Mike Madison - Manager, Employee Benefits Sales
Having a comprehensive employee benefits plan is a valuable tool to attract and retain top talent as employees perceive a benefits plan as part of their overall compensation. Choosing the right employee benefits plan can seem like an overwhelming decision often leaving decision-makers with more questions than answers. While there is no one-size-fits-all approach, there are a couple of factors that should be considered when choosing the right employee benefits plan for your business.
The Right Employee Coverage
The most important element of any employee benefits plan is the coverage needs of your employees. Whether it is critical illness, dental, or vision it is important that coverage options are tailored to the specific needs of your employees. This not only ensures that employees have the right level of coverage but also helps save you money on coverages that may not be needed.
Cost and Sustainability
An employee benefits plan is not a short-term solution, but a long-term investment in your organization and employees. The rate sustainability of plan is crucial to your ability to cover your employees not only for the current year but for years to come. At renewal, most providers will reassess your premium based on how your plan has been used. High claims in the previous year can mean an increased rate and push the cost of your plan higher. This method often leaves companies exposed to large fluctuations in their plan’s rate resulting in unsustainable costs in the future.
Our TotalGuard Employee Benefits operates using a unique group insurance structure to give plan members increased rate stability when compared to traditional employee benefits plans. Rate stability is created by pooling your premium with over a thousand other Canadian businesses. Claims are made against the pool rather than your stand-alone policy which helps insulate your policy from market swings and volatility. Our advisors will work with you to review your current policy and provide guidance to create a policy that fits your long-term needs and budget.
Support Services & Convenience
Exceptional customer service is provided to all clients of the TotalGuard with a dedicated insurance advisor who will offer support and guidance on any questions or needs you may have. Plan Members also receive access to our Online Administration portal which allows Plan Administrators to conveniently process employee changes, check coverage eligibility, or download personalized claims forms.
Our TotalGuard Employee Benefits Plans are trusted by over 1,600 independent Canadian businesses. Its unique group insurance structure and flexible coverage options allow you to create an employee benefits plan that is tailored to your needs while enjoying enhanced long-term rate stability. Schedule a review of your current policy today and one of our Insurance Advisors will help design a TotalGuard plan for your business.
