Why Businesses Need Employee Benefits Insurance

Employers that offer benefits to their employee take on an added responsibility to make sure each employee is treated fairly and in the same way the other employees are. It is the employer’s responsibility to make sure employees receive the benefits that they deserve. Moreover, the employer must manage any resources held for employee benefits programs in a manner that is in the best financial interests of the employees.

Employee Benefits Insurance

Employee benefits insurance is in the general category of insurance that is called errors and omissions (E&O) insurance. This protection helps reduce liability risk for errors made by the employer or the employer’s authorized agent when handling employee benefits.

Employee benefits insurance helps lower liability risks for employers that offer health insurance, life insurance, disability insurance, retirement benefits, and other plans administered by the employer.

Work with your agent at Saucon Insurance Agency, serving Bethlehem, PA and the nearby communities, to conduct a comprehensive commercial insurance review. In this way, you can get a good recommendation about the level of employee benefits insurance needed to protect your business.

Things to Discuss With Your Agent

It is a good idea to discuss potential problems and concerns with your insurance agent, such as:

  • Retirement Fund Loses Value: Retirement funds that invest in the stock market may lose value if the underlying investments fail to perform well. Talk about what happens in this case.
  • Mistakes: Talk about what would happen if an employee is not added by mistake to the health care program, when the employee first starts to work for the company and then finds out they are not insured when they need to access health care.
  • Criminal Activity and Fraud: Discuss what happens if the retirement funds are stolen or lost due to criminal fraud such as a cyber-hacking attack.
  • Other Concerns: Talk with your agent about any other concerns you may have.

Call 610-868-1800 to speak with your agent at Saucon Insurance Agency in Bethlehem, PA to get a quote for employee benefits insurance coverage.