Industries With The Cheapest Workers Comp Insurance In Indiana
Below are the three least expensive industries to insure and their class codes in Indiana are:
|Residential Construction-Home Builders-Remodelers-Siding
|$4.16 per $100 payroll
What this means is that the insurance companies have concluded with years of historical data that an office workers chances of becoming injured on the job are just a fraction of the chances of a roofing contractor or a package drivery worker getting hurt.
Keep in mind that these rates are set by the Indiana Department of Insurance. Final rates are provided by the insurance companies that you shop with. They can offer discounts, dividends, and credits to policyholders. So your final rates will be different. Be sure to shop around with a few companies or work with a top broker like Simply Business or CoverWallet to compare several quotes to find the cheapest one for your company.
Compare Small Business Health Insurance Options
There are a lot of factors to consider when weighing your small business health insurance options. At eHealth, we recommend using the following 5 criteria to find plans that best match your needs:
- Monthly premiums: Know what you and your employees will be able to pay on a monthly basis.
- Deductibles, copayments and coinsurance: Ensure these types of payments will be manageable for you and your employees when you receive medical care.
- Medical provider networks: If you already have a preferred doctor or facility, make sure they’ll be included in your new coverage.
- Prescription drug coverage: Use eHealth prescription drug comparison tool to see which plans cover costs of certain prescriptions.
- Coverage add-ons: With eHealth, you can add things like vision and dental care to ensure your employees are fully covered.
Retirement Plan Options For Small Businesses
While providing retirement plans to employees has its benefits, it also requires serious planning. Employers may need to consider the size of their workforce, their type of work, an employees years until retirement and whether to offer a company match. With those key points in mind, small businesses have three common plan options1 available to them:
- Simplified employee pension plan Employer contribution limits are high, but you can deduct your payments as a business expense.
The Department of Labors Employee Benefits Security Administration and the IRS provide a list of benefits and eligibilities that can help employers make an informed choice or they can speak with a small business banker or financial advisor.
Don’t Miss: Dental Insurances That Cover Implants
Benefits Of The Shop Insurance
- You control the coverage you offer and how much you pay toward employee premiums.
- You can choose from high-quality private health insurance plans that meet the needs of your business and employees.
- You can choose to offer health only, dental only, or both health and dental coverage. If offering dependent coverage and an employee enrolls, the employees dependents can enroll in health only, dental only, or both health and dental coverage.
- You can start coverage any time of the year.
- If you have fewer than 25 employees, you may qualify for a Small Business Health Care Tax Credit worth up to 50% of your premium costs . You can still deduct from your taxes the rest of your premium costs not covered by the tax credit. The tax credit is generally available only when an employer offers SHOP plans. Use the Small Business Health Care Tax Credit Estimator to find out if you may qualify and how much you may save.
Penalties For Not Having Workers Comp Insurance Exemptions In Indiana
Employers that do not provide workers comp in Indiana commit Class A infractions. The WC Board could issue the following orders to punish this offense: fines up to $10,000 compensation up to twice the amount of fines the employer may cease operations in Indiana until proof of insurance is provided medical expenses for the wounded employee and reasonable legal fees.
Also Check: Life Insurance No Medical Exam No Waiting Period
How Much Does Small Business Health Insurance Cost
Your total cost will depend on several factors, including the location of your business and the type of network you choose. In 2021, businesses with fewer than 200 employees spent an average of $6,569 per employee on annual health insurance premiums for single coverage and $14,094 for family coverage. Experts generally recommend keeping group health insurance costs between 10% and 20% of your annual revenue.
Employee Income Protection Insurance
Employee income protection insurance provides your team with continuing payments in the event that they are unable to work due to illness or injury – how long those payments continue will be determined by the terms of your policy. With the recent pandemic being fresh in peopleâs minds, this is perhaps the one type of insurance that most businesses should consider above all others, as by having it you provide your team with the reassurance that if they canât work, theyâll be looked after. Similarly to employee life insurance, there is a small business product called Executive Income Protection Insurance and a larger business alternative called Group Income Protection.
At Business Protection Hub we have extensive experience of helping businesses of all sizes with their employee income protection policies, so if you have any questions or would like to get an idea of what a policy might cost, please get in touch.
Don’t Miss: How To Get Therapy Without Insurance
Use Our List To Create A Small Business Tax Deductions Checklist For Your 2022 Tax Return
Tax deductions can be a powerful tool for reducing your taxable income and therefore your overall tax bill. Unfortunately, many small business owners fail to take advantage of available deductions. Using our guide to tax deductions, you can create your own checklist of applicable deductions to ensure that you capture every opportunity to reduce your taxes in 2022. From home offices to charitable donations, there are a variety of deductions that you may be eligible for. And if you need help, you can always get free tax help from public and private organizations nationwide.
