Specialty benefits – like life, accident, critical illness, hospital recovery and disability insurance – provide employees with flexible options that can help them feel secure and confident beyond just their basic health care coverage. To ensure the insurance options offered make sense for employees’ needs and the company’s bottom line, it’s important for companies to give themselves an insurance check-up every now and then.
Why Review Benefits?
For businesses, keeping regular tabs on specialty insurance options is a crucial step in maintaining both the well-being of employees and the financial health of the organization. By taking a closer look at the way a business operates and its changing needs, employers can get insight into the types of insurance offerings that make the most sense for groups of employees. For example, if many employees have families, then a company may consider offering life insurance. Annually reviewing benefits can also help to catch costly pitfalls, like unnecessary spending on plans that aren’t being utilized by employees, before they cause any damage to a business’ bottom line.
When to Do It?
Most business owners should conduct an insurance check-up at least once a year, taking a look at their holistic offerings, including the availability of specialty insurances. A lot can change in that timeframe, and this lets business leaders stay on top of any adjustments needing to be made, especially as it relates to specialty benefits. If they’re able, business leaders can also check in more often and make any necessary minor adjustments in real time. For example, maybe a team just went through a hiring boost and the business leaders want to make sure there are no gaps in coverage for employees who may seek life insurance or disability insurance through work. Then would be a natural time to ensure the company’s current specialty benefit options are helpful to new employees.
What Should You Consider?
Every business is different, so HR professionals and decision makers should make sure to talk to their insurance agents when they’re ready to do their annual check-in. Agents have extensive knowledge of specialty coverage offerings and can provide a unique perspective on how to improve efficiency or save money. It’s also helpful to keep an evaluation checklist to ensure no important changes are overlooked when considering insurance options. General questions like “Have I hired more employees?” and “Are there benefits that employees aren’t utilizing?” can be helpful when determining where there’s room to adjust coverage.
Find out more about our specialty insurance offerings or to learn how these benefits fit into your business’ portfolio.