The Top 5 Questions Business Owners Have About Group Benefits

Every insurance company that you talk to will know quite a bit about group benefits, but they may not know that much about being an entrepreneur and being responsible for not just yourself and your family, but in some cases your employees and their families. It’s a huge stress point for every business owner, and best alleviated by group benefits insurance that gets it: the Chambers Plan. The Chambers Plan is made up of 30,000 businesses across Canada, some with a very small amount of employees, and it is designed to meet the needs of the backbone of our economy: Canadian small businesses just like yours.

When it comes to group benefits, you’ve got a lot of questions, and these are the top five that we hear at Kennedy every day from your fellow business owners.

1. Why should I get group benefits if I just have a few employees?
As a small business, you’re all about being competitive. In order to be competitive, you need the best staff. The harsh truth is that employees simply won’t stick around if you don’t offer benefits, and most very small businesses can’t afford to lose people that they’ve invested time and training in. The Chambers Plan is specially designed for very small businesses just like yours, so retaining your employees with good benefits doesn’t put a dent in your bottom line. Plus, we add your Chamber of Commerce membership to your monthly premiums, saving you a large bill at membership renewal time. In addition, your Plan advisor becomes a member of your team, handling plan administration so your time-starved business doesn’t have to.

2. Do I have to provide health and dental or just long-term disability?
The main benefits that staff is looking for when evaluating their options are health and dental. But these can be customized to what your needs actually are. For example, if an employee is covered by their spouse’s benefits plan for health and dental, you can choose to just offer them long-term disability as a benefit. Unlike other group benefit plans, which come as a package deal for all plan members, the Chambers Plan can be fine-tuned to exactly what you need.

3. Do all of my employees have to be enrolled?
Yes, all employees do need to be enrolled. However, as in the example above, you can have less benefits for employees that are covered by other group benefits plans and opt out of the health and dental plan.

4. What options do I have for my group benefits plan?
You want to pick and choose from a large menu of options. The Chambers Plan gives you that flexibility. It has a bronze, silver and gold plan with plentiful choices so that each can be customized. For example, if you don’t want to pay for orthodontics, they can be excluded from your plan. If you want to make sure that mental health services such as psychiatrists are covered, we can do that. You have full control over what you are getting at all times, and can make changes to your plan whenever you want.

5. What are my payment options?
You can pay monthly with a pre-approved withdrawal through your banking institution. You can also pay by cheque if you have more than five plan members. When workers were polled about having a $10,000 raise or benefits, the majority selected benefits. Getting group benefits for your staff – and yourself – gives everyone in your office peace of mind that their needs are covered. Offering benefits will keep your key employees at your firm, and ensure that your business is profitable and competitive for years to come. There is no greater investment you can make in your business than group benefits. Contact Kennedy Insurance today to find out more.