Group Insurance Plans: Know the Benefits of Obtaining a Group Solution

November 03, 2017

Are you losing out on good employees because your operation isn’t offering group insurance benefits?  Benefits are a major draw for talent – even more than higher wages in many cases.  Even small businesses should consider getting group insurance options, specifically so they can be more competitive when hiring while also improving retention of their best workers.

Great Wealth Health Services can make this possible.  Group insurance plans may be more affordable than you realize, and bring significant benefits to your company as a whole.

Six Big Benefits from Enrolling In Small Business Group Insurance Plans

  1. Attract and retain talent

According to surveys, roughly four in five workers would rather have better benefits than higher pay.  There’s probably no better policy you could implement to improve the quality of talent onboard.  You might even be able to offer slightly lower salaries and still come out ahead, if your benefits package compensates.

  1. Improve productivity

A healthy worker is a productive worker.  Group insurance benefits with good preventative care coverage will help ensure your workforce gets sick less often, and will miss less work when they are unable to come in.

  1. Show employees you care

There is a real negative stereotype at the moment, of businesses being cold and unfeeling towards their workforce.  Implementing a benefits package can be a great way to show you aren’t part of that trend, and genuinely want workers who are healthy and happy.

  1. Lower overall health costs

One of the big advantages to group insurance benefits in general is that shared policies are going to be significantly less expensive than individual policies.  The right benefits package could allow your workforce to get better healthcare than they could afford on their own.

  1. More tax deductions

In many cases, the money you pay into group insurance options is tax deductible as a small business expense.  This is obviously situational, but if you qualify this can significantly reduce the overall costs of enrolling in group insurance plans.

  1. Insurance benefits everyone

Don’t forget – you also get to enroll in whatever group insurance plans you choose.  This isn’t just something you might do for the sake of your business or your workforce; you get to take advantage of improved insurance just like everyone else at your company.

Great Wealth Insurance Services Makes Small Business Policies Possible

We are insurance brokers with contacts at all the major Canadian insurance firms.  We can help you create a customized, “mix and matched” benefits package that fits your budget while providing the benefits that you and your workforce wants. Contact Great Wealth today to start the process going.