One of the main benefits of group insurance is that it is good for business. Or course, as a business owner, spending money is necessary, but what do you gain by providing benefits at work? A happier workforce, free word-of-mouth marketing, and the opportunity to live the values that make people want to do business with you (resulting in increased revenues) are just some reasons to include group insurance benefits in your employees’ remuneration packages.
Do you want to have a generationally diverse workforce? The World Economic Forum (WEF) states that employee benefits are one of the ways to attract multigenerational employees. What benefits might interest the different generations?
- Gen Z – Wellness programs and transparent dialogue.
- Millennials – Excellent health insurance, dependent care assistance, fertility funds, and help with student loan payments.
- Gen X – Affordable health care benefits, dependent care assistance.
- Baby Boomers – Health insurance, vision benefits, dental insurance, pensions.
Now that we know what the generations want from employers, let’s explore how business owners can benefit, how group benefit plans can help employees, and where to find suitable plans.
Benefits of Group Insurance Plans for the Business Owner
At Nour Private Wealth (NPW), you can build a group benefits plan that benefits your business and staff and doesn’t break the bank. What benefits do you, as a business owner, get from group insurance plans? Do you want to maintain a competitive edge in the market by attracting and keeping key employees? Offering quality benefits draws candidates that help your business to respond more effectively to market conditions, giving you an advantage over competitors.
Complicated employee benefit plans are time-consuming. Grouping the employee insurance benefits makes them easier to manage and allows businesses to negotiate for lower premiums while maintaining coverage equivalent to individual health insurance.
Did you know some group insurance premiums might be tax deductible? The premiums employers pay for group health insurance and group term life insurance are tax-deductible in most provinces and can be written off as a business expense. It is always advisable to consult with your company tax, legal, and accounting advisors to clarify.
How Group Benefit Plans Help Your Employees
One of the main reasons to offer employee benefits is to show your workforce that they are valuable to the company. The most important people in your employees’ lives are their loved ones, and group benefit plans that protect their financial stability and their families foster loyalty and increase productivity.
The cost of health and dental treatments can be very high, and to many employees, group health insurance is a vital employee benefit, especially when they have children. How else do group benefit plans help employees? They get coverage at a lower cost than most personal plans. What about the experienced Baby Boomers in your company? Since vision and dental health decline with age, good insurance is one of the factors that will keep your more senior employees happy at work.
Where to Find Good Group Benefit Plans in Canada
Many companies offer group benefit plans, but at NPW, we understand why insurance is important. That is why we work with Nour Insurance Services (NIS), a related and separate company from NPW, to give our clients the right benefits solution for each business. Many Canadian employers trust NIS to deliver employee benefit programs that are current and competitively priced.
Are you a small business with less than 51 employees? Then we have the group benefits plan perfect for your needs. NIS also provides group benefits to mid-sized and large businesses, multi-employer trade unions, teachers- and public-sector trust funds.
Nour Private Wealth (NPW) is a Canadian company with a team of wealth advisors servicing clients across seven provinces. Do you want to offer extended group benefits and group pensions to employees? Contact us to discuss the benefits of group insurance in more detail.
Disclaimer: Insurance products and services are offered through Nour Insurance Services Inc., a related and separate company from Nour Private Wealth Inc. Only products and services offered through Nour Private Wealth Inc. are covered by the Canadian Investor Protection Fund.
