5 reasons to offer group insurance to your employees
Do you think group insurance is too expensive? Well, think again! Here are 5 reasons to convince you to provide this benefit to your employees.
1. Everything is online
Insurers get it… your time is valuable!
This is why many of them offer group insurance plans that can be entirely managed online.
From new employee registration to file management to submitting claims online, everything is located in one place to help you save time and reduce the paperwork.
Plan members are able to accomplish a variety of tasks via a secure site or mobile app. Everything is available at their fingertips whether it be making an address change, updating their coverage, editing the information of other participants or even submitting a claim online for faster reimbursement.
2. Complete, customized insurance contract
Group insurance plans for businesses cover much more than prescription drugs.
Plans are tailored to your needs, your employees’ needs and the cost-sharing structure between the employer and employees.
The following coverage is also available:
- Life insurance
- Disability insurance (short and long term)
- Health insurance, including a semi-private hospital room, travel insurance, care provided by health professionals (physiotherapist, massage therapist, psychologist, acupuncturist, speech therapist, etc.)
- Dental care insurance
3. Staff attraction and retention
While labour shortages seem to make the headlines on a daily basis, businesses big and small (not always a level playing field) are vying to attract and retain the best employees.
It is therefore a winning strategy for SMBs to add group insurance to their total compensation package. It allows employers to be as attractive and competitive as governments and large corporations. This theory was proven in a survey conducted by Watson Wyatt. He demonstrated that businesses have a lower turnover rate and are better able to attract top talent when their employees are highly engaged.
As for candidates wishing to join your ranks, you are sending them a message that you are willing to take care of them and their family.
Furthermore, a recent survey conducted by Sanofi revealed that 76% of employees would not accept a job that does not offer group insurance.
So give them what they want and keep in mind that you catch more flies with honey than with vinegar.
4. Cheers to workplace health!
A healthy employee is a dynamic employee.
But how can you improve the health of employees in your organization?
Group insurance plans often include a health and wellness program, whereby specialists apply concrete solutions to help implement a health culture in your organization.
Telemedicine and an Employee Assistance Program are proven solutions to support employees who are going through tough times or who simply need some expert advice, such as from a lawyer or even a second medical opinion.
5. Increased productivity
Group insurance is not just an expense, it is also an investment. According to Health Canada, promoting health in the workplace brings in $2.75-$4 for every dollar invested.
On the other hand, an employee in poor health can cost a business between $1,500-$4,000 per year.
Highly engaged employees are 80% more likely to perform better. They are also 20% less absent from work and ¾ of them overwhelmingly exceed expectations, according to their most recent job performance evaluation.
Only the best for your employees
As a group insurance leader, SSQ Insurance sets itself apart in the industry with its SSQ SMEs product.
Perfect for small and medium businesses (fewer than 50 employees), SSQ SMEs is the ideal online solution when you want to offer group insurance to your employees.
Talk to your group insurance broker for more information.