Any small business owner knows, it’s a thrill to start your own business. After pouring your blood, sweat, and tears into it, tracking its growth, and crafting an expert team, you’re not only dedicated to the mission but enthusiastic about moving forward—and you want that enthusiasm to be reflected in your team.
As a group of experienced business insurance brokers, we at Ashton Benefits understand the importance of keeping your highest ranking employees satisfied and excited about the project—not just in terms of salary, but overall lifestyle benefits. That’s precisely why a comprehensive, and competitive, executive benefits package is an absolute must.
When executive employees rank offers from other companies or otherwise consider a career move, they don’t only take their salary into account, rather their compensation as a whole—that includes their executive benefits packages. If you’re interested in crafting a competitive executive benefits package to maintain your current employees’ happiness and appeal to potential employees, the following guide from seasoned business insurance brokers at Ashton Benefits is here for you.
What goes into an executive benefits package?
Every company has different needs, that’s why no two executive benefits packages should look the same. At Ashton Benefits, we offer a variety of tools small businesses and startups like yourself can use to create an outstanding executive benefits package. Not sure where to start? Here are a few of our core executive benefits employers gravitate towards:
Disability income protection
Disability income protection is a major draw for employees—ensuring their income remains the same in the event of an accident or injury that prevents them from coming in to work. This benefit provides executives with a cushion, as they know that if something were to happen, maybe a tumble on the ski slopes or a tennis match disaster, their income is covered. Disability income protection is great from a business perspective too, as it builds trust with your high-ranking employees and encourages them to stay on board.
Executive bonus plans
A key part of any strong executive benefits package, is a reliable and alluring executive bonus plan. After all, hard work deserves to be recognized, and you can show your team of executives just how much you appreciate them by implementing a competitive bonus plan within your benefits package. These bonus plans can take many forms, most commonly a premium on a life insurance policy paid by the business but in the name of an executive employee.
Executive medical reimbursement plan
Accidents happen, whether it be illness or injury, you want your executives to know that you have their back. That’s why a comprehensive medical reimbursement plan is key to making a competitive executive benefits package. This benefit indicates to your executives that in the event of an unforeseen medical incident, their employers have them covered—making them feel supported and much more inclined to turn down any external offers.
Non-qualified deferred compensation
A non-qualified deferred compensation plan is a high-earning executive's best friend. This plan allows high-earners to defer a portion of their income—including any taxes on said income—until a later date. Typically, this income is to be collected after an executive leaves their job, usually for retirement. This is one of the most appealing benefits to executives because of it’s direct monetary gain—making it a must for a truly competitive executive benefits plan.
Let a team of seasoned business insurance brokers help you!
Crafting the right insurance package for your executives is as tricky as it is vital. Working with a team of expert business insurance brokers like those at Ashton Benefits will ease your stress and keep your employees satisfied. Based in Englewood Cliffs, NJ, we help small business and startups all across the US. Reach out today to begin planning the ideal benefits packages for you, your executives, and your team.