A comprehensive benefit plan will promote improved employee performance as well as retain talent.
Our specialists will provide solutions according to your benefit goals, company culture and cost threshold.
Employee Benefits Products
- Group Health Insurance
- Group Life & Disability
- Dental Insurance
- Vision Insurance
- COBRA Administration
Do you have full-time or part-time employees?
Do you offer them health insurance and vision or dental coverage, or both?
Great benefits attract great employees, of course, so providing your employees with their benefits is important, but keeping all of that organized and administering those benefits is easier said than done – which is why as a business owner, you need to carry employee benefits liability coverage.
Employee benefits need to be properly managed.
Benefits administration is a complicated field with a lot of moving parts, since benefits administrators do everything from enrolling and un-enrolling employees, explain the benefits and accurately answer questions, and keep detailed records.
What is Employee Benefits Liability Coverage?
Employee benefits liability coverage is meant to protect you, as an employer, from financial liability caused by clerical errors that occur when administering benefits or insurance coverage.
It is an additional protection above and beyond your general liability insurance. This kind of coverage can typically be added to your general liability policy as an endorsement or rider.
It covers a variety of benefits, including health, life and disability insurance, dental and vision coverage, maternity and paternity leave, retirement plans or pensions, and other benefits that you might offer as an employer.
Why Do You Need Employee Benefits Liability Coverage?
Any business owner who offers health insurance benefits to their employees needs to carry employee benefits liability coverage.
And the more complicated your benefits programs, the more you need to carry employee benefits liability to protect your company’s best interests.
It’s even more important to carry employee benefits liability coverage if you have additional employees who are responsible for administering your benefits program, or if you offer different levels of benefits to different employees, or if your company has a particularly high turnover rate.
Employee benefits show your current and potential team members that your company is investing in their future and wants them to be a part of business in the long term, which in turn can help improve their commitment and dedication.
Employee benefits are valuable for more than just your employees.
They help improve the company’s overall retention rate – happy employees tend to stay put and long term employees who understand your business and represent it well are more than worth it.
What’s more, you should keep in mind that there is a good chance your competitors offer different – and perhaps better – employee benefits than you might, so you should keep an eye on what they offer and make sure that your employee benefits packages match or exceed what other companies in your industry or vertical have to offer.
How Do You Choose the Right Type of Employee Benefits Liability Coverage?
The right employee benefits liability policy for your business will include coverage for all legally required benefits, all optional benefits, and all the employees receiving benefits or who have received them in the past.
If you offer health insurance with vision or dental as options, your employee benefits liability coverage needs to reflect that.
Same goes for retirement accounts or pensions, maternity and paternity leave, and any other benefits that you may offer.
What Type(s) of Employee Benefits Liability Coverage Do You Need?
Employee benefits liability coverage tends to be quite similar across the board, but the amount of coverage that you carry depends on a variety of factors.
Do you offer just health insurance, or retirement plans or pensions as well? Your plan should cover for mistakes or clerical errors made in good faith.
What Other Types of Insurance Are Related to Employee Benefits Liability Coverage?
Any form of employer or commercial liability insurance, as well as any other type of insurance that is meant to protect the employer and their business.
Fiduciary responsibility insurance policies are also often bundled with employee benefits coverage.
