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With over 76 years of experience, The Jordan Insurance Group is an industry leader in Life Insurance strategies and Employee Benefits. We strive for excellence through our due diligence in selecting products to satisfy our clients’ needs with proven benefit designs and tax strategies. Our Team utilizes a diversified multi-level approach in preserving, protecting and growing wealth for our business and individual clients.
Employee Benefits Communications
Do you communicate company benefits to your employees? Life, health, 401K, dental, paid vacations, days off or holidays? You should communicate, in writing, these benefits to your employees at least annually so they understand the cost of these benefits. Many companies already explain costs and benefits to employees. How about these benefits? 1. Company share of Social Security and Medicare. 2. Unemployment insurance. 3. Workers' compensation and employee safety costs. 4. Company automobile insurance 5. Company general liability insurance the first two points concern government insurance programs. Include these benefits because employees tend to be dismissive of the company expense involved. Workers' compensation insurance covers on the job injuries and illnesses for employees. It is a benefit. Simply multiply the individuals’ payroll by the rate. Explain why this is a benefit and how much it costs. Most employees do not give workers' compensation a second thought, but largely because they are never told. Company automobile insurance is a benefit for drivers or employees who ride in company transportation. Drivers benefit from the company assuming liability for all accidents and covering the individual driver. This protection is often overlooked as an employee benefit. Consider common carriers. You pay for a driver and their insurance. You can avoid the risk of trucking accident by not using employees. You can avoid the risk of trucking by requiring your employee to provide insurance. When you choose to provide the insurance, you pay for your employee's liability as well. That's a benefit. General liability insurance has similar impacts on employee liabilities as does the company automobile liability policy. The company assumes responsibility for employee errors in maintaining premises or manufacturing products. Absent company risk management programs, employees might be held responsible for their liabilities. The independent contracting driver and the employee both face risks of road travel, but the employee has the benefit of company supplied insurance. Communicate these benefits every year for two reasons: 1. Inform the employee of the costs of these benefits. 2. Remind the employee of these risks, and their responsibility to operate safely.
William Jordan
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