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WHY SHOULD I PROVIDE A GROUP INSURANCE PROGRAM TO MY EMPLOYEES?
- Total costs to the employer are generally in the range of
3-6% of payroll
- More cost effective than providing employees with raises
since premiums do not effect EI, CPP, WCB
- Premiums are fully tax-deductible as a business expense
- Provides an employer with the opportunity to provide Extended
Health and Dental Care to all or selected classes of employees
and their dependants
- Group insurance programs are available for companies with
as few as 2 employees
- May be able to offer certain amounts of life insurance and
disability insurance without medical exams
- Coverage covers the employees and their families on a 24
hour basis
- Will increase morale as this type of plan will show your
employees that you care about them and their family
- Eases the burden of the company having to pay out large amounts
if an employee is seriously injured or ill
- Employees will be more likely to obtain the medications and
treatment that they need because they are not responsible for
the entire cost, and thus will heal quicker and be more productive
- This type of program will assist you in attracting high quality
employees and retaining valuable employees
- Plan design can also be tailored to meet various needs of
company
- Most group insurance programs offer 24 hour employee assistance
programs for health questions and concerns
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