If you are a business owner you may be considering if getting insurance for your employees is a good idea. While that is a decision you ultimately must make on your own, there are some known benefits you should know about. Business health insurance is often seen as the right thing to do for employees. With costs rising dramatically over the last decade, many business have actually been reducing the coverage that they offer. Not all are doing this however. Many have found other social and economic benefits to business health insurance that far outweigh the initial costs to their business.
People who work for a job with limited to no benefits are proven to be less motivated. That could possibly lead to a reduction in productivity, or worse employee theft. If they feel as though they are well taken care of they will be less likely to jeopardize their position. Using business health insurance to keep employees happy and healthy is a social issue as well as economic. You actually could increase productivity by treating employees fairly. Even some insurance is better than none if you can’t afford to offer a comprehensive plan with large amounts of coverage. There are also many other benefits that may not come from the employees themselves.
Believe it or not there are many ways to offset the burden of paying for business health insurance. First there are tax write offs. The government offers substantial tax rebates and reductions to businesses that offer some form of insurance. While the employees usually pay a certain amount into the system, the employer general covers the largest amount. Depending upon your state you could potentially have even more than the tax deductions the Federal government offers. Add that to the fact that you have happy and motivated workers and you could really offset the costs and improve the bottom line of your business.