Pioneering Tomorrows Healthcare System Today
Were changing how healthcare is designed, delivered and experienced in constant pursuit of better healthcare for you and your employees. The Blue Cross Blue Shield System brings our experience, expertise and talent to help solve healthcares most pressing problems. Our structure gives us a unique pipeline to bring locally proven innovations to employers nationwide faster.
- Innovating care delivery to improve quality, experience and affordability
- Using data and technologies to understand and improve health and healthcare
- Reinventing healthcare through collaboration, new ventures and partnerships
You May Like: Pros And Cons Of Having Two Health Insurance
Negotiating Benefits For Current Employees
Its never easy to approach your boss and talk about a raise or increase your benefits. The key here is polished negotiating skills.
For example, if you work for a company with 50 employees or less, your employer doesnt have to provide health insurance. However, lets say you want to negotiate healthcare benefits into your new contract. You can present your argument by sharing that there are many benefits to a company providing health insurance.
- First, float the idea of benefits to your supervisor. What does he/she think? Is it financially feasible for your employer to offer benefits?
- Next, come up with a list of specific, realistic benefits you want.
- Try wooing your HR director with facts and statistics like:
- Health insurance is tax deductible.
- Youll attract a better pool of employees who need and appreciate this necessity.
- Youll have a healthier group of employees through preventative care, which will result in less sick time and understaffing.
- Current employees will develop greater company loyalty.
Discussing benefits with your employer may seem like youre walking a fine line between expressing your opinion and stepping on HRs toes, so think this process through and do your homework.
Small Business Health Options Program
The Small Business Health Options Program helps businesses provide health coverage to their employees.
SHOP insurance is generally available to employers with 1-50 full-time equivalent employees . If you have fewer than 25 employees, you may qualify for the Small Business Health Care Tax Credit, if you buy SHOP insurance. Learn more about SHOP eligibility rules and the Small Business Health Care Tax Credit.
Don’t Miss: Does Life Insurance Cover Cancer
Best Overall: Blue Cross Blue Shield
Offers a variety of workplace wellness programs
Blue365 provides employees with discounts on health products and services
J.D. Power rating varies by region
With coverage in every U.S. ZIP code and a variety of national networks to choose from, Blue Cross Blue Shield can meet the needs of almost any business. The company was also our top pick for the best health insurance provider overall. But since BCBS is a group of companies, benefits vary by region, as do customer satisfaction ratings. Its important to evaluate your BCBS company for issues like customer complaints.
BCBS workplace wellness programs vary by state, but as an example, BCBS Mississippi trains company leaders to teach fitness classes, and offers a significant reduction in health insurance premiums for employees who commit to working out at least twice per week. Other benefit offerings vary by region as well, but Anthem offers 24/7 virtual care, a convenient mobile app, a variety of plan types, and the option to bundle health coverage with dental, vision, life, and/or disability insurance. And the Blue365 discount program provides your employees with robust discounts on wellness-related products and services.
What Is Professional Indemnity Insurance
Professional Indemnity Insurance is another type of protection which covers you from mishaps you or your employees have at work. Unlike Employerâs Liability Insurance, Professional Indemnity Cover isnât a legal requirement, although it is something that most business advisers will strongly recommend you take out.
Don’t Miss: Long Term Disability Insurance Quotes
Can Ehealth Help With Health Reimbursement Arrangements
Yes! eHealth can guide you through the process of setting up a Individual Contribution Health Reimbursement Arrangement, also known as ICHRA. These flexible cost options offer many advantages over traditional group plans:
- Remote employees can pick plans in their area, even if it’s a different location than their employer.
- There are no minimum participation requirements. Employees can waive coverage if they wish.
- Employees can enroll outside of the federal open enrollment period.
- All employees can participate, even part-time and seasonal workers.
- Gives employers freedom to control costs and there are no limits to how much an employer can reimburse.
- More options means employees can choose plans and doctors that work for them.
- Employees can keep them if they change jobs, the only change would be the employer reimbursement.
To learn more about your options, call , or to get a quote.
Should You Offer Group Health Insurance If You Own A Small Business
More than half of small business owners 56% offer their employees group health insurance, according to a 2020 Kaiser Foundation study. Even though small business owners are not required to offer health insurance, there is a strong argument to make that you should offer group health insurance to your employees, if possible, because it is a compelling added value for your employees and your business. Consider the following advantages:
Overall, offering group health coverage may be a worthwhile investment for your small business, even if you arent legally bound to offer it.
Don’t Miss: Instant Term Life Insurance Quotes
Standard Deductions Vs Itemized Deductions
Standard deductions are a set amount that taxpayers can deduct from their taxable income to reduce overall tax liability. This deduction is available to those who do not itemize their deductions on their tax return.
