Request a Group Insurance Quote For Your Business or Organization!
Save Money For Your Employees and Your Company With Group Coverage
With a group insurance policy, you’ll be able to offer your employees a unique package of benefits that fit their needs and build loyalty in your company or organization.
In a group plan, you have options. Your master policy can be shaped to the interests of the members of the group and built to fit the needs of your employees or group members.
What Are the Benefits of Group Insurance?
There are several reasons why a group plan should be an appealing option for you to meet the needs of your employees or the members of your organization:
- Attract Top Talent: Top candidates expect to be offered membership in a group benefits plan, and many may see group insurance as a more appealing draw than even a higher salary. Companies who opt to invest in group coverage can save money on payroll taxes, as well as be exempt from paying taxes on money paid into a group insurance plan.
- Invest in Employees’ Wellness: People want to work for an employer who cares about their health and financial stability. A group plan provides risk mitigation for an employee and their family, which can boost morale and lower workplace turnover.
- Customize Coverage: There are countless unique circumstances that change the unique needs of employees at different companies. With private group insurance, employers can pick and choose the coverage options that they add to group policies to address the needs of their staff.
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Group Coverage Options in Ontario
Canadian insurance companies offer a wide variety of coverage options with group plans, including:
Group Health Insurance: The most popular group insurance product is health insurance. Employees expect their employer to provide health coverage and most group plans involve a primary health plan and branch out from there. In Ontario, group health plans are available to include the following protections:
- Employee Health Benefits
- Disability Insurance
- Life Insurance
- Dental Insurance
- Enhanced Hospital Coverage
Although group life insurance is often separate from health insurance, many insurers will offer minimal coverage life insurance policies as part of group health insurance plans.
Group Life Insurance: The most popular group life insurance offered as part of an employee benefits package is term life insurance, in which policyholders pay a fixed rate over the course of a fixed amount of time, the term. Group life insurance policies are based on a few key factors:
- The size of your business
- Your company claims history
- Your employee salaries
Although term life insurance is the most common group policy, many insurers in Ontario will also offer various options in whole life insurance.
Group Home and Auto Insurance: Less common as part of an employee benefits package is group coverage for home and auto; normally these are purchases by individuals based on their unique insurance needs. With this in mind, group home and auto policies are offered for businesses in Ontario to save people money by pooling their risk in a group plan.
Group Travel, Accident and Sickness Insurance: When a company has specific needs for one or more of travel, accident or sickness insurance (for example, if travel is a major part of the job or exposure to illness is common), employers may elect to purchase other group plans and add them onto a group policy.
There’s never a bad time to explore all your options as far as risk protection goes, for you or your employees. Maybe it’s time you went over your risk profile and considered a group plan for your business.