Benefits for Entrepreneurs

There are nearly an infinite number of benefits packages that can be put together. This can create a very daunting task for an entrepreneur looking to start hiring employees for the first time. An article in Forbes does a great job of breaking down the different areas of benefits that are critical for an entrepreneur. The article discusses the need for health insurance, the recommendation for retirement packages and the option of specialty benefits. The article is adamant about making sure that entrepreneurs do not try to get all benefits out there. This is because it is a waste of company money that could be put back into the company. Finally, a broker should be consulted to ensure all details are taken care of.

What to look for in:

Health insurance plans- The author says that entrepreneurs should look for higher deductable plans to save the company money. The key is to talk with employees about the plan and why a higher deductable is being chosen.

Retirement plans- There are pensions and 401(k)s to consider. A company can decide if they want to take more of the risk and be in charge of paying a retired employee a certain amount or leave it up to the employee.

Specialty benefits- These include disability, dental and life insurance. While they are not as important they can help an entrepreneur pull in new talent.