If you have employees, you need group benefits in your business. The value of group benefits is that they make work more enjoyable and productive. They help your team work together and coordinate their activities. They also make it easier for your company to attract and retain top talent.
Let’s understand how your business can benefit from group insurance coverage for your employees.
1. Group Benefits Help To Retain Employees
Group benefits always work like a charm when either you’re trying to hire new recruits or want to retain top-notch talent for your business. Employees who are happy & content are more likely to get attracted to the company.
As a business owner, offering group insurance can become a boon to your business’s success. Want to know how else you can provide the best facilities for your employees? Find out here how to create the best company policy,
2. Group Insurance Offer Wider Network & Benefits
Group health insurance plans provide a wider network of doctors, hospitals & treatments compared to an individual plan, which is limited.
Apart from a wider reach of the network, employees also receive better coverage while paying lower premiums. This means group benefits are much more useful for your employees. These group benefit plans also cover a wide array of health issues, such as:
- Mental health
3. Stress-Free Employees Equals Productive Employees
Another amazing benefit of group insurance is offered to the family of your employees. That’s right when you buy group insurance, not only your employees but their family gets insured too. Of course, there are exceptions in some provinces like Quebec.
But what did we mean by stress-free employees? Well, if you help your employees to manage their & their families’ health & wellness, you create a sense of security and belonging.
This added advantage will lift off some stress from your employees’ shoulders, allowing them to be more productive at work.
4. Tax Effective!
If you decide to offer group insurance benefits to your employees then you can also choose how much you want to contribute to it. You can choose to pay 100% of the group insurance or even 25%.
Whatever amount you pay for your employees’ group insurance, will all contribute to tax write-off for you. Of course, there are exceptions in some provinces like Quebec.
Employees also benefit from this, as a portion of the insurance is paid from the pretax dollars, unlike an individual plan. So, it’s a win-win situation for both employers and employees.
Group benefits are surely the way to go to create a sense of contentment, security, motivation, and belonging in your company’s workforce. Remember, the more you give to your employees, the more they’ll give it back to you.
Do you have any questions or are you just curious about how you can get a Group Benefits Plan started for your business? You can contact us & we’ll be more than happy to assist you.
You can also request a quote on group insurance from us here.