Offering benefits to your employees is important because it shows them you are invested in not only their overall health, but their future. A solid employee benefits package can help to attract and retain talent. Healthier employees are also more productive.
There are four major types of employee benefits many employers offer: medical insurance, life insurance, disability insurance, and retirement plans. There’s a wide variety of options and each of these can have differing employer contribution levels.
A few examples of supplemental benefits are dental, vision, life, disability, “medical gap”, and cancer insurance. Many employers prefer voluntary (vs. employer paid) benefits because both the employer & the employee gain tax breaks.
Commercial (or business) insurance can help pay the costs of property damage, lawsuits/liability, lost business income, and other covered losses. Companies need business insurance because it helps cover unforeseen high costs associated with property damage and lawsuits/liability. Without these types of insurance, business owners may have to pay out-of-pocket.
Business owners’ policy (BOP), is coverage that combines both property and liability coverage into one package. It’s popular among a variety of small and medium-sized businesses such as restaurants, wholesalers, retail stores and contractors.
A BOP is a bundled package while a commercial package policy (CPP) is more of a cafeteria style policy where each coverage is tailored to the specific risk and needs of the business. It allows for a high degree of customization.
A business automobile policy (BAP) provides coverage for a company’s use of cars, trucks, vans and other vehicles in the course of carrying out its business. Coverage may include vehicles owned or leased by the company, hired by the company, or employee-owned vehicles used for business purposes.
The short answer is… it depends on who get’s sued. Your personal auto policy provides coverage for when you use your vehicle for business. Similarly, your employees’ personal auto policies cover them for business use of their vehicles too. Important note: personal auto policies will not defend or pay damages on behalf of your business, only the individual. A good rule of thumb question to ask yourself is… if I were seriously injured in this photo would I sue the driver or the business?