Medical insurance is the foundation of your employee benefits program. With many available options to consider, a group health insurance company can break down the costs and help you determine which plan is right for your organization.
How Group Health Insurance Works
By spreading the risk among the entire pool of insured individuals, group insurance can keep costs low, resulting in premiums that are usually less expensive than those for an individual health insurance plan. Designed to provide cost-savings to businesses, group health insurance can be purchased by companies with one or more employees.
Benefits of Group Health Insurance
Aside from offering affordable medical insurance to your employees, group health insurance provides tax savings because premiums are paid with employee’s pre-tax dollars. The business also realizes tax savings through lower payroll taxes and you will receive a deduction for the cost of employer contributions.
Types of Group Health Insurance Plans
There are several types of group insurance plans and ways to design your coverage, all with their unique pros and cons.
- Health maintenance organization
- Preferred provider organization
- High premium plan with a low deductible
- Low premium plan with a high deductible
Offering affordable group health insurance coverage to your employees helps boost employee morale and helps your business attract and retain top talent.
Finding the right construction bonds can be tricky if you’re new to the business, but there are really only a few types to worry about for most jobs. Much of the diversity in the market comes from bond providers catering to niche needs larger developers might have on big projects. Getting started is as easy as understanding a small group of four or five bond options.
License and Performance Bonds
The two most basic types of construction bonds are license bonds and performance bonds. License bonds protect the project owner in the event your license is lapsed or there are similar credentialing issues with any subcontractors you hire. Performance bonds protect the customer if your performance causes them to miss milestones or otherwise incur damages due to setbacks that your business is liable for. Within the realm of performance bonds, there are also individual payment and supply bond options designed to protect the customer and your business in the event of disruptions to the raw material supply line or to your ability to pay subcontractors.
Maintenance bonds are also quite common, and they cover the ongoing maintenance of properties after construction is completed, providing for expenses related to design defects or other issues that cause maintenance costs to exceed the projections in the approved design for the project. This protects you and the client in the event of defects to the design or construction that aren’t immediately apparent at the conclusion of the project.
Heavy equipment insurance is necessary in some industries. It is especially critical if you work in the construction industry where heavy equipment is necessary for the function of the business. When it comes to industrial equipment insurance, you need to know what types of equipment it covers and the type of coverage it offers.
Types of Heavy Equipment
If your business uses heavy machinery in any of its operations, then you probably need to have heavy equipment coverage. The types of heavy equipment that your policy covers include:
Additionally, insurance can cover the components of your heavy equipment. For instance, if you need a replacement part, you may be covered.
Coverages for Heavy Equipment
You cannot predict every disaster. You may have preparations in place, but sometimes problems come as a surprise. Your equipment coverage can help fill the gaps that your other coverages leave behind. For instance, if there is an explosion or malfunction that damages your equipment, you need heavy equipment coverage.
Don’t leave your business unprotected. If you do not have heavy equipment insurance, you could lose money if your equipment were to fail for any reason. Repairs and replacements are not cheap. Even with maintenance, you can’t always predict if something is going to go wrong. Insurance keeps your company safe.
Professional truck driving is a hard and dangerous job. Even though there is rigorous training, drivers are exposed to environments, loads, and weather situations that can be beyond their control. It takes a lot of skill to navigate the roadways of the country safely, and these big rig driver tips can reduce your risk of accident or injury.
Stay Rested and Alert
There isn’t always enough time between loads to get mentally and physically prepared for your next haul. The yard may need to be mowed, you may have errands to run, or you have friends and family to visit. Staying too busy can affect your ability to stay alert when driving down the road. Always take time to get enough rest before you head out.
Follow the Weather Reports
While it may be sunny and clear when you leave, your route may take you into a bad storm. Check the weather for where you are and where you are headed to avoid surprises. Wet roads and limited visibility can be dangerous for you and other motorists.
Keep Up With Maintenance
You increase your risk of an accident if your tires are worn thin, your lights aren’t working, or the brakes have started to slip. Keep up with the maintenance on your rig and have any suspicious or abnormal noise checked out right away.
Common sense has a lot to do with your safety as a truck driver. These tips, as well as your training, can help keep you safe as your travel.