Group Insurance for SMEs: 5 Advantages

Group Insurance for SMEs: 5 Advantages

Do you run a business with 5 to 50 employees? Hesitating to buy group insurance? Discover what this product can bring to the table.

1. Attracting and Retaining Talent

The vast majority of businesses—large and small—are struggling to recruit and retain their employees. The challenge is significant for everyone.

There are solutions to help. It’s a fact that employers who offer group insurance are more likely to attract and retain new candidates. According to the 2021 Benefits Canada Healthcare Survey, attracting and retaining employees is the second-ranked reason for companies to offer a health benefits plan.

By offering a group benefits plan, you:

  • enhance your appeal to job seekers
  • receive more applications for open positions
  • stand out by showing that you care for your employees and their families
  • position your company as positive and people-focused

This is a great way to make your company look good on the job market.

2. Reducing Absenteeism

The health of your team has a direct impact on absenteeism. According to the 2021 Benefits Canada Healthcare Survey, 47% of plan members reported missing work due to a chronic condition or chronic pain. Mental health problems, hypertension, diabetes, arthritis and asthma are often to blame. Poor health has a direct impact on the working lives of these people.

By doing your part to help keep your employees healthy, you are reducing absenteeism.

A plan with added value, even for small groups

If your business has 5 to 50 employees, SSQ Insurance offers a plan with predetermined rates for three years, delivering big on long-term peace of mind.* Each insurance contract is unique and tailor-made to your business, making it easy to chose the right fit for the wellbeing of your employees. Premiums are based on the coverage you pick.

3. Comprehensive Insurance

A group plan provides coverage designed for the needs of your small business; it includes:

  • Healthcare insurance (prescription drugs, travel insurance, trip cancellation and the services of health professionals)
  • Basic life insurance for plan members

You can then add options, such as:

  • Optional life insurance for plan members and their dependents
  • Optional accidental death and dismemberment insurance
  • Short and long term disability insurance
  • Dental care
  • Vision care

4. Health Support Service

With a private plan, experts will work with you to build a health-focused corporate culture.

In addition, a health support program is often included with long term disability insurance. It allows managers in your company to refer an employee in difficulty to personalized telephone support, both for physical and mental health issues. The program also offers crisis intervention and consulting services for your managers.

This service is particularly useful during a pandemic, as the need for support is even greater. Mental health is a priority during this time of change and uncertainty.

5. Easy Online Management

Managing a group plan is quick and easy thanks to 100% online administration, so you can get back to what you do best… running your business. No headache and no need to hire an extra resource to manage your plan.

Our ACCESS | Administrators site makes quick work of:

  • adding new members
  • editing the contact information and status of members
  • changing or terminating insurance coverage
  • receiving the electronic invoice and paying by direct debit
  • accessing your contract documents

There you have it, group insurance management made simple. Get in touch to learn what the SSQ SME insurance product can do for your business.