Pet Insurance the Newest Employee Benefit
Offered by 1 in 3 Fortune 500 companies
Pet insurance is rapidly becoming one of the most popular employee benefits in the U.S., with nearly one in three Fortune 500 companies offering policies. “Like any kind of health care offering, (pet insurance) is viewed as an employee enticement and retention tool,” Charles J. Sebaski, an insurance analyst for BMO Capital Markets in New York told the Associated Press.
The nation’s oldest and largest pet insurer, Veterinary Pet Insurance, dominates the market, working with a third of Fortune 500 companies to provide policies. However, the company only insures half a million pets nationwide.
“With the job market improving, it makes sense for companies to strengthen their voluntary benefits portfolio to attract top talent,” Deana Single, director of group accounts for VPI said in a press release. “Adding pet insurance will incentivize prospective pet lovers and retain current pet-owning employees.”