3 factors to keep in mind when choosing EBL insurance
November 4, 2021
Human error is unavoidable. Particularly when it comes to employee benefits administration, human error can have severe consequences. That is precisely why selecting the right EBL insurance package is so crucial. Luckily, at villaNOVA insurance, we are the leading insurance provider, and we bring years of experience and fresh ideas. We proudly offer attentive, unmatched, personalized service larger firms cannot provide. At villaNOVA, you are not just a client; you are family.
Here are 3 factors to keep in mind when choosing EBL insurance:
1. Mistakes happen.
Firstly, administering benefits is complicated, and there are multitudes of moving parts. This is why EBL insurance is so crucial. Mistakes are common and easy to make, and even the most minor mistakes can have severe repercussions.
Benefit programs account for a sizable volume of employee information, which is further complicated when you are responsible for a larger group of employees. Your employees put significant trust in you to manage their health and financial future.
For example, if the employee responsible for administering benefits mistakenly communicates a small piece of wrong information about coverage eligibility, this error renders your organization financially liable.
Even a mistake as simple as accidentally losing or deleting an employee file can have severe consequences, and even misclassifying an employee and not providing insurance can open your company up to a devastating lawsuit.
If you need EBL insurance coverage, at villaNOVA, we guarantee to find the perfect, tailored package for you. Mistakes are bound to happen, but we are committed to keeping you one step ahead.
2. You are responsible for mistakes.
Secondly, it is important to understand that, in the instance of a mistake, you are liable. It does not matter if you are directly involved or not.
Still, it is impossible to oversee benefits administration 100% of the time. If there is any confusion or miscommunication, you are responsible and have to absorb the consequences. In the end, it is your responsibility to thoroughly inform employees of their benefits.
Simple mistakes can severely impact your company's finances, reputation, and success. Lawsuits can be exorbitantly expensive and severely detrimental to your profits. Ultimately, EBL insurance is a vital defense against inevitable human error.
If you are interested in coverage, at villaNOVA, we will treat your employees and company like they are our own, and we will ensure you emerge unscathed.
3. General coverage is insufficient.
Lastly, it is important to understand that general liability insurance policies are not enough to protect you. Tailored EBL insurance is imperative.
General policies do not account for clerical errors or administrative mistakes. Moreover, every company is unique and offers individualized benefits plans. A general policy simply does not account for your individuating offers.
General coverage plans typically only account for assistance with benefits required under federal or state law. For example, your company may offer less conventional benefits like stock ownership plans, therapy, or tuition assistance.
General EBL insurance coverage programs do not include these benefits. EBL insurance that is not comprehensive and does not cover all the benefits you offer is as good as no EBL insurance at all. Ultimately, this leaves you vulnerable.
Moreover, general policies can leave you overpaying for benefits you do not offer. It is crucial to work with insurance providers to find EBL coverage that satisfies your unique business needs.
Get in touch to get started today!
If you need EBL insurance but are unsure where to start, you are in luck. At villaNOVA Insurance, we boast years of experience, innovative ideas, and personalized service that make us the premier insurance provider. We pride ourselves on establishing excellent relationships with clients predicated on attentive service and honest communication. Contact us now to get started! We proudly nullify the unknown and keep you several steps ahead.