Small Business Benefits Plans

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Also, be sure to research what additional health insurance plans are offered. Selecting a good health insurance plan for your company can be tough, and that's why we recommend working with a health insurance broker.

He or she will be able to explain which plan is best for your situation and the tax benefits.

Besides these three companies being well-known brands, do you know what else they have in common? These companies have been applauded for offering employee benefits that show they care about their employees in and outside the office.

Any employer with five or more employees is required to provide workers compensation.

The employee, however, is required to wait a certain amount of time before the benefits begin being paid.

In fact, for most long-term disability policies, the employee must be a full-time employee for at least a year to be eligible to receive benefits.These taxes are designed to pay for an employee's benefits if he or she is eligible to receive them; however, if the employee is terminated from a position for a serious offense or reason, the employee isn't eligible.In the event an ex-employee files for an unemployment compensation claim, you’ll be notified, and the funds will be taken out of the business' unemployment tax account.Although not required in every state, offering disability insurance is a sign you care for your employees.In a 2015 survey given to over 500 small business decision makers, employers believed that offering long-term disability benefits is in the best interest of the company and employees; they even found providing it improved productivity. However, regardless of your business size and status, there are certain benefits you're legally required to provide. We break down which you're responsible for and how you can choose the best plan that works for your budget. Of course, offering amazing employee benefits is easy to do when you're an established business.To find out more about your state's laws, check out An Employer's Guide to Group Health Continuation Coverage Under COBRA.The Family and Medical Leave Act (FMLA) requires you to offer employees up to 12 weeks of job-protected, unpaid leave.Small business owners have a few options when it comes to health insurance types: ) working with HDHPs are a great option for small business owners too; with HSA, once the employee is enrolled in the plan, the employer deposits money into their account every pay period.These contributions are tax deductible on the company's tax return for that year.

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