Small Business Employee Benefits Solutions from W3

Let’s face it: employer-sponsored insurance benefits programs can be confusing and expensive. Businesses must survey the marketplace, navigate regulations, weigh complicated options, and balance what they can afford with what they need to keep their employees happy and healthy.

At Wallace Welch & Willingham, we’re dedicated to working with you to help you choose the right benefits packages for your small- to mid-sized business, whether that’s just a few core employee benefits or a full spectrum of benefits administration and HR offerings. With over 90 years of experience in the insurance business, our team of experts will partner with you to discuss your specialized needs and customize an array of support options and technological solutions.

Employees in an office building in small group discussions

What Benefits Are Worth to Employees

In the current tight labor market, the benefits your business offers play an essential role in recruiting and retaining top talent. Every benefit you can offer prospective employees helps to fill open positions.

Did you know that…

  • 60% of job applicants strongly consider the benefits a company offers before accepting a job offer.
  • 80% of employees prefer additional benefits over a pay increase. 

Given this, helping your employees understand the coverage you offer can be as important as the coverage itself. Making benefits information digitally available enables your employees to engage with their choices more easily and make informed decisions.

W3 provides an array of solutions for small businesses including:

  • Online benefits portals with 24/7 information for employees and their families
  • Custom designed employee facing materials
  • Employee communications and videos
  • Decision support
  • Claims escalation

Setting up Benefits for Your Small Business

Setting up benefits for your small business is a crucial step in attracting and retaining top talent. In order to stay ahead of the competition, you should:

  1. Evaluate Your Workforce and Determine Your Budget – Evaluate the needs and demographics of your employees and determine how much you can afford to spend. Consider surveying your employees, and researching the benefits offered by your competitors or other businesses of your scope.
  2. Understand Your Legal Requirements – As a small business owner, there are numerous state and federal laws you need to navigate when determining whether and which benefits to offer. Seek legal advice if you’re not confident in your obligations.
  3. Determine Which Benefits To Offer – A comprehensive benefits package goes beyond which health insurance provider to choose. You need to decide if you’ll offer dental and vision plans, paid time off, paid maternity leave, retirement options, health savings accounts (HSAs), flexible spending accounts (FSAs), etc.
  4. Shop Around for Providers – Get quotes from multiple insurance providers and compare their offerings.
  5. Implement Your Benefits Plan – Clearly explain the benefits you’re offering to your employees and show them how to enroll. Make sure they understand the value of what’s being provided.
  6. Regularly Review and Adjust Your Benefits – Monitor costs and usage so you can keep an eye on how much the benefits are costing you and how they’re being used by employees. Gather feedback so you can determine which changes to make or policies to adjust in the future.

Examples of Small Business Employee Benefits

Even at a small to mid-sized business, employee benefits packages can range from the basic core to a wide range of options, including:

  • Health Insurance
  • Dental Insurance
  • Vision Benefits
  • Disability Insurance
  • Basic Life Insurance
  • 401K Plans
  • Health Savings Accounts (HSAs)
  • Flexible Spending Accounts (FSAs)
  • Paid Time Off
  • Parental Leave
  • Wellness Programs

Managing Employee Benefits

New technological advancements allow you to implement customized solutions while working with the partners you prefer and trust. As one of Florida’s largest independently owned insurance agencies, W3 has the resources to provide a range of technology services from plug-and-play benefits portals to more customizable options.

A benefits portal provided by W3 Insurance will help you to achieve recordkeeping accuracy, simplify benefit administration, and aid in effectively educating your employees about the benefits you provide.

Employee Benefit Compliance and Legislation

There are complex state and federal requirements for small businesses that provide insurance to their employees – and those requirements are constantly changing. Yet many business owners don’t invest in the guidance they need to ensure they’re in compliance with the law.

That’s why W3 provides a comprehensive compliance audit to keep you informed and protected. Your W3 insurance agent will make sure your business is prepared to navigate the legal requirements of:

  • The ACA (Affordable Care Act)
  • COBRA (Consolidated Omnibus Budget Reconciliation Act)
  • ERISA (Employment Retirement Income Security Act)
  • HIPAA (Health Insurance Portability and Accountability Act)
  • FMLA (The Family and Medical Leave Act)
  • Section 125

Our benefits advisors work proactively to make sure you’re prepared for any new issues that could affect your business. We provide you with regulatory alerts, compliance newsletters, articles, and action plans to keep you informed and protected.

Cost Containment for Small Business Employee Benefits

Insurance premiums go up every year. In fact, according to Kaiser Family Foundation research, healthcare spending has more than doubled since 2002. W3 partners with you to develop a multi-year strategy based on your claims, help you get a hold of your healthcare spending, and make sure you get the best value for your money at every renewal. We’ll work with you to:

  • Evaluate alternative funding methods including level funding
  • Modify contribution strategies
  • Craft creative benefit plan designs
  • Consider PEO options

Manage Your Small Business Employee Benefits with W3

At Wallace Welch & Willingham, we have you covered. By combining neighborly service with the latest in integrated technology, we streamline your administrative processes for a more successful benefits program that your employees will love. Contact us today to learn more about our Small Business Employee Benefits Solutions.