Big business benefits on a small business budget

Let’s face it: employer-sponsored insurance benefits programs are 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.

Solving the equation is even tougher for small business owners. In the last ten years, average premiums have risen over 40% on average, and small businesses generally pay anywhere from 8 to 18% more than large businesses for the same insurance policies.

Typical Employee Benefits for a Small Business

  • Health Insurance
  • Dental & vision
  • Disability
  • Basic life
  • Supplemental benefits

However, 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.

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.

But 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.

HR Technology Solutions

New technology 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.

Your next benefit 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. 

Insurance Guidance and Employee Resources

In the current tight labor market, every benefit you can offer prospective employees helps to fill open positions. 60% of job applicants strongly consider the benefits a company offers before accepting a job offer, and 80% of employees prefer additional benefits over a pay increase. The benefits your business offers play an essential role in recruiting and retaining top talent. 

Helping your employees understand the coverage you offer is 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

Cost Containment

Insurance premiums go up every year. In fact, according to research by the Kaiser Family Foundation, healthcare spending has more than doubled since 2002. W3 will partner 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

Request a Quote

At Wallace Welch & Willingham, we’ve got 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.