance Agency as a Business Owner

Insurance Agency

When it comes to running your Florida-based business, you know that having the right insurance plans in place is the best way to protect your interests. Without those plans, you’ll have to pay for repairs, lawsuits, settlements and other problems that arise completely out of pocket. While finding a great insurance plan is important, you also need to find an insurance agency you can trust.

What To Look for in an Agency

Different insurance agencies offer different types of services. The first thing you should do is look for an agency that provides the types of coverage that your business needs. This should include the following:

  • Property coverage
  • Employee benefits packages
  • Retirement plans
  • Liability insurance
  • Commercial auto insurance

Choosing an agency that doesn’t offer the types of insurance that your business needs only complicates things. You’ll have to fill in the gaps with a separate agency or find a new provider in the long run.

Choose the Agency You Can Trust

When you’re looking for an insurance agency, it’s okay to be picky. Work with the organization that takes the time to get to know your company and your needs. The more interest their agents show in your operation, the easier it will be to get the protection you need.

Finding a reliable insurance agency is the best way to get the insurance you need. Choose the Florida insurance agency you’re most comfortable with and you’ll be in good shape.

3 Ways Your Small Business Can Save Money

Small Business

Owning a small business is a labor of love, but you’re also in it to make a living. If you’re looking to cut costs without cutting corners, consider these three ways small businesses can save money.

Reduce Employee Turnover

Hiring the right talent is important to a smoothly operating business, but keeping star employees is absolutely essential. Instead of spending your time searching for and interviewing new hires or paying an employment agency to do it, work on keeping the good workers you already have on staff. Offering bonuses, paid time off, commission, raises or other incentives will reduce turnover.

Control Insurance Costs

Insurance premiums can take a big bite out of your bottom line. Review your current policies to make sure you’re getting the best rates and aren’t paying for coverages you don’t need. Also, companies can use an innovative risk management tool such as a medical stop loss captive to keep employee health insurance costs down.

Eliminate Office Space

If being on site is not essential to your business, consider closing down your physical location and switching your staff to remote workers. Many employees prefer not having to commute, and you won’t have to spend money on rent and utilities to keep the office going.

Your small business thrives on your attention to detail. By tweaking just a couple of expenditures, you can free up capital to grow your business.