The Nationwide insurance company estimates that 65 percent of Americans own at least one pet. Of those pet owners, the American Pet Products Association estimates 24 percent are millennials.
Many millennials, the generation born between 1981 and 2000, are waiting to get married and have children later in life. American Pet Products Association says that young people are using pets as practice families.
Because of this trend, some employers offer pet insurance as a creative way to keep their millennial workforce engaged. According to the Society for Human Resource Management (SHRM), nine percent of all organizations offered pet insurance in 2016, a five percent jump from 2011.
Scott Liles, president and chief pet insurance officer at Nationwide, said one of the reasons for the growth in popularity of pet insurance is that people develop close emotional bonds with their pets.
“Pets are treated less like work animals and more as a member of the family…hanging out in the den and often sleeping in the bedroom,” Likes said.
Companies like Google and Amazon take pet ownership quite seriously, allowing employees to bring pets to work. They believe this is great for morale and makes employees feel more comfortable in their work environment.
Pet owners want to keep their pets healthy, and like humans, pets can come down with serious illnesses leading to big medical bills. A Healthy Paws Pet Insurance report found that pet owners often pay more for their pet’s health care than their own.
Pet insurance is inexpensive and there are a variety of insurance plans available. Some plans only cover injuries; others can include wellness care, heredity and congenital conditions, and behavioral issues. Employers can pay 100 percent of the pet insurance premiums, or can pass along a discount to the employee.
Before choosing a plan for your employees, you should know what pets your employees have. Some policies only cover cats and dogs. Look for coverage that remains the same each year so employees know what to expect.
Pet insurance can show millennials that their employers share their values and want to help them take care of their pets.