Countless individuals in the state of Maryland have trusted Smallwood Insurance Agencies for their home, auto, and life insurance needs. However, a growing number of businesses are also turning to us for their workplace benefit needs. From accident and injury insurance to long-term disability and life insurance, we offer a variety of insurance products ideal for businesses of all sizes.
Why Extend Workplace Benefits?
Forbes Magazine lists no fewer than thirteen types of insurance that business owners should have, including commercial auto insurance, data breach insurance, E&O coverage, and professional liability insurance. Depending on your business or profession, there may be further specific types of business insurance (e.g., malpractice insurance for the medical profession) that are also advisable or required. The difference with workplace benefits is that they are as much employee-centered as they are for the employer’s benefit and protection.
There are other reasons to offer a more robust benefits package to your employees. As we write this, unemployment is at record lows in the United States. That means a much more competitive market for job-seekers, and also creates challenges for retention. Businesses need to step up to compete, and not all can afford substantial raises for their employees. Improved insurance that goes beyond standard health insurance to offer accident and illness coverage can give your business an edge in retaining your workforce and attracting new talent.
Types of Workplace Benefits Offered
Apart from the standard types of insurance, we offer the following policies under the workplace benefits category:
An accident insurance policy protects workers who suffer from work-related accidents. It helps them meet out-of-pocket and other medical expenses (sometimes including transportation and lodging) as a result of a workplace accident.
Critical Illness Insurance
Critical illness insurance is a relatively new insurance category established in the 1980s. A limited-coverage option, it provides the insured individual with money, often in a lump-sum payment, if the doctor diagnoses him/her with a specific disease.
Disability insurance is intended to cover employees against wage loss if they can no longer work due to disability. Coverage may be short-term (for recovery from accident or illness) or long-term in the event of a permanent disability.
Long-Term Care Insurance
While it is often associated with senior citizens, long-term care insurance also helps individuals who have a disability before retirement. It pays for medical costs and living expenses. In contrast with disability insurance, however, it is also designed to help cover skilled nursing care, hospice care, and other expenses that would not normally be incurred by a disability.
Universal Life Insurance
Closely related to whole life insurance, universal life insurance offers many of the same benefits, including the ability to accrue cash value. It differs by affording individuals more flexibility in paying the premium.
The Smallwood Insurance Agencies Advantage
No two businesses are alike. Even businesses in the same geographic area, and the same number of employees, offering the same services, may have different financial resources, and diverging needs when it comes to business insurance.
Because of this, finding the right insurance involves more than a simple Google search. It requires the services of an insurance agent that will consider your business’s unique needs and circumstances, and will help you choose the best workplace benefits policy accordingly. Contact Smallwood Insurance Agencies in Maryland to consult on the best insurance for your business.