Why group insurance is right for my small business
Canada Life - Sep 25, 2022
Adding employee benefits to your small business is a great way to stand out
Adding workplace benefits is a great way to invest in your company's growth and stay competitive in today’s job market. Offering a benefits package can help you attract and retain talented employees, a challenge in today’s environment. In fact, 86% of plan members agree their health benefit plan is an important factor when deciding on a job offer.
No business is too small to reap the rewards of group benefits -- there are plans available for companies as small as two people.
How can group benefits help?
What helps your employees will help your business. While businesses offer benefits for a variety of reasons, one of the most common is to boost job satisfaction. Employee satisfaction is the cornerstone of a healthy business. Benefits can help workers engage in personal hobbies, stay healthy, and save money for future objectives, all of which can help enhance workplace morale, engagement, and productivity. By helping employees stay healthy, coverage could help reduce time off.
Job hunters consider salary and benefits when choosing where to apply, so offering workplace benefits can help you retain and attract top talent so you can stay competitive.
What are my options when purchasing group benefits?
Because we understand that business come in all shapes and sizes, I can help tailor a plan to suit your unique business needs and budget.
Adding a benefits plan to your small to midsized business can help your employees cover the cost of things like:
- Prescription drugs
- Dental and vision care
- Paramedical services like massages or physiotherapy
- Virtual Health
If you have a business with only two employees or if you are self-employed, I can help you design a benefit plan with coverage for things like:
- Prescription drugs
- Dental and vision care
- Paramedical services
- Travel insurance
- Virtual health
Can I afford it?
Offering a benefits plan is affordable, costing as little as 1 - 5% of payroll. No matter what your budget is, I’m here to help you choose the right plan without compromising your bottom line.
And remember, group benefits can save your business money by increasing employee job satisfaction which could reduce staff turnovers. This in turn can help you avoid the expense of recruiting, hiring and training new hires and the disruption to your employees and customers. A benefits plan can be low-cost for you and high value for your small business.
Let’s talk about creating a group benefits plan that works for you, your employees and your business.
Ask an advisor: Should I get benefits for my small business? – Canada Life
Find out how group benefits plan can help retain staff, improve morale and productivity, and keep your employees healthy and at work.
View video script
Description: This animated video introduces a character named Greg and his advisor with illustrated graphics to show how benefits can help a small business owner.
Text: Ask an advisor: Should I get benefits for my small business?
Description: An illustration of a storefront draws into the frame.
Greg: My employees have been asking for workplace benefits. Are they right for my business?
Description: Greg stands behind a counter of baked goods while talking on the phone. An employee carrying empty coffee cups on a tray walks into frame.
Advisor: I'm in the neighborhood. I’ll stop by.
Description: Cut to a close-up shot of Greg.
Advisor: In today’s competitive job market, group benefits can be a great way to invest in your company’s health.
Description: The advisor sits on a stool at a high table with her laptop. Greg serves her tea.
Advisor: They can help you attract and retain staff
Description: The camera zooms out to show Greg in a circle. Two more circles appear with Greg’s employees inside each.
Advisor: Improve morale and productivity
Description: The camera zooms into one of the employees. Text “Morale” and “Productivity” appear, each with an indicator showing a high rating.
Advisor: And keep your employees healthy at work.
Description: The camera zooms out of the employee to show them safely carrying a large box.
Advisor: There are plans available for companies as small as two people.
Description: Cut to Greg and the advisor talking in the café.
Advisor: You can start with basic benefits such as prescription drugs, dentalcare, disability, life, critical illness and accident insurance.
Description: Illustrations animate into the frame to represent each benefit.
Advisor: Then as your business grows, you can add a retirement and savings plan.
Description: Two illustrations appear : a Muskoka chair for retirement and a piggy bank for savings.
Greg: But can I afford it?
Description: Cut to a medium shot of Greg.
Advisor: Adding workplace benefits can be less expensive than pay raises. When you raise pay, you also increase your contributions to public pension plans, employment insurance and worker’s compensation. With benefits, you don’t have to. You just make the monthly payments.
Description: Three illustrations of the benefits return. A list appears, titled “No increases in:” with “Employer contributions under Canada and Quebec pension plans,” “Employment insurance” and “Worker’s compensation” in a column.
Advisor: And our apps and online services can make administering your plan easy and secure.
Description: Cut to the advisor with her laptop turned towards Greg. The My Canada Life at Work dashboard is displayed.
Advisor: Let’s talk about creating a group benefits plan that works for you, your employees and your business.
Description: The camera zooms out to show Greg and the advisor.
Text “Let’s talk. Contact me today.” appears onscreen with the Canada Life logo and legal line: “Canada Life and design are trademarks of The Canada Life Assurance Company. canadalife.com 1-204-946-1190.”
This information is general in nature, and is intended for informational purposes only. For specific situations you should consult the appropriate legal, accounting or tax advisor.
Canada Life and design are trademarks of The Canada Life Assurance Company.