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Group Benefits are Your Way of Saying Thanks
If you own a small business, you’ve likely spent years building your company. You’ve got repeat customers and created a great reputation. Your employees are loyal and your success depends on them. However, for one reason or another you may not offer a group benefits plan.
Here’s why you may want to reconsider: maintaining a healthy workplace and a healthy workforce are two critical pieces of every business plan, and group benefits can help achieve those dual objectives.
Perhaps, as time ticks on and medical needs grow, you’re recognizing that providing health coverage and financial protection is a meaningful way to thank your employees for their hard work. After all, one of the greatest gifts you can give your team is the confidence that comes with knowing many of their own medical needs – and those of their family members – are covered and that their loved ones can be protected financially in the future.
Health insurance covers the catastrophic event of an employee dependent on expensive prescription drugs along with travel insurance, ambulance and many other necessities not necessarily covered by provincial health plans. Not to mention the most important part being long-term disability benefits.
Let’s look at a hypothetical example that might ring true for you.
Bill is the 45-year old owner of an engineering firm. Due to changing government regulations, and a recent foray into the booming energy sector, Bill’s enterprise has grown from seven to more than 20 employees, and he’s opening two small satellite offices.
Over the past year, Bill has devoted his energy to winning new customers; hiring new staff; training new, young employees; opening offices; leasing equipment and vehicles; and meeting the many other demands of a growing company. During this period of growth, Bill has had less time to devote to his long-term employees.
For the past few months, some of Bill’s employees have left including a key person he depended on. These staff departures have happened in the midst of Bill’s efforts to hire talented people who will help support the growth of his firm. With plans for the future, he is now looking for new ways to attract and keep high-performing staff. Bill realized that he has to take steps to keep his employees – both new and long-term – satisfied in order to continue building his business. In the past Bill never gave serious thought to offering group benefits to his employees. His wife had a good program, and so did many of the spouses of his employees when the company was small.
With a growing company and more competition Bill knows the way to attract and retain his staff is through a benefits plan. In fact some are starting to ask. He wants to protect them and the company he worked hard to build.
Bill sets up an appointment with his advisor to discuss the possibilities and finds out there are several quality options available, from simple, more affordable benefits plans to more flexible solutions that give the employer greater choice.
At the end of the discussion, Bill sees that the simpler plan may have satisfied his needs two or three years ago, but given the growth of his firm he now requires a program that will offer flexibility to his diverse workforce and give employees a strong incentive to stay.
Simple, more cost-effective benefits plans are ideal for new small business owners, who may not have the time or resources to maintain a more involved pan and are looking for a streamlined, almost “set it and forget it” solution.
Talk to your advisor about implementing a group benefits plan for your employees and their families. It is an important tool that helps keep your business strong and protect your investment. No matter what your budget, there is a solution that will meet your needs, regardless of what stage you’re at with your business.
SPEAK WITH YOUR ADVISOR
For a thorough evaluation of your insurance needs, please speak with our advisor.