Before we talk about employee benefits plans, let’s quash a long standing rumour.
FICTION: Only mid to large sized companies can afford an employee benefits plan.
FACT: Even companies with 1-10 employees can afford coverage.
This is a terrible misconception in Canada. All employers, regardless of size, cannot afford not to offer coverage to their staff. A 2009 survey of Canadian employees who have benefits coverage said that next to their salary, their benefits coverage is the most important thing that their employer can offer.
It’s now easier than ever to find coverage to suit the needs and budget of your company, and of your employees. There are now over 15 Canadian insurance companies offering employee benefits coverage, and countless association plans also offering similar coverage.
A traditional employee benefits plan is by far the most popular type of coverage, as they offer a high level of security for the employer and the employee. In most instances, premiums are guaranteed for one year, and during that time, the insurance company assumes responsibility for paying the claims. Many people who cannot obtain individual life, health, travel, and/or disability coverage may be eligible for coverage under a benefits plan. Employee benefits plans do not discriminate, and are not anti-selective.
Coverage can include the following:
- Employee Life Insurance
- Dependent Life Insurance
- Accidental Death & Dismemberment Coverage
- Extended Health Care Coverage (which includes prescription drug coverage)
- Dental Care Coverage
- Short Term Disability/Weekly Indemnity Coverage
- Long Term Disability Coverage
- Critical Illness Coverage
- Employee Assistance Program
We have been able to help a number of Canadian employers in designing, implementing, and running their benefits plans. And, since not all companies are the same, nor should all benefits plans be the same.
And remember: premiums that your company pays are tax-deductible.
If you are interested in a no obligation quote, please either contact us at 416-754-3910/1-800-773-8638 or email Chris Gory.