Why Group Insurance Benefits Are a Good Option for Companies
October 16, 2017
Many small businesses are hesitant to look into group insurance benefits because they feel they cannot afford a group plan, or that the costs would outweigh the benefits to their operation. However, most of the time, this is not the case. Even for small businesses, group insurance benefits can provide substantial value and even boost their bottom line.
Let’s look at some of the reasons that group insurance plans make sense for a wide variety of business types, and why you might want to reconsider investing in one.
Four Major Reasons to Embrace Group Insurance Benefits
- Improved recruitment
Did you know that (according to a 2015 study) four out of five employees would prefer better benefits to higher wages? Offering a substantial benefits package is a major selling point when looking to bring new employees into your business. In particular, if you’re competing against larger operations in the same industry for talent, benefits could truly make or break your ability to hire the best and brightest.
- Lower turnover
This is connected to point #1 – If your current employees aren’t getting good benefits from you; they’re far more likely to jump ship to a different job that offers the benefit they’re looking for. A good group benefits package can significantly increase your employee retention, and prevent other companies from poaching your best workers.
- Higher productivity
If your employees aren’t getting insurance benefits from you, there’s a high likelihood they aren’t getting full coverage from anyone. That means less preventative care, a higher likelihood of disease-related work absences and, of course, lowered productivity as a result. Providing group insurance helps ensure your employees are at the job, giving you top results.
You’ll also see a boost to morale as well, which also usually translates into better productivity.
- Keep yourself well too
You can be part of your own group insurance plan, and it’s almost certainly going to be less expensive than any insurance you can get privately. So that healthy productivity benefit extends to you as well – bringing you more time and better focus on your day-to-day management.
Not Convinced? Talk To an Expert Today
The skilled brokers at Great Wealth Insurance Services can help you negotiate a perfect group insurance plan to meet your business needs and your monthly budget. Contact us today to schedule an appointment.
Through the efforts of Ken Lomas of GWIS and Robert Evdokimenko of Apri, our company was able to realize a considerably lower cost for our benefit package that would continue into future contract years. The communication to our senior staff was handled in such a clear, concise and professional m…