Benefits of Group Insurance for Employers
Healthy employees are productive employees. Group insurance helps employers like you keep their people healthier, meaning they are less likely to call in sick. When employees are happy, morale in the workplace skyrockets. That makes it easy for employees to focus on their jobs and get more done. When your employees are engaged and on task, your company is likely to improve its performance as a whole. The benefits offered to employees play a huge role in all of that.
The benefits of group insurance apply to both employers and employees. We have listed them below for your consideration, so you can feel confident about the perks of offering group insurance plans despite the cost.
Benefits for the Business Owner
From attracting the best employees to reaping tax deductions, the benefits of group insurance for employers are significant. Here are 6 of the most important ones:
1) Helps attracts the best talent
Top candidates are not always looking for the highest salary. There are many other factors that go into their final choice, such as the company’s location, reputation, bonuses, training and benefits. Set yourself apart from the competition by offering appealing benefits, such as a comprehensive group insurance plan, to attract the best candidates.
2) Increases employee retention
Companies that offer their employees benefits, such as group insurance, are generally perceived as good employers who care about their employees. Group insurance contributes to the overall well-being of employees, both physically and morally.
In a competitive employment market, a comprehensive group insurance plan can play an important role in retaining your employees against a competitor offering little or no benefits.
“As per the Chambers of Commerce Group Insurance Plan, 77% of respondents to a 2016 Canadian Health Survey said they would not accept a job without health benefits.”
3) Offers support for the employees
Employees are your most important asset. Protecting them and their families shows you care about them. It’s not hard to win people over when you show that you value what they do for your organization. If your employee gets hurt or becomes ill, a group insurance plan can ensure that they’re taken care of. For any gaps in public healthcare coverage, your group insurance package is a welcome solution.
4) Tax deductible premiums
Employer-paid premiums are tax-deductible as company expenses. This is one of the biggest advantages for employers offering group insurance.
5) Improves employees’ health and productivity
A group insurance plan gives your employees peace of mind that they’re covered in the event of a health-related issue. In turn, this makes it easier for them to concentrate on their job and stay productive. With less absenteeism due to illness and higher productivity, your organization reaps the benefits of an efficient, engaged workforce.
6) Easy management
By grouping the coverage under one master plan, group insurance policies become much easier to manage than other alternatives. Your executive management team and your HR staff will come to appreciate this!
Benefits for the Employees
There are also many advantages for employees, such as tax breaks and security for their families. Group insurance benefits provide:
1) Financial stability
In these uncertain times, group insurance provides security for employees. It also allows them to cover important expenses for their spouse and dependents as well. Without insurance, employees could end up spending a lot more out of pocket, putting their financial stability in jeopardy.
2) Convenience and peace of mind
Sheer convenience is one of the main benefits of group insurance. Since employers typically take the premiums out of each employee’s pay, they don’t have to worry about paying a bill or garnering late fees. In Quebec, group insurance for small businesses comes out of employees’ pre-tax income, so they save on taxes.
3) Protection for aging employees
As employees age, comprehensive insurance coverage becomes more and more important. Dental and vision health tend to decline closer to retirement, so offering benefits can help you keep experienced, tenured employees on the payroll.
4) Protection for families
Younger employees with children at home appreciate insurance. It helps them cover the expenses associated with accidental injuries, childhood illnesses, and unexpected medical crises, helping them to take care of their loved ones.
5) Direct deposit for refunds
Group insurance plans conveniently deposit refunds directly into employees’ bank accounts. No hassle!
SCORE is Here to Help!
Keeping employees motivated and productive is easier when you give them the tools they need. Offer a compensation and benefits package that includes group insurance: it’s a win-win for employers and employees—everybody benefits in tangible ways.
SCORE Financial Services offers different group insurance plans for business owners. You can choose between the comprehensive group benefits of the Chambers of Commerce Group Insurance Plan, specifically designed to simplify the life of small to midsize businesses, and the flexibility of a third-party administrator with Maximum Benefit.
Feel free to contact us for more information on our group insurance plans. Our advisors can help you select the best group insurance plan for your business and your employees.