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Mind The Gap: Nearly Half Of Small Businesses Lack Benefits, One-Third Sharing Some Benefit Costs With Employees

Nearly half (42 percent) of small business owners with full-time employees do not offer any benefits and one-third (36 percent) are sharing some benefits costs with their employees, according to The Hartford’s 2013 Small Business Success Study.

“We see this gap in coverage as a big opportunity for brokers and agents to discuss voluntary, or employee-paid, benefits with their small business clients,” said Donato Monaco, vice president of small business for The Hartford’s Group Benefits. “Voluntary benefits are no longer only for large companies. They can help small business owners protect their employees without added expense.”

The Hartford now offers its voluntary group disability insurance DisabilityFLEXsm to businesses with as few as 10 employees. DisabilityFLEX allows for customization in three possible ways – how much money one receives if unable to work due to an off-the-job injury or illness, when, and for how long.

Among small business owners that do offer benefits, such as life insurance and short-term disability insurance, many are sharing these costs with employees:
        Life Insurance*      

Short-term DisabilityInsurance*
Paid for by owner completely       41%       38%
Share the costs with employees       36%       47%
Paid for by employees completely       23%       14%

*Asked only to small business owners who have full-time employees and offer the specific type of insurance cited

“Voluntary benefits can help small businesses attract and retain talented employees by allowing them to offer competitive benefits packages,” Monaco said. “The Hartford offers products and services that help brokers, small business owners and employees understand how affordable life and disability insurance fits into their financial plans.”

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