Benefit packages help create and maintain your company’s competitive advantage in recruiting/retention, organizational performance and company image.

At FRP Financial, we help manage your entire employee benefit package from finding the most competitive companies, implementing policies, providing employee advocacy for claims/billing issues and consulting with you on related HR issues. It is our goal to assist you in determining how to best manage the balance between the growing cost of benefits and the proper use of benefits in accomplishing your organizations goals. Whether your group benefits package includes some or all of the following benefits, our group benefits team is here to serve you.

1. Health Insurance is the foundation of a comprehensive employee benefits package. It is the most preferred employee benefit of the majority of people who work. Health insurance marks an employer as an employer of choice when desirable candidates select job opportunities. If you can currently afford to offer only one employee benefit, make that benefit health insurance for employees and their families.
   
   
2. Paid Time Off From Work. No comprehensive employee benefits package would be complete without employer paid time off from work. As part of an employee benefits package, employers provide a variety of options for paid time off. Employers provide varying numbers of days that are classified in ways that make sense for the employer and employees. Types of paid time off that regularly appear in an employee benefits package include: Paid Holidays, Paid Vacation Days, Paid Sick Days, Paid Personal Days, Bereavement or Funeral Leave.
   
   
3. Short Term Disability Insurance Enhances Benefits. Short term disability insurance ensures that an employee will still receive a percentage of income if they cannot work due to sickness or a disabling injury. Short term disability insurance, as part of a comprehensive employee benefits package is recommended. Short term disability insurance provides an important protection for employees who cannot work on a short term basis. You will want to include short term disability insurance in your employee benefits package.
   
   
4. Long Term Disability Insurance Provides a Safety Net for Employees. Long term disability insurance (LTD) is an insurance policy that protects an employee from loss of income in the event that he or she is unable to work due to illness, injury, or accident for a long period of time. Some estimates state that the average employee with a long term disability misses 2.5 years of work. Others estimate that an employee has a one in five chance of becoming disabled and unable to work for a period of time. Long term disability insurance is one of the most significant components of an employee benefits package.
   
   
5. Dental Insurance is a Component in an Employee Benefits Package. Various dental insurance plans are available for employers to offer as part of a comprehensive employee benefits package. Dental insurance plans are designed to help cover the costs employees experience in obtaining necessary dental care, both preventative and emergency. Consider offering dental insurance as part of an attractive employee benefits package.
   
   
6. Vision Insurance. Vision insurance is a lower cost addition to a comprehensive employee benefits package that is provided by employers. Vision insurance pays for employees to have regular vision examinations and pays for a percentage of the cost of corrective equipment. Vision insurance is a desirable component of an employee benefits package.
   
   
7. Life Insurance Adds Value to Employer Provided Employee Benefits. Life insurance is an appreciated component in a comprehensive employee benefits package. Sought after employees expect life insurance as a component in an attractive employee benefits package.
   
   
8. 401(k) or Other Retirement Plan for Employees. Competitive base pay, health insurance and a 401(k) plan are the must have benefits necessary to attract and keep talent in your company. According to a study by Watson Wyatt Worldwide, related in The Human Capital Edge: 21 People Management Practices Your Company Must Implement (or Avoid) to Maximize Shareholder Value, companies that emphasize better employee benefits packages and use them to attract and retain high caliber staff add 7.3% in additional profit to their bottom line.
   
   
9. Health Care Flexible Spending Accounts (FSAs). As health care premiums continue to increase at a rapid rate, employers are continually shifting costs to employees in the form of higher co-payments, deductibles and out-of-pocket costs. To help offset some of the sting associated with these higher out-of-pocket expenses, many employers are implementing Health Care Flexible Spending Account (FSA) plans. An FSA plan allows employees to pay for certain unreimbursed healthcare and dependent care expenses with before-tax dollars. A flex plan is a desirable part of your employee benefits package.
   

To receive a quote for any line of group insurance, please complete the employee census form and our dedicated team will contact you.

Some content provided courtesy of Susan Healthfield, Human Resources Expert