Garage and auto body shop owners: Are you aware of the compensation programs designed and available for your place of business? No matter what your answer may be, our experts are here to MAKE YOU AWARE! Providing an adequate amount of compensation will not only keep your best workers happy, but will attract a number of qualified candidates to your business—it’s a win/win!
When it comes to building a solid and unique compensation program for your business and its employees, you must first ask yourself three questions:
#1: Do you already offer competitive salaries and bonuses to your employees?
#2: Are you currently providing sufficient life insurance and disability benefits to your employees?
#3: Can your business afford to provide retiree benefits?
As you may have noticed, compensation is not always in the form of salary. Yes, a competitive salary is a great start but a compensation program will include so much more than that. Workers compensation, disability, health, and even life insurance will add up!
As a business owner, you may even want to look into specialized compensation programs, such as a deferred compensation plan. What is that?
According to the IRS, a deferred compensation plan is a plan under which employees are permitted to defer a portion of his or her gross income to a future retirement plan. This type of plan may be added when an employer who has a tax qualified 401k plan or another non-qualified deferred compensation plan wishes for more. An employer may fund this benefit only for his or herself, or even include other top partners/owners/managers. They are ultimately constructed to include owners, employees, and key employees.
If you are interested in learning more about deferred compensation programs, do not hesitate to give our agency a call. At Wolpert Insurance, we are committed to offering garage insurance solutions to owners across the state of Massachusetts—including important compensation plans.