The insurance agents and brokerage industry is primarily concerned with selling life, health, automotive, property, casualty, or other types of insurance, while helping clients navigate their options and choose the policy that works for them. Insurance companies employ insurance agents, but some professionals operate as independent brokers that offer policies from several different insurance companies instead of just one.

Although people can now purchase insurance online, the employment of insurance sales agents is projected to increase by five percent by 2029 because many clients prefer the support of an expert when making important decisions about their coverage. Supplying the right insurance package guarantees that your employees can testify to the importance of a great policy when working with their clients.

As these employees are educated and skilled workers, competitive benefit packages can help to attract talented employees and lower turnover rates. Additionally, benefits can help to lower major healthcare utilization and therefore could see lower than average rates on a PM/PM basis. Some examples of this include student loan repayment, flexible work schedules are attractive and more creative mechanisms like FSAs, HSAs and similar products are likely to be used.

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The Insurance Agent and Brokerage Industry Employment Summary

There are about 148,000 insurance agencies and brokerages across the country, employing over 1.05 million employees. Companies in this industry tend to be on the smaller side, with each one only having an average of 7 employees. 55% of employees identify as female, and the median employee age is 44 years old.

Insurance Agents and Brokerages Industry Benefits Comparison

What percent of insurance agencies and brokerages offer medical insurance?

• A full 93% offer their employees access to medical insurance. This is well above the national average of 69%.
• These businesses provide an average monthly employer premium of $1,212 for family coverage. This is above the national average of $1,121.
• Additionally, these businesses provide an average monthly employer premium of $455 for individual coverage. This is also a bit below the national average of $458.

What percentage of insurance agencies and brokerages offer short and/or long-term disability insurance?

77% of insurance agencies and brokerages offer both short-term and long-term disability insurance. The national average for these metrics is 42% and 34%, respectively.

What percent of insurance agencies and brokerages offer life insurance?

89% offer access to life insurance coverage. This is well above the national average of 56%.

Do insurance agencies and brokerages provide access to paid family leave?

• 40% provide access to paid family leave, which is above the national average of 20%.
• 97% provide access to unpaid family leave, which is above the national average of 88%.
• 55% offer consolidated leave plans, which is above the national average of 44%.

Summary

As a whole, the insurance agency and brokerage industry set a great example to other industries when it comes to providing comprehensive benefits packages, as all their benefits offerings are above the national standard. Employers in this industry need to continue to set the bar high for other industries and will be able to show the importance of attracting and retaining employees in the future.

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The insurance carriers industry has seen rising growth rates in the private finance and insurance sector in recent years. Companies in this industry primarily focus on underwriting annuities and insurance policies, selling insurance policies, and providing a variety of insurance and employee benefit-related services.

Everyone needs a solid insurance policy, including the people who work in the industry themselves. In 2020, ninety percent of private industry workers, including claims adjusters and investigators, policy processing clerks, and insurance sales agents, had access to employer-sponsored benefits. Providing high-quality coverage within the insurance industry helps companies retain a workforce of experienced, healthy, and knowledgeable professionals.

High education and training costs to become medical professionals are incurred and usually result in above average income. To supplement that, employers often need a short and/or long term disability plan that pays above rates, which is usually $15K or higher, and is typically not standard and will take specialized resources such as incredible benefits packages. Competitive benefit packages can help to attract talented employees, lower turnover rates, and lower major healthcare utilization and therefore could see lower than average rates on a PM/PM basis. Additionally, student loan repayment, flexible work schedules are attractive and more creative mechanisms like FSAs, HSAs and similar products are likely to be used.

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The Insurance Carrier Industry Employment Summary

There are about 32,000 insurance carrier businesses across the country, employing over 1.5 million employees. Companies in this industry are mid-sized, with each one having an average of 48 employees. A full 60% of employees in this industry identify as female, and the median employee age is 45 years old.

Insurance Carrier Industry Benefits Comparison

What percent of insurance carriers offer medical insurance?

• A full 93% of insurance carrier employers offer their employees access to medical insurance. This is well above the national average of 69%.
• These businesses provide an average monthly employer premium of $1,212 for family coverage. This is above the national average of $1,121.
• Additionally, these businesses provide an average monthly employer premium of $455 for individual coverage. This is in line with the national average of $458.

What percentage of insurance carriers offer short and/or long-term disability insurance?

77% of insurance carriers offer both short-term and long-term disability insurance. The national average for these metrics is 42% and 34%, respectively.

What percent of insurance carriers offer life insurance?

89% of insurance carriers offer life insurance coverage. This is well above the national average of 56%.

Do insurance carriers provide access to paid family leave?

• 40% provide access to paid family leave, which is above the national average of 20%.
• Unpaid family leave is offered by 97% of employers, which is above the national average of 88%.
• 55% offer consolidated leave plans, which is above the national average of 44%.

