Providing health insurance for employees is by far the single most expensive benefit offered by employers. As business owners know, health insurance is extremely important to most employees and is a very powerful benefit in recruiting and retaining the best workers. However, cost is often an issue for small businesses. Business owners have many options if they decide to offer employer-based health care coverage. Small businesses (those with between 2 and 50 employees) are not required to purchase health insurance for their employees, but if they choose to do so, they may qualify for a tax credit. Insurance brokers authorized by the Maryland Health Benefit Exchange (MHBE) can assist small businesses with direct enrollment in private health plans certified by MHBE’s Maryland Health Connection for Small Business. Visit Maryland Health Connection for Small Business to contact a broker and enroll today.

Disability insurance protects employees if they become disabled and unable to work. Short-term disability insurance covers a portion of the policyholder’s salary when faced with a disability that prevents the employee from being able to work for a short period which is usually three to six months. Long-term disability coverage typically begins after the policyholder is disabled and unable to work for at least six months.

Group Life Insurance
Term life insurance pays a death benefit if the policyholder passes away within a specified time period (the term of the policy). Group life insurance can be part of an employee benefit plan that is paid for by the employer, or a voluntary offering whereby the employee pays for the coverage.

Key Life Insurance
Some small businesses purchase key life insurance to protect individuals who are critical to the business such as founders or partners. Key life insurance is purchased for those individuals to protect the company if a key employee dies.