Monthly Archives: November 2024

How Do I Know If I Provide Competitive Employee Benefits?

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If attracting new employees is a challenge, one aspect of your business that you should review is the employee benefits you provide. While salary or hourly rate is a critical component of most employee benefits packages, the rest of your package and the flexibility offered to employees can significantly impact your ability to hire the best people available. If you have questions about employee benefits insurance, contact the Saucon Insurance Agency, serving Bethlehem, PA.

Understanding Employee Benefit Packages

Before assessing the competitiveness of your employee benefits, let’s confirm the primary elements of those packages. Generally, employee benefits include:

  • Salaries, wages, and tips
  • Health, dental, and vision insurance
  • Paid vacations and holidays
  • Educational assistance
  • Retirement benefits, such as a 401k
  • Wellness or lifestyle benefits (work-from-home, flexible hours, and mental or physical health assistance)

Many other benefits may apply based on location, workforce, and other factors.

Comparing Employee Benefit Packages

You have low or no-cost tools available to assess the competitiveness of your employee benefits package, including:

  • Ask Employees and Prospective Hires: Ask your employees about their preferences and needs, and do the same when interviewing potential employees, especially those who choose not to join your team.
  • Compare to Peers: Compare notes with others at industry events, local service organizations, or Chamber of Commerce events. Your suppliers can provide you with helpful information as well.
  • Employee Benefits Consultants: Discuss your situation with experts in the employee benefits industry.

Working with the Saucon Insurance Agency

The Saucon Insurance Agency serves the personal and business insurance needs of those in the Bethlehem, PA, area. Let us create an insurance plan to protect your business. Call us today at (610) 868-1800 or stop in to discuss your insurance options.

When Should You Update Your Commercial Insurance Policy?

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Running a business involves constant change, and at Saucon Insurance Agency in Bethlehem, PA, we understand the importance of keeping your commercial insurance policy up-to-date. Knowing when to review your coverage can make all the difference in protecting your business.

After Significant Business Growth

If your business has expanded—in terms of revenue, staff, or location—it’s time to reassess your insurance needs. Increased assets or a larger workforce can mean more risk, and your policy should reflect that growth to ensure complete protection.

Introducing New Products or Services

Whenever you launch a new product or service, consider the potential risks involved. Each addition might require adjustments to your liability coverage. Ensuring your policy covers these new aspects can help prevent unexpected liabilities.

Relocating or Renovating

Moving to a new location or renovating your current space can impact your insurance needs. Changes in property value, location risks, and the nature of your operations should all be considered when updating your policy. This ensures your coverage aligns with your business’s physical footprint.

After Reviewing Legal Requirements

Regulations and legal requirements can change, affecting your insurance obligations. Regularly reviewing these changes with an insurance professional ensures compliance and avoids potential fines or gaps in coverage.

Annually, as a Best Practice

Even without significant changes, reviewing your policy annually is a smart practice. This helps you stay informed about your coverage and adjust to any industry or business shifts.

At Saucon Insurance Agency in Bethlehem, PA, we’re committed to helping you maintain optimal coverage for your business. Contact us today to discuss updating your commercial insurance policy and securing your business’s future.