If you are a business owner, one of the first things that you must consider is whether you plan to offer any kind of group benefits. Something to keep in mind with group benefits is they can make all the difference in how successful your business is and its ability to retain employees.
Talking with a group benefits agency in Miami is a great way to help you make your decision.
What Are Group Benefits?
Group benefits are insurance policies offered by places such as Financial Designs that cover a group of individuals, often members of a society, workers in a company, or professionals in a similar field.
Because it creates a pool of individuals to insure who are together for reasons other than getting insurance, group coverage helps lower premium rates by reducing the insurance carrier’s risk. These benefits are perks that may also be a significant motivator for retaining and attracting top talent.
Types of Group Benefits
Here is a quick look at the different types of benefits that a group benefits agency in Miami can provide.
- Group Life Insurance: This is not to be confused with individual life insurance. Individual proof of insurability is usually not taken into account during underwriting. Rather, the underwriter looks at the group’s size, financial health, and turnover rate.
- Group Health Insurance: This is the most popular benefit. It is usually a policy purchased by an employer that is offered to employees who work for that company. The policy often extends to the employees’ family members as well.
- Group Disability Insurance: This is a form of group insurance that replaces a member’s normal income in the event of a qualifying disability due to illness or accident for a covered member of the group. It can be separated into long-term and short-term benefits.