Retain your valued employees. As an employer, you recognize the difficulty of hiring and keeping top talent for your business. A solid Employee Benefits Coverage package is essential to any organization’s talent strategy, but it’s equally important to control costs and keep administration as easy as possible.
Traditional Group Benefits
- Group Annual Term Life
- Disability Income
- Stop Loss
- Personal Accident
Voluntary Insurance Products
- Universal Life
- Whole Life
- Critical Illness
- Disability Income
Save time and money navigating the complexities of selecting employee benefits insurance that fits your company. Work with a broker from Snyder.
Employee Benefits Insurance
Employee Benefits Insurance is professional liability coverage that protects a business against claims that result from an error or an omission while administering a benefit plan. Coverage may include mistakes and lapses like failure to counsel an employee regarding a benefit program, failures in enrolling, terminating or cancelling an employee that is in a plan, or the administration of poor or inaccurate counsel regarding benefits. These programs may include group life policies, group health policies, a profit sharing plan, an employee stock plan, workers’ comp, and unemployment coverage, as well as other programs.
Standard business liability insurance does not usually include Employee Benefits Liability coverage.
If you provide workers with a benefits plan like health, life, or disability, think about taking out Employee Benefits Liability coverage. Very often, at a reasonably priced premium, such vital coverage can be added to the General Liability part of your main policy as an endorsement. An endorsement is simply an addition to an existing policy. Keep in mind, however, that Employee Benefits Insurance will not include situations regarding fiduciary responsibilities, discrimination or harassment.
How Employee Benefits Insurance Coverage Is Determined
Coverage is often determined by the meaning of the word administration. Regarding Employee Benefits Liability coverage, it is usually defined as an act, error, or omission in the following:
- An error or omission in describing a benefits plan and its eligibility regulations to workers regarding any additional family that are included in policy membership, or other beneficiaries. Ex: A benefits administrator is mistaken in telling an employee that her live-in boyfriend has eligibility regarding company-sponsored insurance.
- The maintenance of files and records in relation to worker benefits, regardless of records being in an electronic format or paper. Ex: A benefits worker mistakenly causes erasure of an employee file or loses paper files.
- Erroneous enrollment, maintenance or termination of workers, eligible family or a beneficiary in a benefit plan. Ex: A benefits worker does not include an employee’s beneficiary to a plan provided by the company.
What Employee Benefits Insurance Covers
- Life, accident, dental, medical, or other types of coverage
- Profit sharing, stock ownership, and savings plans
- Security, workers comp, disability, and unemployment benefits
- Other benefits can include things like tuition assistance and maternity leave
The Employee Benefits Insurance experts on the Snyder team will help you find the right Employee Benefits Insurance coverage for your company’s budget and peace of mind.