Group Health & Group Life Insurance for Construction Companies

image of worker who needs group life insurance Your workers put in long hours in the hot summer and the cold winter. They operate powerful equipment building safe roads, houses, buildings, and parks we all enjoy. But do your employees have the peace of mind they deserve as they work? A great way to do this is with a robust insurance plan for both health and life insurance to protect your employees and their families. However, it can be an intimidating task to get your business ready to roll out a company sponsored insurance program. Here are the basics you need to know before you begin.

Benefits of Offering Group Insurance Rates To Employees

Sponsoring employee insurance plans makes your company much more appealing. Only about 57% of workers participate in work sponsored life insurance plans in March of 2016 according to a Department of Labor report. Eighty-five percent of union workers had access to life insurance benefits while the number drops to 54 percent for nonunion workers. There is a large need for companies to provide insurance options for their workers. The number of workers and families without life insurance is alarming. Adding a group life insurance policy for employees adds an attractive benefit to your compensation plan. As English billionaire Richard Branson has famously said: “Train people well enough so they can leave, treat them well enough so they don’t want to.”

The same idea is true with health insurance, as a little over 55% of Americans received health insurance through their employer. Health insurance is incredibly expensive, and employee sponsored plans can be a huge help. This can foster tremendous loyalty with employees, especially those with medical concerns in their families.

Group Health Insurance

Doing the research to decide what the correct health insurance plan for your company is, is the hardest step in this process. Each business is unique and almost every business’ insurance will be unique. First, you must decide if you want and Health Maintenance Organization (HMO) or a Preferred Provider Organization (PPO) plan. Here are the basics of each:

  • HMO: these care plans are managed to provide services in contract with the HMO. They are more restricted and usually cheaper.
  • PPO: these plans are less restricted as enrolled members can go outside the PPO network, however, the rate will be higher than for doctors in the PPO network. These plans offer more but cost more for both the employer and the employee.

To decide which is right for you, make sure you speak to a knowledgeable agent for further clarification.

Group Life Insurance?

Sadly, many families decline to purchase life insurance because they are worried about the cost. However, group life insurance is fairly inexpensive when offered through an employer. This can provide tremendous peace of mind to your employees knowing that if they were to pass away unexpectedly, life insurance would help support their family. Both term and permanent life insurance policies are good to provide as you may have many employees at different stages of life.

 

Whether you are looking to upgrade your current employer-sponsored group insurance plans or to institute them for the first time, be sure to contact us at H&K Insurance, in Watertown, MA. In addition to group health and life insurance, we offer many other specialty plans for construction companies in addition to a full spectrum of insurance plans. A member of our expert team will walk you through the process to ensure you and your business are sufficiently protected.

John Herlihy has served H & K Insurance Agency Inc. clients since 1982. John, the Vice President, is engaged in all phases of the agency’s operations and management. He is dedicated to providing excellent service. John’s professional designation of CIC (Certified Insurance Counselor) signifies to clients a competent professional and their assurance of quality assistance with their insurance needs.