Waypoint Insurance - Risk & Business Magazine Waypoint Insurance Fall 2016 | Page 28

EMPLOYEE BENEFITS

Group Benefits
Beneficial For You And Your Employees

E

mployees are the lifeblood of
Vancouver Island businesses.
As a business owner, you
invest time and money in
training your people, and
your clients form connections with
your staff. Your employees become
like a second family, and you look for
ways to keep them engaged, productive
and happy. These are the employees
that will help your business grow.
According to Statistics Canada, over 14.5
million people work for small or mediumsized businesses. High employee turnover
can cause low productivity, poor quality
control and reduced workplace morale.
Losing valuable people will affect your
ability to compete in the marketplace
and will have a direct impact on the
overall revenue and profitability of your
company. One way a small business can
differentiate itself is by offering group
benefits coverage. Group benefits are
an important tool for recruiting and
retaining top talent in your organization.
While making group benefits available
to your staff may seem like a challenge,
insurance carriers and advisors have
developed products and services that
can be tailored to your own unique
needs. No matter the size of the

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FALL 2016

business, group benefits are a costeffective way to protect employees,
increase productivity and boost morale.
It provides security for employees and
their families and creates an environment
where employee health and wellness is
seen as important to the employer.
The first step in setting up a group benefits
plan is to do some research. Would you
launch a new product or service or expand
your business without understanding the
business environment? Not likely. In the
same way, it is important to determine
what types of benefits your employees
need or want before you build a plan
with your advisor. Experts recommend
asking employees to provide a list of
their top three desired benefits.
Now you are ready to meet with an
advisor. A key component to building
the right group benefits plan for your
business is in developing a relationship
with a Group Benefits Specialist. That
Specialist will use his or her professional
expertise to match you with a carrier
that will work within your own situation
to develop a tailored, group benefits
strategy. Maintaining the relationship
with your Specialist will ensure that
your plan continues to meet the
expectations and requirements of you

BY: ELAINE MCDONALD,
WAYPOINT INSURANCE

and your employees for years to come.
Finally, communication will be vital to
ensuring your employees understand
how their benefits plan works. Your
Group Benefit Specialist will assist you
with the tools and materials you need
to launch a group benefits plan: a welldrafted plan highlight sheet, benefit
coverage booklets, and all the materials
needed to make a claim. This will ensure
your employees know and appreciate
how much you really care about them.
Contact Waypoint Insurance and speak
to one of our expert Group Benefit
Specialists about how to protect your
most important business asset—your
employees—with a group benefits
plan tailored to your business. +
Elaine McDonald has worked to help her
clients navigate the world of insurance
for over 20 years. She specializes in
Group Benefits as well as Life and
Disability products. Located in the
Campbell River office of Waypoint,
Elaine travels all over Vancouver Island
to connect with clients in need of
coverage. Contact her, or any one of the
Waypoint offices, by calling 310-8442 or
visit us online at waypointinsurance.ca