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Cravens Warren

Serving the risk management and commercial insurance needs of business. Cravens Warren, founded in 1946, has been serving the insurance needs of... read more

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  • 10011 West Gulf Bank
    Houston, TX 77040
  • Phone (713) 690-6000
    Fax (713) 690-6020
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Employee Benefits: Upgrade Employee Options Without Upgrading Your Budget

Feb 1, 2011

By:  Mark S. Greenberg, Benefits Specialist

When Business Owners are faced with the realities of a sagging economy, cutting costs is a priority on the agenda.  One easy way to trim the budget is to cut payroll and benefits to employees.  However, employers are typically skeptical about rolling back coverage of benefits for employees, without providing a substantial option in return.  Voluntary Benefits is the answer that gives value to employee benefits programs, that are little to NO extra cost to the company. 

Voluntary benefits are benefits that are offered at a group rate, but are individually purchased by the employee.  These can significantly supplement the core coverage offered by the employer.  Employee benefits allow the employee to choose an extra layer of protection for their individual needs, at no cost to the employer.  Types of voluntary benefits offered typically include Dental and Vision Coverage, Life Insurance, Accident Insurance, Cancer Insurance, Heart/Stroke Insurance, Supplemental Health Options Coverage, and Short and Long Term Disability Coverage.

As you can see, there are a variety of options available through Voluntary Benefits programs.  Typically, the underwriting requirements are less stringent, and rates are lower because the purchase is part of a group.  Individual coverage independently purchased is often cost prohibitive, so an employer program option is very appealing to employees. 

Give us a call to learn more.