Itemized deductions are a list of expenses that can be used to reduce your taxable income if the total of the expenses is more than your standard deduction. Itemized deductions include medical bills, charitable donations, mortgage interest payments, and more.
Group Insurance & Employee Benefits Enjoyed By 30000 Canadian Businesses
The Chambers of Commerce Group Insurance Plan has been protecting Canadian firms for over 40 years. More than 30,000 small to midsize businesses choose the Chambers Plan to protect their employees with comprehensive group benefits, including Health and Dental insurance, making it Canadas #1 employee benefits plan for small business.
The Chambers Plan is the simple, stable, smart choice for business combining accessibility, flexibility and the stability of pooled benefits. Firms choose the Chambers Plan year after year because it offers unsurpassed value and customer service.The Chambers Plan its for your benefit.
Recommended Reading: Average Car Insurance Cost Michigan
Flexible Working Hours And Remote Work Options
Flexible work schedules are more important today than ever before. Employees want to know that they can easily attend doctor appointments, family events and other obligations without getting penalized. By offering flextime and giving employees the chance to set their own hours or work during a certain time period, you can attract and retain more employees. Allowing your workers to work remotely, either full time or a few days a week, is another perk you should explore.
Health Insurance Requirements For Small Businesses
As a small business owner, it can be challenging to keep up with changing rules and regulations, especially those related to health insurance.
What are the essential insurance requirements you need to know for this year? And what are the advantages of offering small business health insurance? Keep reading to learn what your employer obligations are for group health insurance requirements in 2022.
Read Also: Do I Need Insurance To Mow Lawns
Coronavirus And Business Health Insurance
We know it’s a challenging time for small businesses, and especially for those with employees, who’ll be thinking about their health and wellbeing too.
The NHS is coordinating all Covid-19 treatment and care, which means treatment for Covid-19 won’t be covered under the healthcare plan. If you have Covid-19 symptoms, you may be advised to stay at home for treatment and recovery. If your symptoms are serious, youll be advised to call 111, or 999 for urgent treatment.
Private healthcare gives access to treatment for other illnesses and injuries. Business health insurance gives you 24/7 access to remote GP appointments, but there may be some delays to treatment because of Covid-19s impact on healthcare resources.
Healthier Employees Come From Healthier Communities
At Blue Cross Blue Shield, we are committed to improving the health of the communities we serve. Our deep local roots give us a unique understanding of healthcare challenges at the heart of where care is delivered. Our unmatched national breadthspanning every ZIP code in the U.S.gives us expansive data and strong insights into how to design and deliver better healthcare in the big cities and small towns where your employees live and work. Learn how were enabling healthier living by:
|Provide employees access to a comprehensive network of quality providers while lowering overall cost.
|Blue High Performance NetworkSM. A new national network focused on enhancing quality and increasing savings.
|Centers of Excellence
|Address the high costs of complex care while improving quality for employees in need of specialty care and procedures.
|Blue Distinction® Specialty Care. Centers of excellence across all top 100 MSAs, targeting nine high-cost specialty care areas.
|Drive quality and cost trend improvements through coordinated care and management of chronic conditions.
|Total Care. The nations largest network of ACO and PCMH value-based providers driving higher-quality outcomes and lower cost trend.
Don’t Miss: Best Car Insurance In Utah
Does My Business Qualify For A Health Insurance Tax Credit
You may qualify for a tax credit that could cover some of the costs you pay for employees’ premiums. This credit reimburses qualifying small businesses for up to 50% of the premiums paid toward health, dental, and vision insurance. eHealth can help you obtain your tax credit and find a small business health insurance plan that works best for you and your employees. In order to qualify:
- The average annual wage per worker must be less than $50,000.
- Your business needs to have 25 full-time employees or less.
- You need to contribute a minimum of 50% toward employee health coverage.
What Do Employers Need To Communicate To Their Employees If They Offer Small Business Group Health Insurance
If you decide to offer small group health insurance, you will need to provide your employees with specific information about the Marketplace health insurance offering:
- Who qualifies to participate in the companys group health plan. Small business employers are required to offer full-time employees the health coverage. Full-time means the employee works on average at least 30 hours per week. You are not obligated to offer coverage to employees family members but should disclose whether or not dependents may be covered by your companys plan.
- If you have new hires and you are uncertain whether they will work full-time, you are permitted to have a wait period, usually no more than 90 days from date of hire, to determine if the new hire is eligible to participate in the plan. Your employee communications should include a description of this wait period, if applicable.
- Benefits covered by your group health insurance plan. You must provide employees with a standard Summary of Benefits and Coverage form explaining what their health plan covers and what it costs. The purpose of the SBC is to help employees understand their health insurance options.
Read Also: Does Your Insurance Go Up If You Get Hit