How to Choose the Right Insurance for Your Business and Employees

If you’re a start-up with just a handful of employees or a large enterprise-level company, having the right insurance plan is critical for the well being of your employees and therefore the success of your company. The benefits of getting a good insurance plan for your organization are numerous as they can help to improve worker morale and of course their healthiness, so choosing what to cover is critical.

It can also help cover your employees who need to go abroad for work so they can get healthcare services in countries that might not have the best systems. Your decision on which plan to choose is also dependent on the size of your organization, so it’s important to choose one carefully. This article will cover these topics, so you can choose the best insurance plan for your employees.

What Should Your Insurance Plan Cover?

Your organization will benefit countless ways of getting a solid group insurance plan, but it needs to suit your employees’ needs. Your workers will feel more motivated to work for you as they will feel like the organization they work for, actually cares about them.

Another obvious benefit of getting an insurance plan for your employees is that they will be healthier, meaning they won’t have to take as many sick days and can be more productive in the workplace. Talk to your employees and see what they are specifically looking for, for example, if a bunch of employees has kids, it’s likely they would want family benefits covered in the plan.

On the other hand, maybe you own a factory where your employees do lots of heavy lifting so it’s likely they would like a massage and chiropractor benefits included. If you listen to your employees’ needs, they will be sure to show it back with productive work and better opinions about how the company is being managed.

Getting Domestic or International Coverage

Should you get a domestic or international insurance plan? If you plan on sending any of your employees abroad for business trips or to work at an office in another country, it’s a good idea to get international coverage for your employees. Many plans are simply for domestic employees so if you send an employee abroad on these kinds of plans they won’t be covered.

This can be problematic if they’re injured overseas and can’t pay for medical bills, this would without a doubt affect their morale when they return back home. Many countries also have healthcare systems that may not be up to the same standard as they are in your home country, sometimes even accessing these services can be difficult if your employee isn’t a citizen of that country.

This type of situation could put your employee’s wellbeing in jeopardy so as a responsible boss, it’s important to get them covered with group international health coverage. However, if your employees will stay in your home county, domestic insurance would work just fine.

Which Size of Plan to Choose

Companies vary with income, structures, and sizes so this should reflect the sort of plan you could choose. Group insurance plans can come in various sizes: micro, mini, small, medium and large groups. Micro groups range from 3-9 employees, these sorts of plans, are meant for very small startups, these types of plans will cover the bare minimums as these sorts of businesses will likely be a little tight on cash. Mini groups range from 10-24 and are classified as larger startups generally; coverage will be broader than micro-groups as they will have more income.

Small groups have around 25-49 employees and fall under the category of small businesses; at this point, you may want to start including family benefits. Medium groups have 50-99 employees and fall under medium-sized organizations. These sorts of organizations should have rather comprehensive coverage and should likely include international group coverage if your organization is involved in international business.

Finally, the last category of group insurance plans is large groups which include 100+ employees. These sorts of plans should cover the whole 9 yards as your organization should have enough resources for a complete comprehensive plan. If you believe your company may be rapidly expanding, it might make the most sense to get a plan one size up from the organization you’re currently operating.

Getting a proper group insurance plan is crucial for keeping your employees happy and healthy while increasing productivity at the same time so covering the right things is important. Be sure to check in with your employees about the sort of coverage they want before getting your plan in place. Then decide if you need a domestic or international group insurance plan; having international group insurance is also a good idea if you have employees traveling abroad since it can keep them covered in foreign countries.

Finally, selecting the right size of a group plan is quintessential, so figure out if your company needs a micro, mini, small, medium or large group plan. With these essentials, you’ll now be able to make a clever decision on what sort of plan you’ll be needed to make your company as successful as possible.