Summary

Overall, the insurance carrier industry stands well above the national average when it comes to providing comprehensive employee benefits packages. In order to attract, retain, and incentivize employees, employers in the insurance carrier industry will need to continue down the path of providing employee benefits packages that meet their employee’s needs.

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Intellectual property (IP) refers to intangible creations of the human intellect, such as inventions, artistic works, designs, as well as the symbols, names, and pictures used in commerce. Copyrights, patents, trademarks, and trade secrets all serve to protect this category of property.

Industries that focus heavily on IP management are booming and for good reason. This innovative approach to business allows companies a leg up against the competition; as a result, their employees are more creative and devoted to their overall success. One way to incentivize such rare and experienced employees is to offer comprehensive employee benefits packages. Typical employee benefits for the IP management industry include access to health, vision, and dental insurance, paid time off, retirement savings, and disability coverage.

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The IP Management Industry Employment Summary

There are around 3,000 IP management businesses nationwide, employing 39,000 professionals. On average, each business is on the smaller side, with 14 staff members each. This industry is almost evenly split between male and female employees, and the average employee age is 48 years old.

The IP Management Industry Insurance Benefits Comparison

What percentage of IP management employers offer medical insurance?

• 69% offer access to medical insurance. This meets the national average.
• These businesses provide an average monthly employer premium of $1,134 for family coverage. This is in-line with the national average of $1,121.
• Additionally, they provide an average monthly employer premium of $484 for individual coverage. This is above the national average of $458.

What percentage of IP management employers offer short and/or long-term disability insurance?

40% of these employers offer short-term disability coverage, and 33% offer long-term disability insurance. The national average is 42% and 34%, respectively.

What percentage of IP management employers offer life insurance?

52% offer access to a life insurance plan. Comparatively, the national average is 56%.

Do IP management employers provide access to paid family leave?

• 13% provide access to paid family leave. The national average is 20%.
• 93% provide access to unpaid family leave. The national average is 88%.
• 30% offer consolidated leave plans. The national average is 44%.

Summary

Altogether, the IP management industry has some improvements they have to make in order to meet the national industry standard for providing comprehensive employee benefits packages. Employers have the opportunity to increase their benefits offerings, including providing more retirement savings options, improving disability coverage, and providing more inclusive access to paid family leave.

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Industry associations, also known as trade associations, are organizations that are founded and funded by the businesses operating within a specific industry. They generally participate in public relations activities (e.g., advertising, education, publishing, lobbying, etc.), but their main focus is on collaboration between companies.

Hiring experienced workers is a necessity for industry associations; employees must be extremely knowledgeable of their specific trade, whether it be apparel manufacturing or air, land, and water transportation. Businesses looking to bring on new workers will need to offer extensive employee benefits packages to ensure they get the best of the best. For example, access to health, vision, and dental insurance -- as well as life and disability insurance -- are an absolute must.

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The Industry Associations Industry Employment Summary

As of January 2021, there were 59,000 industry associations nationwide, employing 414,000 professionals. On average, each organization is small, with only 8 staff members, and the average employee age is 42 years old.

The Industry Associations Insurance Benefits Comparison

What percentage of industry associations offer medical insurance?

• 70% offer access to medical insurance. This is just above the national average of 69%
• These businesses provide an average monthly employer premium of $1,207 for family coverage. This is above the national average of $1,121.
• Additionally, they provide an average monthly employer premium of $557 for individual coverage. This is above the national average of $458.

What percentage of industry associations offer short and/or long-term disability insurance?

28% of these employers offer short-term disability coverage, and 27% offer long-term disability insurance. The national average is 42% and 34%, respectively.

What percentage of industry associations offer life insurance?

58% offer access to a life insurance plan. Comparatively, the national average is 56%.

Do industry associations provide access to paid family leave?

• 19% provide access to paid family leave. The national average is 20%.
• 92% provide access to unpaid family leave. The national average is 88%.
• 22% offer consolidated leave plans. The national average is 44%.

Summary

Generally speaking, the industry association industry is in-line with the general standard when it comes to providing comprehensive employee benefits packages. However, despite its wins, there is a lot of room for improvement, especially in providing more disability coverage, retirement savings plans, and access to paid family leave. Once these changes have been made, employers will realize that providing inclusive employee benefits plans is one of the best ways to create a healthy, productive, and secure workplace.

This industry is growing incredibly fast; the employment rate for home health aides is expected to surge 34% within the next eight years. Such high demand will force businesses to go the extra mile in order to attract qualified, compassionate aides. A complete outpatient medical care benefits package is essential.

In the healthcare industry, staffing approaches can have a significant influence on benefits and structure, with some part time shifts, like three days on three days off for nurses. A higher rate of females in child bearing age means a higher demand for quality short term disability benefits and maternity and paternity leave benefits. Due to the nature of the industry, often additional education is required and student loan assistance as a benefit may be a differentiator. Additionally, work related injuries can be more common as there is physical labor involved in many of the roles dealing with patient care.

