Hardworking employees are the lifeline of any company. Employers that keep them happy can continue to reap financial benefits—and offering perks, like life insurance, is one way to attract and retain productive staff members. The guide below explores several reasons business owners should consider providing this coverage.

3 Reasons Why Employers Should Offer Life Insurance

1. Shows Compassion

The best business owners understand their employees have loved ones who depend on them. By offering life insurance, employers show workers compassion and give them an emergency cushion for the unexpected. Employees are likely to appreciate their company’s empathy with consistent productivity and loyalty.

2. Provides Tax Incentives

Companies that provide group life insurance to their employees may be eligible for tax breaks. These include being able to deduct premiums they pay on the first $50,000 of an employee’s coverage. Businesses aren’t required to count these amounts as income to employees on their tax returns. Employers can also qualify for additional tax deductions for extending protection to their staff members’ spouses and children.

3. Attracts & Retains Top Hires

If employers are looking for the best and brightest workers, benefits like life insurance and retirement plans are effective recruiting tools. Similarly, the coverage can also help retain top employees. A recent study showed that job hunters were 80% more likely to accept an offer that came with benefits than a comparable job with a higher salary where these perks were not included.

Since 1991, the Michael E. Glick Insurance agency in Boerne, TX, has helped companies from a wide range of industries provide group life insurance to their employees. This professional and friendly agent and his team have extensive experience with commercial coverage tailored to their clients’ needs. Call (830) 816-9488 for a complimentary review of your insurance policy. You can also request a free rate quote online, as well as explore their other products and services.