Reward of Payroll Deduction Plans for Small Businesses and Employees

Posted by Paul on Sep 20, 2011 3:43:00 PM

 

In a recent blog, I shared some thoughts about the advantages employee benefits programs offer to companies and their people. Today, I'd like to take that discussion one step further and look at the advantages of offering a payroll deduction plan.

 

 
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At Mid-State Insurance, we consider payroll deduction plans so important that we've even given ours a name. Our MilleBen program gives small- to mid-sized businesses the opportunity to provide large company benefits to their people - and at no cost to the company.

Through our MilleBen program, companies can offer their employees the convenience of having the premiums for their home, auto, motorcycle, boat, life, disability and other personal insurance coverage deducted from their paychecks. Employees find that the regular deductions make it easier to manage their money. They also appreciate not having to come up with down payments on new or renewal policies. They don't have to deal with separate bills for each policy. In some cases, they are eligible for group discounts. Because there are no installment or finance charges with this plan, they also save money there. And they're never late with a payment.

The program also offers significant benefits to employers. It gives small- to mid-sized companies the opportunity to provide benefits that are typically only available to companies with at least 500 employees. And in situations where an employee does leave or is terminated, the company has no further responsibilities.

What does our payroll deduction program do?

  1. It helps companies attract, and retain, the talent they need to achieve their goals
  2. It simplifies life for employees and shows that they are valued
  3. It is yet another way for employers to create a positive work environment that supports productivity and generates good will

To learn more about this win-win insurance for small business and their people, I invite you to contact me at ppietro@midstins.com.

Topics: voluntary benefits, Paul's Blog, MilleBen, employee benefits, payroll deduction plan, Mid-State Insurance

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