Most 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!
Like this? You might also like:
- 7 Questions to Ask when Choosing a New Benefits Advisor
- A Simple and Smart Benefits Plan for Small Businesses [Video]
- Douglas Hynek Recognized as #1 Advisor in Ontario by the Chambers Plan
- Do You Know Which Benefits Your Employees Like Best? - August 4, 2016
- Have You Heard About the Arive® Employee Assistance Program? - May 19, 2016
- 4 Little-Known Ways to Cash in on Your Life Insurance Policy - April 20, 2016
- Happy National Benefits Day from Hynek Financial Group! - April 4, 2016
- Join Us for a Complimentary ORPP Webinar: What Employers Need to Know - March 29, 2016
- Don’t Panic! How to Prepare Your Business for the Ontario Retirement Pension Plan - March 16, 2016
- Making the Most of Your Prescription Drug Coverage [Video] - February 16, 2016
- Best Doctors®: Get Support When You Need it Most - January 14, 2016
- Happy Holidays from the Hynek Financial Group! - December 20, 2015
- Is Your Business Ready for the Mandatory Ontario Retirement Pension Plan? - December 7, 2015