Five Reasons Why Offering Pet Insurance as a Voluntary Benefit is A No-Brainer

Five Reasons Why Offering Pet Insurance as a Voluntary Benefit is A No-Brainer

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In today's competitive talent landscape, offering pet insurance as a voluntary benefit is emerging as more than just a "nice to have." Forward thinking companies are discovering its potential to help attract and retain the best talent. Yet, many employers still overlook this opportunity. Here are five reasons for employers and benefits consultants to consider when looking to level up employee benefits offerings:

1. It Costs You Nothing-But Delivers High Impact

Pet insurance is a zero-cost benefit for employers to offer because the cost is covered by the employees who opt into this benefit, yet it can make a meaningful difference in employees' lives. It's a way for the employer to show they care, especially for employees who might not have children but consider their pets family.

2. It's a Secret Weapon for Retaining Gen Z and Millennials

Younger employees are deeply connected to their pets, often treating them much like human children. In fact, 72% of Gen Z and Millennials with pet insurance report being fully engaged at workⁱ. Offering this benefit signals that their employer understands and supports what matters most to them.

3. Employees Can Enroll Anytime

Unlike most voluntary benefits tied to open enrollment season, pet insurance allows year-round enrollment. This flexibility means employees can opt in when they adopt a pet or when their financial situation changes, making it more accessible and relevant.

4. Pet Ownership Supports Employee Wellness

Pets are proven to reduce loneliness, improve recovery from illness and boost overall mental health. Supporting pet ownership by offering insurance can help employees to bring their best selves to work both physically and emotionally, which can translate to better performance.

5. It Protects Financial Well-being

Unexpected vet bills can be financially devastating. Pet insurance helps employees avoid dipping into savings or their 401(k), especially in today's tough economy where costs, including pet healthcare, are rising. With many workers living paycheck to paycheck and having less than $1,000 saved for emergencies, this benefit can be a financial lifeline that helps them keep their savings goals on track.

Choosing the right provider

David Hurley, Director of Pet Voluntary Benefits for Nationwide, offers this guidance to benefit administrators and brokers trying to select the right pet insurance partner for their employees:
"Pet insurance needs are not one-size-fits-all. Some employees value comprehensive coverage, while others may be more interested in avoiding catastrophic expenses. Others are more focused on how the cost will impact their paycheck. Look for plans that allow employees to tailor coverage to their budget. For example, Nationwide's My Pet Protection Choice lets employees adjust deductibles, coverage limits, and even choose accident-only plans. This flexibility makes the benefit accessible across generations and income levels."

Bottom line: Pet insurance is more than a perk, it's a powerful way to support wellness, financial stability and employee engagement. For many, furry family members are among the most important relationships in their lives.

Learn more: Nationwide's pet insurance team has created a white paper with insights into how and why pet insurance can engage employees by meaningfully enhancing employee benefit menus: Creating in-roads with millennials and Gen-Z with pet insurance