Oversight and Employee Benefit Packages
With the uptick in the economy and remarkably low unemployment rates, job hunters can be choosy when it comes to accepting an offer of employment. As they consider what a company will offer, one of the primary things desired by a potential employee is a strong benefits package. Although the government requires that employers provide workers’ compensation, disability, and some health coverage, the extent of these services is sometimes left to the discretion of the employer.
Even though a company is providing an extended benefit to the salary package, offering additional areas of coverage can present a legal liability to the organization. The team at World wide Speciality programs call the needed protection employee benefits liability coverage. This works to protect employers from errors and omissions that may have occurred during the administration of the employee benefits program. It can apply to benefits like:
- Health insurance
- Life insurance
- Disability insurance
- Retirement plans
- Organizational discounts/memberships
The most common incidents filed under these plans typically include an employee’s request to be added to a medical plan and the company fails to do, creating financial chaos when an employee needs healthcare services but the insurance denies the claim. An employee benefits policy will step in and cover the costs deriving from the employer’s error.