5 benefits of group insurance for SMEs

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Your company has just under 50 employees. And business is thriving. With the labour shortage, however, hiring and retaining talent is quite a challenge. Last week, for example, you found the perfect candidate, but she decided to go work for your competitor who offered group insurance. You’ve been giving it some thought for some time now. Here are a few advantages that might help sway your decision.

1. Attracting and retaining talent

You’ve probably already realized that it’s getting increasingly more difficult to recruit and retain employees. The labour shortage and ageing population are just a few factors that have compounded this situation. And that means you have to compete for qualified personnel.

Luckily, there is hope: businesses which offer group insurance stand a better chance of attracting and retaining new candidates. In fact, the findings of a 2021 Benefits Canada survey showed it is the second most important reason for having group insurance.

With group insurance, you can:

  • Improve your employer attractiveness among those looking for a job
  • Position your company as positive and caring
  • Get more job applications
  • Stand out by showing that you take care of your employees and their families

Plus, it’s a great way to make your company stand out on the job market.

2. Reduce absenteeism

Your employees’ state of health has a direct impact on their professional lives and on absenteeism. Based on a 2021 Benefits Canada survey, 47% of those polled report having missed work due to chronic pain or illness. Mental health problems, high blood pressure, diabetes, arthritis and asthma are often the culprits.

Playing an active role in your team’s well-being will therefore encourage workplace attendance.

Even small groups benefit

For businesses with fewer than 50 employees:

Beneva is offering a 3-year* predetermined rate plan to give you long-term peace of mind. Your insurance contract is tailored to your business’ needs. You choose the best product to ensure your employees’ well-being. The price will be based on the services you choose.

3. Providing comprehensive insurance

A group insurance plan provides coverage tailored to the needs and constraints of your SME. It includes:

  • Health insurance (prescription drugs and paramedical services)
  • Participant’s Basic Life Insurance
  • Travel insurance and trip cancellation and interruption insurance

You can also add other coverage options:

  • Dental Care
  • Vision Care
  • Participants’ and Dependents’ Optional Life Insurance
  • Participant’s Accidental Death and Dismemberment Insurance
  • (basic and optional coverage available)
  • Short- and Long-Term Disability Insurance (disability income)

4. Get support for your health needs

With a private plan, experts work with you to build a health-oriented workplace culture.

What’s more, a managers’ support program is always included with long-term disability coverage. It allows us to refer employees experiencing difficulties to personalized telephone support to address both their physical and psychological health. The program also offers crisis intervention and counselling, which was particularly useful during the pandemic. The need for help with mental health issues has spiked in the workplace. It’s now a priority for employers. In fact, 2 in 5 Canadians have suffered trauma with lasting impact on their mental health. These were the findings from TELUS Health’s Mental Health Index (This hyperlink will open in a new tab), published May 2, 2023.

5. Web-based management made easy

As an employer, you may think it takes up a lot of your time to administer a group insurance plan. But it can all be done online. And you don’t need anyone to administer it.

With our online services, you can:

  • Add participants
  • Modify their contact information and status
  • Change or terminate their insurance benefits
  • Receive notifications when your electronic invoice is available
  • Pay by preauthorized debit
  • Access contractual documents

Managing your coverage is quick and easy. And there you have it! You now know all about the advantages of getting group insurance for your business. Everyone’s a winner. You and your employees.

To learn more about Beneva’s group insurance offer, contact us.