National “Take Your Dog to Work Day” is slated for Friday, June 23. While not all companies allow furry four-legged friends in the workplace, nearly half of all Fortune 500 companies offer pet insurance as a voluntary benefit, making it available to millions of employees throughout the U.S.
As one of the fastest-growing employee benefits, more than 5,500 companies and organizations have added pet insurance to their voluntary benefits portfolio, inclusive of small businesses and companies as large as 100,000+ associates. Industries that offer pet-friendly perks run the gamut, ranging from technology, finance, healthcare, retail, hospitality, professional sports and many others.
“According to American Pet Products Association, pet owners spent nearly $16 billion on veterinary care in 2016,” said Scott Liles, vice president and chief pet insurance officer for Nationwide. “Since 65 percent of Americans own at least one pet, two-thirds of employees may be shouldering sizable pet care costs. Pet insurance can help employees offset these veterinary expenses.”
“With the cost of core benefits on the rise, companies are looking for offerings that can be added to a benefits portfolio at no expense to the employer,” said Liles. “Offering pet insurance as a voluntary benefit appeals to prospective pet lovers and helps retain current pet-owning employees.”