Owning a small business is no small feat.
It can be difficult to know whether the solutions you’ve selected are right for your organization, and the time it takes to implement them without help could be better used flipping that ‘closed’ sign to ‘open.’
Luckily, our insurance experts at W3 make getting coverage and finding business solutions a seamless process. We’re here to offer answers for multiple small business scenarios.
When a small business owner asks how they can get the right small business insurance for their employees, or how they can improve employee retention, the answer is simple: discover the responses by partnering with advisors who have the best interest of your organization in mind and the tools to make a difference.
Too many situations can arise within a small business setting for owners to be cavalier about coverage and processes. Entrust the experienced advisors at W3 to handle DOL compliance assistance, HR technology solutions, employee retention guidance and more.
DOL Compliance Assistance
Staying up-to-date regarding minimum wage and overtime requirements? Know every single Department of Labor rule and regulation? Even the most fastidious small business owner can’t do everything. Labor laws change periodically, and unless a small business owner devotes time on a regular basis to these updates, an oversight (or two, or ten) can happen. Labor laws exist to protect workers from unjust compensation. W3 Insurance can provide guidance to prevent issues that commonly arise when a small business does not keep up with these changes.
Common infringements in Department of Labor (DOL) compliance include:
- Federal minimum wage and overtime requirements
- Misclassification of employees (exempt versus non-exempt)
- Employment law changes spurred by regulatory changes and court precedent
Even if you fully intend to be perfect in your DOL compliance, why take the chance that oversight could happen? There’s plenty more that you need to think about when it comes to running a small business than endlessly checking statutes. Knowing you are in compliance offers peace of mind.
Even businesses that don’t demand a large amount of physical activity from their employees need coverage for workers compensation.
Any workplace accident can trigger the need for ‘workers comp’; repeated injuries like carpal tunnel syndrome, a faulty chair that breaks at the last second, or a trip & fall.
Truly, the list of possible mishaps is endless. Workers’ compensation offers coverage for workplace accidents like these and many more.
Workers’ compensation provides benefits such as lost wages and medical treatment incurred as a result of the workplace injury. Go without the right insurance as required by your state, and a small business could open itself to further fines and legal action. It’s important to note that the reason to carry workers’ compensation insurance is twofold. Not only does it help the injured employee, but it protects the organization as well.
When should you elect workers’ compensation insurance? -Before you hire your first employee. Laws vary by state and industry, so a one-size-fits-all policy does not truly exist. To ensure you obtain the right coverage, enlist an insurance professional to evaluate your risk and recommend coverage options that fit your needs.
Mandated Federal Minimum Wage
A mandated federal minimum wage exists, but different states have their own qualifications as well. Partnering with W3 for compliance and legislation services takes the guesswork out of the equation. Instead of asking, “Are we really paying our workers according to law? You have a partner to advise the business and keep abreast of any changes.
It should come as no surprise that paying employees less than they are owed sets a business up for litigation (and an angry, under-compensated employee). W3 offers help to ensure that scenario never occurs.
HR Technology Solutions
Streamline your human resource efforts and ensure the actions are compliant – W3 can help. Through various HR tech solutions, W3 partners with small businesses to make compliance easier. Benefits include hours of time saved with total clarity for employees, who can feel secure knowing their benefits and payroll are consistently tracked and rewarded.
Every small business needs HR tools that enable it to go about operations in a timely, organized manner. There is no need to do HR the old-fashioned way, with folders and collation and plenty of room for error. Instead, embrace the HR technology that continues to change the way we work.
W3’s advisors help businesses connect with these HR technology solutions:
- HRIS – Access your employee reporting with just a few clicks of the keyboard. From keeping track of employee PTO to tracking new hires and making certain elements accessible to employees, it’s easy for HR to get (and stay) organized.
- Payroll software – Pay your employees on time, every time. While you’re at it, secure tax information, create W2s, and integrate with your HRIS in real time – no cumbersome systems necessary!
- Time & attendance – Link employees’ time worked with the payroll system and make it simple for your workers to log their time.
- Benefits administration – All of the tools for Benefits you and your employees need are found under this section. Instead of entrusting a Benefits consultant to explain every nuance of coverage, give employees agency by allowing them access to their personalized plan and more.
Employee Recruitment and Retention
Attract and keep employees who make your small business shine. Employee Resources offered through W3 can help. When Employee Benefits are clear and concise, employees understand what they are entitled to. Rather than tasking employees to wade through laborious benefits package printouts with no support, why not personalize the offerings for them?
Employee benefits guidance makes the right coverage choices clearer for employees. Being able to concisely explain the reasons employees should choose to work with your organization should help with employee recruitment and retainment.
Whether a business is small or massive, employees should never answer the question “What’s the value of working here?” with “I’m not sure.” Recruit and retain employees by understanding what is important to your workers and delivering on your promises.
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Small business benefits can make the difference between success and failure for an organization. Though a business may be small, the goals it puts forth are lofty. Achieving those goals depends on a multitude of factors. Small business benefits is an important one.
W3 small business solutions exist to help small businesses stay compliant and run smoother. Call us at (941) 377-7283 ext. 233 to talk to one of our experts today.