With benefits constituting a significant portion of both an employee’s total compensation and an employer’s labor cost, it makes sense for many businesses to undertake a comprehensive review of their benefits programs. DZH Phillips adopts an integrated approach to employee benefits, analyzing a client’s entire benefits program for its ability to meet employees’ needs and manage loss exposures. Our team can assist with overall benefit plan design, evaluating proposals, and employee communication.
Group Life
Employers often choose to provide group life insurance as a benefit for their employees. This benefit offers a certain measure of security for employees, often at minimal or reasonable cost to the employer. DZH Phillips assists clients in reviewing their need for a new or renegotiated group life policy. We’ll look at your business’ structure, finances, and culture to determine the type and amount of coverage that best fits your situation.
Group Health
Group health insurance is the cornerstone of most employee benefits programs. However, with health insurance rates soaring over the last decade, choosing a plan that offers your employees maximum coverage at a reasonable cost to your organization can be a challenge. Our business clients turn to us for help in assessing their group health plan needs, including the costs associated with different types of coverage, whether it is fiscally prudent to extend coverage to spouses and dependents, and the value of investing in a quality health insurance plan as a means of attracting and retaining the best employees. We’ll guide you through the process of evaluating and selecting a health insurance plan, from providing expert resources in rate comparison to seeking advice from multiple providers to narrowing your options until you decide on the best plan to meet your company’s unique needs.
Group Disability
As with life insurance, disability insurance provides peace of mind to employees and offers employers an additional component of their total benefits package to aid in attracting and retaining talent. Employer-sponsored disability insurance provides income replacement to an employee if he or she is unable to work due to illness or injury. Because other programs such as Social Security and state disability insurance do not cover the full amount of an employee’s income, an additional insurance product is an attractive safeguard against the financial hardships resulting from a sustained period of unemployment due to disability. DZH Phillips can help you determine whether a group disability plan makes financial sense for your company. And, if you decide to offer disability coverage, our team performs plan evaluations and rate comparisons to help match you with the right insurance plan.
Executive Benefits
Aside from the basics of life, health, and disability insurance coverage, there are a number of other benefits that today’s employers are considering as part of their overall compensation package. Executive benefits, such as salary continuation and deferred compensation plans, are not uncommon among corporations hoping to attract and retain key executives. At DZH Phillips, we know how important the right people are to your organization, and we understand the different benefits strategies you can implement to keep them satisfied. Let us walk you through the basics of alternative or supplemental retirement plans, executive bonus plans, and split dollar plans. Together, we can identify ways to help you reward your organization’s best and brightest while preserving your company’s bottom line.