Employee Benefits for Business Owners

There is a direct link between business success and employee benefits. Some of the most successful businesses are those with satisfied employees. And it shouldn’t surprise anyone that some of the most satisfied (and productive, dedicated and loyal!) employees are those that are content with the employment benefits provided by their employer.

But just as success doesn’t automatically happen in business – it takes dedication and hard work; putting together an equitable employee benefits package requires careful planning and foresight.

Why Employee Benefits Planning Is Important

The very success of your company could actually depend on the types of benefits package you offer your employees. With so many of your peer and competitor businesses competing for good talent, it is often not the pay-rate that attracts good employees, but the complete benefits package they receive.

But there’s more to employee benefits than just enticing great talent to join your company. If your benefits package doesn’t keep pace with the industry you are in, chances are that your competitors will win over talented workers from you. All your investment in training and equipping them with business knowledge and skills will become an expense to be written-off – instead of an asset to capitalize on!

What We Can Do for You

While you focus on encouraging your clients and business associates to establish profitable business relationships with your company, our Employee Benefits specialists will help find a package of employee benefits that will motivate your workforce to work hard and stay committed to your ideals. Our emphasis is always on:

Finding personalized solutions, as opposed to cookie-cutter out-of-the-box plans.
Recommending solutions that help you reduce benefits management and administration costs across the company.
Offering benefits packages that are in line with what your industry peers are offering their employees.
Proposing plans that are low on red-tape, and high on delivering real value to your employees: targeted benefits, quicker processing, seamless and secure access, and transparent reporting
Advising on plans that don’t just work towards today’s needs, but that can continue to evolve as your business grows and matures.

Before we bring forward recommendations for an ideal Employee Benefits plan for your business, we’ll first understand what it is that you wish to accomplish from the package. We then review the existing landscape of employee benefits, and bring forward recommendations that will best pursue the needs of your company.

Here are just some of the areas that our Employee Benefits team can assist you in finding solutions to help your business seek growth, and to keep your workforce motivated and committed:

Traditional Group Benefits plans
Employee/dependent Life Insurance coverage
Short-term and long-term disability insurance
Critical illness insurance
Staff/Executive reimbursement plans
Insuring against accidental death or dismemberment
Prescription and non-prescription drug coverage
Professional medical services coverage, including Physiotherapy, Chiropractic and Psychological assistance
Dental and Vision care
Hospital coverage

Defined Benefit Plans:

A defined benefit plan is an employer-sponsored retirement plan that promises a specified benefit upon retirement, calculated based on factors like salary history and length of employment and age. The older the business owner, the more they can set aside. Unlike 401(k) plans, the employer bears the investment risk and is responsible for ensuring there are sufficient funds to pay the promised benefits. This type of plan is important for business owners because it provides employers with a way to save far more for retirement than a 401(k) can. It also offers significant tax advantages for the business, as contributions are tax-deductible.

Supplemental Disability Insurance:

A supplemental disability policy is crucial for employees because it provides additional income protection in case they are unable to work due to illness or injury. This policy helps cover the gap between the basic disability benefits and the employee’s actual living expenses, ensuring financial stability. It can also offer coverage for a longer duration than standard policies, providing peace of mind during extended recovery periods. Supplemental policies can insurance provides benefits if you cannot perform your specific job, or your “own occupation”, while standard group policies are “any occupation” and only pays if you cannot work in any job you are qualified for. Additionally, a supplemental policy often includes benefits for partial disabilities, allowing employees to receive support even if they can work part-time. Overall, it enhances financial security and reduces stress during challenging times.

Group Life

Group Life insurance provides employees with peace of mind, knowing their loved ones will have financial protection in the event of an unexpected loss. Offering this benefit can increase employee loyalty and show your commitment to their well-being. Group life insurance policies are typically affordable, with coverage amounts and options tailored to fit a wide range of needs, ensuring employees have access to essential financial support during difficult times.

Health/Dental/Vision Insurance

Comprehensive Health, Dental, and Vision Insurance plans are crucial components of an attractive employee benefits package. By providing coverage for routine and preventive care, these policies help employees manage healthcare costs while promoting overall well-being. Investing in a health plan that includes dental and vision care demonstrates your dedication to your team’s health, making your company a more desirable place to work and helping to attract and retain top talent.

Group Disability

Group Disability Insurance offers essential income protection to employees who experience illness or injury that prevents them from working. This benefit can be structured as either short-term or long-term disability, allowing employees to focus on recovery without the financial strain. Offering group disability coverage adds a layer of financial security and demonstrates your commitment to supporting employees through challenging times, reinforcing trust and loyalty in the workplace.

Group Legal

Group Legal insurance provides employees access to affordable legal services, from consultations to full representation on matters such as estate planning, real estate, and family law. With access to this benefit, employees have peace of mind knowing they can navigate personal legal matters with professional guidance. Adding Group Legal insurance to your benefits package helps employees feel supported beyond the workplace, contributing to a balanced and stress-free work environment.

So, what does it mean for you and your business to have a great Employee Benefits plan?

Better-quality employee attraction. Higher employee morale. Greater employee productivity. Stronger employee retention.

*The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving life insurance, it would be prudent to make sure that you are insurable by having the policy approved. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges. In addition, if a policy is surrendered prematurely, there may be surrender charges and income tax implications.

Employee Benefits for Business Owners