How a Pooled Benefits Plan Offers Stability for Small Businesses [Video]

Posted by Douglas Hynek on October 23rd, 2015

Benefits Plans BurlingtonMost small and mid-sized business owners are concerned about the stability of their benefits costs. Previously, stable coverage was only available to large companies who could spread out risk across thousands of employees.

Pooled Benefits Plans

A pooled benefits plan spreads risk across all participating companies. What this means to you is that even if one of your employees has a large claim, the impact is spread out over a large lake … instead of the small pond of just your own company!

Due to this, premiums and rates aren’t as susceptible to changes based on just your employees. A fair rate is determined based on the claims of an aggregate of similar plan member businesses.

Due to this, rates at plan renewal aren’t as susceptible to big changes.

The Chambers of Commerce Group Insurance Plan®

The Chambers of Commerce Group Insurance Plan® is one such pooled benefits plan. Because it has more than 30,000 member companies Canada-wide, it can offer very stable rates year over year. In fact, over the past 10 years, renewal premium increases for the Chambers Plan have averaged just above 4%.

Watch this video to see how a pooled plan like the Chambers Plan provides premium stability for small businesses like yours:

Stability allows you to predict your benefits costs year over year. You will be able to balance cost control with your employees’ needs, and you won’t have to waste time shopping for a new plan every year.

>> The Chambers Plan is the simple, stable, and smart choice for your employee benefits needs. HFG is the exclusive provider of the benefits plan in Oakville, Burlington, Mississauga, and West Toronto. Get in touch with an HFG advisor today!

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About Douglas Hynek

Douglas Hynek, Principal Advisor at HFG, has over 10 years of experience in group and individual insurance design. He specializes in crafting and managing employee benefit and retirement strategies for small to mid-sized businesses, as well as financial and insurance planning for business owners and executives.

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