Providing Insurance Has Benefits for Your Agency
Insurance is a great benefit for your employees, but did you realize that it's a benefit for your company as well? While insurance can seem like a cost, it can also help your business, providing an incentive for an employee to join your company or providing a longer-term incentive to stay. How can insurance benefit your company?
You'll Attract High Quality Employees
When you post a position, your prospective employees decide whether they want the job based on a number of factors, and one of these factors is your benefits program. If you offer benefits such as health and disability insurance, your workplace becomes more attractive to experienced employees. This is especially important when you're trying to start and grow a business and you want to create a solid base of employees with strong experience in your field. Your benefits program is an excellent promotional tool to draw in new employees.
You'll Support Healthy Employees
By assisting your employees as they look for high-quality health or disability insurance, you'll help them if they do suffer from health problems or a longer-term disability. An employee who's stressed about paying for health insurance or unable to afford a doctor's visit or medication is not able to be at his or her most productive. The CDC states that promoting your employees' overall health leads to fewer sick days for those employees, and it also promotes healthy family practices that lead to fewer days spent caring for family members. A workplace that promotes healthy living through health insurance and sick days also has fewer sick employees at work. Those employees are less productive, and they're also liable to spread illness to others, making your business less productive overall.
Your Employees Will Feel More Satisfied
You try to run a workplace where your employees feel like they're making a valued contribution. One way you can show your employees that you value them is by adding benefits programs. Although this isn't an award, it's a statement that you want to invest in your employees' overall wellbeing. For example, when you provide family leave or leave to care for an elderly relative, you make a statement that you value your employees not just as producers but as people who are an integral part of your company. A satisfied and valued employee is more likely to stay with your insurance agency for the long term.
You'll Start a Dialogue
Benefits can be an expense for your business, but they can also help you attract and retain productive employees. How can you manage the cost? Talk with your employees about the benefits that they most desire and value. Make them aware of the cost of the benefits and the different benefits that your company could choose. You can also look to flexible benefits plans or add benefits one by one to minimize costs and maximize employee satisfaction.
If you're looking for more ideas on how manage your agency, read our blog. As a national insurance association for independent insurance agents & brokers we’re here to offer help for you and your agency. We offer many benefits to members, including a discounted disability insurance program for agency principals. Visit the American Agents Alliance today to see how our programs can benefit your business.