Does Your Company Offer Employee Benefits? Here's Why You Should Have Employee Benefits Liability!
Offering benefits to your employees can be a great way to bring in talent and to show your employees that they are valued. But what happens if you make a mistake in the administration of those benefits?
Employee Benefits Liability provides you Error's & Omissions coverage for the administration of those benefits. But what kind of mistakes could happen? And how costly could they be?
Employee Benefits Liability provides coverage for a wide range of benefits including health, life, retirement, disability, and many other types of benefits that can be provided by the employer. Administering these benefits can sometimes be a challenge, especially, if you are handling it yourself.
Mistakes happen, we all make them, but they can sometimes be costly. Imagine you have a match for your company's 401K plan and you realize the the amount you have been matching is actually off by 1% or 2%. Depending on the salaries and how much each employee is contributing it could be thousands of dollars. Now what if it was multiple years of matches that are out of whack and you have to go back 2 years? 5 years? 10 years? Would you company be able to payout that kind of money from years of missed matches? Employee Benefits Liability would provide coverage for that!
Another example is maybe you forgot to sign up the new employee for the company's group life program? They have filled out all the paperwork and you forgot to submit it and something happens a few months down the road. That employee's family would depend on that life insurance to make ends meet but Employee Benefits Liability can help rectify that mistake!
There are multiple different coverage levels available for Employee Benefits Liability and depending on the benefits your company provides we can help you choose the one that best fits your business and you!
Give us a call today and ask for TJ!
Gilles Smith Purdum Insurance
614-878-0240 or email us at info@gsp-insurance.com
Written by TJ Gilles, CLCS