Protecting Your Greatest Asset: The Lifesaving Power of Employee Benefits
Your company performs when your people do. A competitive benefits package can not only be good for your employees, but also a lifesaver for your law firm. In this article we’ll explore two out of many examples where putting employees first is paramount, and why you should think of insurance and benefits as an investment, not an expense.
September is National Life Insurance Awareness Month, so we invited insurance expert and our good friend Shannon Hahn to lend her expertise on this subject. Let’s dive right in!
A Benefits Package To Protect Your Greatest Asset: People
For years, I didn’t give much thought to short-and long-term disability. Amata was young and so were most of our employees, including myself.
After a key employee suffered a heart attack and went through a very lengthy recovery process, my mindset changed and I can’t express how thankful I am that Shannon helped me understand the advantages of providing these benefits to employees. Without them, Amata would not have been able to support this employee during the recovery, causing severe hardship for the employee and their family.
As business owners, it is normal to want to protect our profitability and think of disability benefits as just another bill to pay. But what we don’t realize is that, as the saying goes, “insurance is like a parachute. The time to get one is before you need it.”
When unforeseen illness or accident strikes, proactively speaking with Shannon helps me prevent financial hardships from affecting our employees and bottom line. This year alone, three of our employees experienced a major illness forcing them to go on short-term disability. Our program covers 60% of their salary for 13-weeks and then, if needed, activates our long-term policy.
Once again, these were long-term employees that our clients rely on and trust will be there to support them year in and year out. Without the benefits of a comprehensive benefits package that supports employees when they are forced to miss work for extended periods of time, Amata would not be able to provide the employee stability our clients require.
Attracting and retaining great talent today is no small feat. According to Shannon, for specialized service businesses such as Amata and professional service firms, employee retention is the single greatest investment in their long-term success. Providing benefits employees can count on can make all the difference between cultivating 15-year employees and having a revolving door of employees who stay with your firm for less than two years.
The latter situation keeps you, your clients, and your bottom line stuck in neutral or constant decline.’
We value our employees above all else. This means providing them with the best benefits package the company can.
Can You Afford Not to Buy Insurance?
Offering dependable benefits can mean the world to your employees, and cost less than you would think. Core benefits start with medical insurance and income replacement benefits, which provide monthly income when a person cannot physically work. This becomes invaluable during a crisis or life event like the delivery of a baby.
After working with 100’s of employees, Shannon sees how acutely aware employees are of the need for both medical and financial protections. That is why additional supplemental benefits have been created: to cover expenses like accident, critical illness, and hospital indemnity not provided by traditional medical insurance.
Purchasing these voluntary benefits through an employer can offer some significant discounts and provide coverage in cases where employees may not qualify independently. Employees can select which benefits suit their situation, and employers can choose whether voluntary benefits are fully employee-funded or a shared expense between the employer and employee.
Insurance buys protection against life’s unforeseen events, and provides peace of mind in times of need. Taking a fresh look at your benefits program is also critical to employee retention and may be more cost-effective than you think.
Amata knows its greatest asset is its people. That is why we recommend Shannon Hahn’s expertise to prepare your company for the unexpected by offering a curated menu of life and health benefits. Take your firm to the next level and contact Shannon Hahn at Shannon.email@example.com or (312) 415-6107 for a complimentary benefit analysis today.