Luckily, customers or employees usually have access to different types of insurance so many employers provide in a bid to take good care of them. No standard company can ever afford not to provide these health facilities since they are such that protects workers’ wellbeing and promotes the consistency of workers to be in sound health and care.
This usually is a good news because of the many opportunities that it provides and the platform of efficiency it ensures. As common as it may be, here are some of the types of insurance so many employers provide, and if your employer does not provide them, you will have to look again because you have not really landed the needed the opportunity that you need to.
1. Auto Insurance
Almost all states require drivers to have auto insurance, AAA and the few that don’t still hold drivers financially responsible for any damage or injuries they cause. Here are your options when purchasing car insurance:
- Liability
Pays for property damage and injuries you cause to others if you’re at fault for an accident and also covers litigation costs and judgments or settlements if you’re sued because of a car accident.
- Comprehensive and Collision
Collision insurance pays to repair or replace your car after an accident, regardless of fault. Comprehensive insurance covers theft and damage to your car due to floods, hail, fire, vandalism, falling objects, and animal strikes. When you finance your car or lease a car, this type of insurance is mandatory.
- Uninsured/Underinsured Motorist
If an uninsured or underinsured driver strikes your vehicle, this coverage pays for you and your passenger’s medical expenses and may also account for lost income or compensate for pain and suffering.
- Personal Injury Protection
PIP insurance helps reimburse you and your passengers for costs such as rehabilitation and lost wages.
- Medical Payment
MedPay coverage helps pay for medical expenses, typically between $1,000 and $5,000 for you and your passengers if you’re injured in an accident.
2. Life Insurance
Among the many types of insurance so many employers provide, the life insurance plan is part of them. The two basic types of life insurance are traditional whole life and term life. Whole life can be used as an income tool as well as an insurance instrument. It includes a death benefit and also a cash value component. As the value grows, you can access the money by taking a loan or withdrawing funds and you can end the policy by taking the cash value of the policy.
Term life covers you for a set amount of time like 10, 20, or 30 years and your premiums remain stable. Commonly the most affordable type of life insurance, a term policy can work to cover the years during which a mortgage loan is outstanding or throughout your children’s college years.
Life insurance is especially important if your family is dependent on your salary. Industry experts suggest a policy that pays out 10 times your yearly income.
Read Also: The Difference Between Health Plan and Health Insurance
3. Long-Term Disability Insurance
Long-term disability insurance supports those who become unable to work as a result of some accident that befalls them during or in the course of working under their company. According to the Social Security Administration, one in four workers entering the workforce will become disabled before they reach the age of retirement.
While health insurance pays for hospitalization and medical bills, you are often burdened with all of the expenses that your paycheck had covered. Many employers offer both short- and long-term disability insurance as part of their benefits package. This would be the best option for securing affordable disability coverage.
4. Health Insurance
Health insurance is also another one of the types of insurance so many employers provide. It can be obtained through your employer, the federal health insurance marketplace, or private insurance you buy for yourself and your family by contacting health insurance companies directly or going through a health insurance agent.
Or even it is some package you get to enjoy when you get employment in any company that sees it as a necessity to comply with the law that emphasizes workers’ rights to adequate care.
More than 60% of people got their health coverage through an employer or in the private insurance marketplace while the rest were covered by government-subsidized programs including Medicare and Medicaid, veterans’ benefits programs, and the federal marketplace established under the Affordable Care Act.
The best and least expensive option for salaried employees is usually participating in your employer’s insurance program if your employer has one. The average annual premium cost to the employee in an employer-sponsored healthcare program was $22,463 for a family plan some years back.
5. Credit Insurance
Credit insurance is invaluably necessary to be provided by your employer. Employees deserve to have this kind of insurance because of the fact that it enables them to keep up with their needs even though it is through debt. Often, banks will increase their advance rates on the borrowing base for credit insurance-backed customer receivables.
And should receivables fall through, credit insurance covers your exposure (subject to policy limits). Credit insurance is invaluable for providing both advance access to capital today and, on rainy days, funding cash for would-be bad receivables.
