Can pet insurance really set an employer apart from the competition?
As open enrollment season approaches, a new trend is taking center stage among employers–the inclusion of pet insurance in their benefits packages. Incorporating pet insurance into their benefits package is a strategic move for employers, as it can help attract and retain employees, said Trey Ferro, CEO at Spot Pet Insurance.
Research has found that 63% of pet owners believe that pet-friendly benefits make them more likely to stay with a company. Offering pet insurance signals an employer's commitment to the overall wellbeing of their staff and recognizes the emotional significance of pets in their lives, Ferro said. This fosters a stronger bond between employer and employees, leading to increased job satisfaction and loyalty.
Including pet insurance in their benefits package is also a consideration for employers, as it can substantially alleviate financial worries for their workforce, Ferro continued. This reduces the risk of financial strain resulting from unforeseen veterinary expenses.
Around 45% of pet owners allocate a budget equal to or higher than their own healthcare expenses for their pets, and 50% of dog owners express concerns about handling unexpected veterinary costs.
By offering pet insurance, employers create a workplace environment with reduced financial stress and peace of mind for employees to focus on their tasks.
Perhaps one of the most appealing aspects of introducing pet insurance benefits is its cost-effectiveness for employers. Unlike some benefits, pet insurance can be extended to employees in less than 48 hours, allowing employers to introduce it at any time, not just during open enrollment. This flexibility enables prompt responses to employee requests and changing circumstances.
Moreover, offering pet insurance through a direct-bill method doesn't cost the employer anything. Employees also benefit from discounts offered by providers. It's a win-win situation where both employers and employees save money while safeguarding their pets' wellbeing.
Pet insurance providers commonly handle administrative tasks, ensuring a smooth experience for both parties.
Including pet insurance into employee benefits packages can help attract and retain top talent, while creating loyalty among employees.
