Do You Insure Your Employees’ Benefits?
Providing your employees with competitive benefits that fit their needs can be a complicated task, especially if you manage those benefits in-house. At the same time, you can more easily respond to employee concerns and the shifting needs of your workforce if you keep things personal. Over time, the investment in that HR infrastructure can also save you money, but it’s a complex undertaking when you first roll it out, and many companies who are providing full-time benefits for the first time miss out on important details like employee benefits coverage.
Liability for Benefits Management
When you have a fiduciary responsibility due to a benefit program like retirement savings and investment funds, you incur liabilities that are more commonly associated with investment banks and brokerages, as well as the liabilities that come when you offer health coverage and other basic plans common to today’s salary packages. As https://www.wwspi.com/ points out, you need insurance that takes care of things when a company representative makes a mistake or takes advantage of the situation for personal gain. It protects you, your workers, and the future of your benefits plan packages by limiting the financial exposure you face when there is a problem with the way employee benefits are handled. That includes issues like improper plan cancellation by bad actors within the company.