☰ ˟
Logo
Make A Payment Client Portal
  • Main Menu
  • About Us
    • About Us
    • Our History
    • Meet the Team
    • Testimonials
  • Practice Areas
    • Business & CommercialImage of right arrow
      • Commercial Auto Insurance
      • Cyber Liability Insurance
    • Employee Benefits
    • Life
    • Surety
    • Personal InsuranceImage of right arrow
      • Homeowners Insurance
      • Health Insurance
  • Industry Expertise
    • Athletic Facilities
    • Breweries/Wineries
    • Cannabis
    • Community Associations
    • Construction
    • Franchise Groups
    • Hospitality
    • Law Firms
    • Manufacturing
    • Nonprofits/Faith-Based
    • Real Estate
    • Renewable Energy
    • Retail
    • Renters
  • Services
    • Make a Payment
    • Request A Quote
    • Claims Management
    • Blog
  • Locations
  • Contact
Icon

Personal

We browse through a wide variety of coverages and find the right one for you.

Learn More
Icon

Commercial

We browse through a wide variety of coverages and find the right one for you.

Our Expertise
Icon

Employee Benefits

We browse through a wide variety of coverages and find the right one for you.

Our Specialties
Icon

Surety

We browse through a wide variety of coverages and find the right one for you.

Get a Quote
Home > Blog > Employee Benefits: The Required and The Optional
WEDNESDAY, JANUARY 27, 2021

Employee Benefits: The Required and The Optional

group of employeesYour employees do a lot for your business, and they’re also protected by numerous labor laws and workplace safety standards. As a result, you have a duty to give them as much respect and consideration as they give their jobs. One of the ways you can do so is by offering them a strong benefits package. 

The law recognizes how important it is for employees to have support in the workplace, and therefore both states and the federal government require employers to provide various benefits. However, business owners have a lot of opportunity to offer benefits above and beyond what the law requires of you, and your employees will often thank you for it. 

Required Employee Benefits 

Both federal and state laws require certain minimum benefits to be provided by most businesses. Those that are most required include: 

  • Health Insurance: Most employers have to offer most (if not all) of their full-time employees health insurance benefits. These packages usually must meet standards set forth in health insurance law. Whether the employee takes this coverage is up to them, but the employer must at least offer it. 

  • Workers’ Compensation: An employee who sustains an injury or disability on the job might be unable to continue to work. As a result, their income might drop, and they could face insolvency as a result. To help them recover, employers usually must offer them workers’ compensation insurance that can cover their medical bills, lost income and other financial needs. 

  • Overtime Pay: Depending on local regulations, employees might be entitled to overtime pay if they work extra hours past normal time on the clock. 

  • Minimum Wage: Federal and state law require some or all employees to receive pay at a minimum level. 



Though federal laws set minimum standards for these benefits, state laws can vary considerably in the types and amounts of benefits they mandate. Check your local statutes for more information on the benefits you must offer. 

Optional Benefits  

If you offer a strong benefits package, then you are making an investment in your employees and your business overall. Better benefits are proven to improve retention, performance and overall employee satisfaction. As a result, it’s a good idea to offer as optimized a benefits package as you can afford. 

Optional perks to consider offering include: 

  • Dental insurance  

  • Paid maternity or paternity leave 

  • Paid holidays 

  • Club memberships for gyms or health spas 

  • Tuition reimbursement for continuing education 

  • FSAs and HRAs 

  • Life insurance and retirement accounts (some states might require this coverage)

 

When it comes time to set up your company's benefits plan, your benefits agent will be there to help you out. They will make sure that not only do your benefits meet proper compliance laws, but also that you offer as effective a safety net to your employees as possible. 

Posted 10:18 AM

Tags: employee benefits
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020

  • insurance(6)
  • coverage(5)
  • life insurance(3)
  • home insurance(3)
  • policy(2)
  • liability(2)
  • workers compensation(2)
  • homeowners(2)
  • health insurance(2)
  • general liability insurance(2)
  • commercial(2)
  • cyber(2)
  • surety bonds(2)
  • homeowners insurance(2)
  • business insurance(2)
  • general(1)
  • renters insurance(1)
  • auto insurance(1)
  • workplace safety(1)
  • vision(1)
  • business(1)
  • pets(1)
  • car insurance claims(1)
  • workers compensation insurance(1)
  • risk(1)
  • employee(1)
  • workers safety(1)
  • hazards(1)
  • benefits(1)
  • workers comp(1)
  • vehicle theft(1)
  • employee benefits(1)
  • fire(1)
  • car insurance(1)
  • commercial insurance(1)
  • workers comp insurance(1)

View Mobile Version

Contact Us Today!
314-721-1500

Social Social Social

Resources

  • Our Products
  • About Us
  • Meet The Team
  • Make A Payment
  • Blog
  • Contact Us

Contact Us

3636 South Geyer Road, Suite 260
St. Louis, MO 63127

P: 314-721-1500 | F: 314-884-2848 | info@lakenan.com
© Copyright. All rights reserved. | Powered by Insurance Website Builder