How to offer benefits and retirement for my trucking business employees

Why, you may ask yourself, do you need to think about offering benefits and retirement plan options to the drivers in your trucking company?

After all, after painstaking research and careful planning, you’ve finally insured your trucks, making sure they’re covered with as much insurance as federal and state regulations require and perhaps a bit more, just for your peace of mind.

Now you can put down the pen and stop carrying ones and remembering your order of operations, right?

Well, not quite.

Your trucking company may have your trucks and drivers covered for accidents and emergencies, but truck drivers need insurance solutions for other needs, as well, particularly benefits and retirement needs.

Given the cutthroat nature of the employment market these days, employees will go where they feel the most appreciated, and the best way to show them they’re appreciated and keep them on is through trucking company benefits like health insurance and retirement plans.

Of course, now you’re looking at your calculations and trying to figure out how to include all of this, but first you need to determine what plans will best fit your trucking company’s needs and the needs of your drivers and any other employees.

Not every employee will sign on to health insurance, for one thing; some will feel they’re OK without it or may already be covered through a spouse’s plan, while others may be willing to take their chances buying it individually through a seperate agent.

But for those who do want health insurance, there are a variety of options to choose from. There will be a number of variables to consider: how much should the deductible be? Should it include vision and dental? How much will it cost to allow policy holders to add their spouses or children?

There are complicating matters to consider, too, such as the difference between employees and their status. A W2 driver may need different options than an independent contractor or an owner-operator driver; some may have some insurance in place already but may look for benefits from your company to fill gaps, while others may want it all right from your policy. Dealing with the differences between such employees and what they need is something you’ll need to consider.

One thing to consider would be benefits that are smaller by cost but have a big impact on how beneficiaries can use them.

Teledocs — doctor visits held via teleconference over the internet or phone call — and wellness apps — electronic programs which can help you track your health goals and keep up with a fitness plan or map to better health — are both simple, low-cost benefits that can be transformative for some users.

Retirement plans are another major benefit many expect from their employers. No one can work forever, and knowing your job is helping you stash away funds for when that day comes is an ideal way to encourage worker loyalty as they watch that retirement fund grow steadily.

There are numerous considerations on that front, as well, that can confound a new employer.

• Do you go with a 401K or an IRA?
• Do you use a qualified or non-qualified retirement plan?
• Do you include employer matching options?

In all such cases, for maximum flexibility for the owner and ease of use by the employee, there likely won’t be one simple answer. Employers will likely need to offer a combination of individual plans and group plans for a truly well-rounded program.

Finding the right options for your trucking company’s needs and choosing the right plans for your company’s truck drivers can be simpler than you think, however, with the help of Fleet Risk Solutions, which can help you make the right decisions to meet the future for your company with the best possible choices in place for any and every concern your benefits and retirement plans may present.

With Fleet Risk Solutions in your corner, you can move forward confidently knowing you can make the decisions best suited to your company profile, no matter how bad your math skills are.