While you can find equivalent coverage from different insurance policies, at Unity Insurance we know that all insurance agents are not created equal. We help our customers find custom-fit policies to suit their specific needs. Below, the insurance professionals at Unity Insurance discuss how voluntary products can help you offer affordable benefits to employees.
What Are Voluntary Products?
Voluntary products are precisely what they seem— a type of voluntary benefit or service offered by employers to their workers. Participating in these perks is optional and the cost is conveniently payroll deducted for the employee. Some examples include cost shares or incentives for health and wellness, financial counseling, student loan repayment, and even personal benefits such as pet or travel insurance or identity theft protection.
How to Decide Which Voluntary Products to Offer
One of the most impactful ways to recruit and retain employees is to offer workplace benefits that meet them where they are in each stage of their life. While one employee may be more intrigued by low-cost pet insurance for their furbaby, another may be more motivated by reimbursement toward their boutique gym membership. Understanding your employees’ desires is the first step to coming up with a benefits package that suits their needs.
The easiest way to do this? Ask them what they need–and then make it simple for them to use and access these benefits with few to no obstacles. Here are a few more steps to consider when deciding which voluntary products to offer your employees:
- Inform the entire HR team of all benefits that are available so that when your employees ask questions about a niche benefit that may not be used frequently they get competent answers.
- Communicate the vast array of benefits to your employees and encourage them to take advantage of what is available to them.
- Include information in new-hire materials, employee updates, and even their online employee portals if your business uses one.
- Ensure payroll deductions are handled properly. If your employee chooses a benefit that involves a cost share, signing up to deduct that cost share from their paycheck should be as painless of an experience as possible. In addition to a smooth sign-up process, make sure the deductions are accurate and reflected in their pay stubs as a benefit.
Who Benefits From Voluntary Products?
While the benefit to employees from voluntary products can be easy to see, voluntary products are not just about making your employees happy. Employers also benefit from providing their employees with an array of benefits to suit their employees’ lifestyles. Studies show that happy employees are actively engaged, more productive, and take fewer sick days. Even something like a comprehensive well-being program can increase discretionary effort by as much as 21%, according to Gartner Research, Gartner HR, an industry research firm.
Knowing that supplementary benefits are important to workers, consider adding voluntary products such as:
- Disability insurance
- Life insurance
- Accident insurance
- Hospital Confinement/Medical Bridge
- Critical Illness
- Pet Insurance
As an independent insurance agency, Unity Insurance has great relationships with many well-known, reputable insurance companies, giving you the power of choice. Our insurance advisors bring years of experience in the insurance industry to the table. Whether you are a small business looking to protect your business and its assets or ensure your employees are covered with competitive benefits, Unity Insurance is here to help you put together a benefits package that serves you and your employees.
Speak With An Agent At Unity Insurance About Your Insurance Needs Today
At Unity Insurance, we know insurance plays a vital role in every stage of your life and business. Our professionals provide guidance and support to ensure you make the right decisions. We work with our clients to provide the best plan to suit individual needs. Call 410-539-6642 to learn how Unity Insurance’s experienced insurance agents can assist you.