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Employee Benefits Insurance

Employee Benefits are various non-wage compensations provided to employees in addition to their normal wages or salaries. It’s a well known fact that in today’s economy, employee compensation is much more than just a salary. The impact of the recession has made employee benefits more important than ever. Often equally important are the “perks” or benefits associated with employment at particular business. Health insurance and retirement income are major factors for many potential employees.

Why offer Employee Benefits

Therefore, in order to remain competitive in the work force by employing top-quality individuals, businesses must offer increasingly extensive benefit programs. Studies repeatedly show that employees who are satisfied with benefits are more likely to be satisfied with their jobs. Great employee benefit plans extend beyond comprehensive medical coverage to offer perks such as vacation and sick time, company vehicles and life insurance, to name a few.

In order to meet these demands, employers are faced with the often daunting task of creating a winning employment benefit strategy that will not only retain quality employers but will also cooperate with a business’s own budgeting constraints and concerns.

These days, employee benefit plans serve an essential function in the United States economy by providing citizens with opportunities to achieve financial security. Employee benefits insurance helps a business cover the costs of providing these benefits. Some employee benefit plans match employee contributions.

Common types of employee benefits insurance coverage include:

  • Housing (employer-provided or employer-paid)
  • Group insurance (health, dental, life etc.)
  • Disability income protection
  • Retirement benefits
  • Daycare
  • Tuition reimbursement
  • Sick leave
  • Vacation (paid and non-paid)
  • Social security
  • 401K plans

Some employee benefit plans may even include profit sharing, funding of education, and other specialized benefits. Wellness programs, wherein employees receive reduced health insurance premiums in exchange for their participation (regular gym attendance, for example) are now widely accepted as a way to help control company health care costs and improve productivity by reducing absenteeism due to illness or injury.

As an employer it can be difficult to determine which benefits will be most important to your work force – especially if you employ a diverse group of individuals or those with generational differences. If workers needs vary widely, you may want to consider the increasingly popular “cafeteria plans,” which give workers lengthy lists of possible benefits to choose from within a fixed amount to spend.

Tax Incentives for Employment Benefits

While some employment benefits such as Social Security, unemployment insurance, workers compensation and family/medical leave are mandatory, the United States government seeks to reward businesses who offer their employees extended benefit packages like health insurance and pensions with tax incentives and favorable tax treatment. The government also supports individual financial security programs through individual retirement accounts, favorable taxation of life insurance contracts and tax-free death benefits.

Employer contributions to health insurance remain tax exempt to employees and tax deductible to employees, while taxes on most retirement programs are deferred until the benefits are used. Some benefits are exempt up to pre-determined dollar amounts. These include: life insurance, dependent care and educational assistance.

If you are having difficulty creating an employee benefit plan, or if you find it’s taking up too much of your time; you may want to consider outsourcing your benefit administration to na PEO. Professional Employment Organizations know how to handle employee benefit plans and other administrative duties so you can focus on your core competencies and grow your business.

Choose CGIS for Employee Benefit Insurance

At GGIS we are experts at helping to create the employee benefit plan for your business. We’ll analyze your needs and risks alongside your budget and determine the right combination of coverage’s for you. We provide your business with easy-to-understand, cost-effective employee benefit solutions customized to reflect both your business needs and industry standards.

Our goal is to protect our client’s assets and shareholder value. Our risk management and loss mitigation services complement our clients on a local, national and international level. We’re here to help protect your business. Contact us today for more information about employee benefit insurance coverage.


Call us today at 281-612-5974 for your FREE Employee Benefits Insurance Risk Analysis