As active participants in the healthcare sector, they are likely to be somewhat higher users and have a higher general health education.

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The Home Health, Hospice, Imaging, and Outpatient Medical Care Industry Employment Summary

There are about 108,000 mining, oil, and gas facilities nationwide, employing over 3.1 million professionals. On average, each business is mid-sized, with 29 staff members. This is a female-dominated industry, with only 20% of employees identifying as male, and the average employee age is 43 years old.

The Home Health, Hospice, Imaging, and Outpatient Medical Care Insurance Benefits Comparison

What percentage of outpatient medical care employers offer medical insurance?

• 72% offer access to medical insurance. This is above the national average of 69%.
• These businesses provide an average monthly employer premium of $1,118 for family coverage. This is in-line with the national average of $1,121.
• Additionally, they provide an average monthly employer premium of $484 for individual coverage. This is above the national average of $458.

What percentage of outpatient medical care employers offer short and/or long-term disability insurance?

37% of these employers offer short-term disability coverage, and 39% offer long-term disability insurance. The national average is 42% and 34%, respectively.

What percentage of outpatient medical care employers offer life insurance?

60% offer access to a life insurance plan. Comparatively, the national average is 56%.

Do outpatient medical care employers provide access to paid family leave?

• 26% provide access to paid family leave. The national average is 20%.
• 91% provide access to unpaid family leave. The national average is 88%.
• 67% offer consolidated leave plans. The national average is 44%.

Summary

Employers in the outpatient medical care industry provide all-inclusive employee benefits packages that are above the national industry standard. There are some improvements that can be made when it comes to providing more disability coverage options, but as a whole, employers in this industry understand the importance of giving comprehensive benefits to meet their employee’s needs.

Summary

Employers in the outpatient medical care industry provide all-inclusive employee benefits packages that are above the national industry standard. There are some improvements that can be made when it comes to providing more disability coverage options, but as a whole, employers in this industry understand the importance of giving comprehensive benefits to meet their employee’s needs.

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The Health and Personal Care Stores subsector deals with the retail of health and personal care merchandise from a fixed location. This can vary greatly depending on the establishment’s main products; as a result, staff can include pharmacists and opticians as well as salespersons and, of course, cashiers.

Customers expect the employees of health and personal care stores to be educated and knowledgeable about the products they’re selling. Pharmacists and specialized workers are particularly valuable and require extensive experience in their field. Attracting the most ideal candidates in a world where health has become a focus of everyday life necessitates an excellent benefits package. Only with comprehensive plans can these companies bring the best employees on board.

Higher employee turnover rates and percentage of part time workers in health and personal care stores can make benefit offerings and administration somewhat more difficult than the average industry. The average employee demographic can range significantly from a high school senior to a retired senior citizen, each with different motivations for working. Disability plans are important as there can be a physical component to the role, from moving heavy items to stocking shelves. To create a custom benefit package, every employer needs to know their specific group of employees.

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The Health and Personal Care Stores Industry Employment Summary

There are about 97,000 health and personal care stores nationwide, employing over 1 million professionals. On average, each store is on the smaller side, with only 10 staff members. This industry is split almost evenly between male and female employees, and the median employee age is 38 years old.

The Health and Personal Care Stores Industry Insurance Benefits Comparison

What percent of health and personal care store employers offer medical insurance?

• 53% of health and personal care store companies offer medical benefits to their employees. This is much lower than the national average of 69%.
• These businesses provide an average monthly employer premium of $948 for family coverage. This is also below the national average of $1,121.
• Additionally, they provide an average monthly employer premium of $424 for individual coverage. This is below the national average of $458.

What percentage of health and personal care store employers offer short and/or long-term disability insurance?

35% of employers offer short-term disability insurance, and 12% provide a long-term disability option. The national average is 42% and 34%, respectively.

What percent of health and personal care store employers offer life insurance?

42% of health and personal care store companies offer life insurance, which is again below the national average of 56%.

Do health and personal care store employers provide access to paid family leave?

• 17% of health and personal care store companies provide access to paid family leave compared to the national average of 20%.
• Unpaid family leave is offered at 90% of health and personal care store companies, compared to the slightly lower national average of 88%.
• Consolidated leave plans are used in 39% of health and personal care store companies, compared to the national average of 44%.

Summary

Altogether, the health and personal care stores industry must make some improvements to their employee benefits offerings in order to reach the national industry standard. In order to meet all of their employee’s needs, there are a lot of opportunities for employers to amp up their benefits plans. For example, offering more access to insurance plans, increasing the number of paid vacation days given, and providing ample retirement savings options will go far in attracting the best candidates to their teams.

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