Group Insurance for Small Businesses: What You Need to Know

Starting your own business is a thrilling and terrifyingly monumental moment in anyone’s life. Entrepreneurship is taking your finances and livelihood into your own hands. You never forget the day you sign the lease for your storefront, interview and hire your first employees, or make your first sale. The people who start from the bottom with you become family, and as such you want to be able to take care of them as much as you can.  

Other than paying a fair wage, being able to offer employee benefits like PTO and insurance options can go far in showing your employees your appreciation and keeping your team together. For small business owners, the prospect of getting group insurance may seem unattainable, especially for brand new start-ups.  

If you’re ready to look into providing your employees group insurance options, Insurance Consultants International is here to help. Here’s what you need to know. 

Comprehensive Coverage 

Group insurance options for small businesses offers the same level of coverage as large corporation insurance plans. Under employer-provided insurance, your team is covered in case of injury or illness, helping to relieve the stress and anxiety of medical expenses. These insurance plans allow employees to seek the care they need, saving you money by reducing missed days and low productivity.  

Additional options like dental or vision insurance can help supplement cost for yearly exams, glasses, dental work like braces, crowns, and bridges. Medical insurance may also cover the costs of preventive care to keep your team healthy and able bodied.  

Insurance options for your team carry benefits beyond just your employees. Qualifying family members may be covered under an employee’s plan. This is typically limited to spouses and children. Whole life insurance for full-time employees can also help protect their children and families in case of tragedy.  

Premium Options 

As a business owner, tracking expenses is important. Luckily, insurance costs and premiums can easily be integrated into the payroll process. Employee premiums can be deducted from pre-tax or post-tax dollars. If premiums are deducted post-tax, they may be eligible as a deductible from end of year tax filing. 

For more information about pre and post-tax premium deductions, contact Insurance Consultants International today. 

Customizing Plans 

Group insurance for small businesses is customizable! If there are components your staff members would like to opt out of or reduce, we can work with you for a completely personalized experience. This allows employees to pay only for the coverage they need without wasting money on the things they don’t. Additionally, if an employee later determines they need to add or remove something from their plan, we can modify it easily. 

At Insurance Consultants International, we know insurance inside and out. We can work directly with you and your team to find the right group insurance option for your business. From basic plans to full coverage including dental, vision, and preventive care, we offer a wide range of options to fit your business size and budget. 

Contact us today to get started!