Small Business Benefits Plans

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At the very least, remember that the health insurance coverage you select should cover hospital visits and prescriptions drugs.

If you're an employer with 20 or more employees and offer group health insurance, you need to know about COBRA.

The exceptions to this rule are as follows: COBRA coverage can last 18-36 months.

As the employer, your most important job is to make sure the employee understands their options to continue with benefits when/if a qualifying event occurs.

Workers compensation is an insurance policy that protects the small business owner if an employee becomes ill or injured on the job.

When an employee is injured or ill, workers compensation pays medical expenses, lost wages and rehabilitation expenses.

If your small business doesn’t have workers compensation insurance, you – the employer – would be obligated to pay the employees' expenses out of pocket.

It's important to note that insurance is dictated at the state level; this means that some states require workers compensation in certain situations while others require compensation at all times.

Another reason to offer disability insurance is to save costs down the road.

In the same survey, more than 55% of decision makers said that they offer long-term disability coverage in order to reduce company costs if an employee goes out on disability.

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