With benefit plans capturing an increasing share of most small business’s budgets, supplemental insurance offerings can be part of an effective strategy to provide protection and value for employees at an affordable cost.
Voluntary plans can also help small businesses in attracting and retaining top talent in today’s increasingly competitive market, according to Jay Starkman, CEO of Engage PEO, a south Florida-based firm providing outsourced human resources services.
“If an industry has as its norm employers providing supplemental insurance and your small business is part of that industry and aren’t providing supplemental insurance as part of your offering, than you’re behind as an attractive place to keep or attract new employees,” Starkman says. “If you’re in an industry that doesn’t provide these relatively inexpensive plans, by providing them you can be an employer of choice within your industry.”
