As one of Canada’s largest independent brokerages, Rogers Insurance works with nearly every major group benefits carrier. We can tailor an affordable and flexible commercial life and benefits coverage for businesses of all sizes. These plans can help you attract and retain the best talent in a competitive job market.
Commercial Life and Benefits Insurance Can Help Your Business
Here are three ways commercial life and benefits insurance can help your business:
- An affordable and tax-effective way to compensate and attract employees.
- A way to improve employee appreciation, loyalty and security.
- A way to help protect the wellbeing of your employees and families.
There are many different ways to configure a commercial life and benefits plan that fits your company’s budget and needs.
Commercial Life and Benefits Coverage
Here is a short explanation of the different areas of commercial life and benefits coverage you can include in your insurance plan.
Commercial Life Insurance Plans
This type of coverage provides your employees with life insurance. In the unfortunate event that they should unexpectedly pass away, the employee’s designated beneficiary will receive a sum of money. This can help employees protect their dependents and reduce financial struggles due to the loss of their income.
Commercial Health Insurance
A commercial health insurance plan is a cost-effective way for employees to get extended health insurance coverage. This can extend provincial health care benefits or include coverage for things not normally provided by provincial health care. This can include professional services such as massage therapy, physiotherapy, and psychologists. It may also include emergency medical transportation such as by ambulance.
Commercial Prescription Drug Plans
Prescription drugs are often not covered by provincial health care or may only be partially covered. Commercial prescription drug plans are very attractive to prospective and current employees, as this type of insurance can help them significantly financially. There are many different options for prescription drug plans, scalable to your company’s size and budget.
Commercial Dental Insurance
Dental care contributes to good overall health, but it is often not covered by provincial healthcare. Even routine dental care can be very expensive – a commercial dental insurance plan can be a great benefit to offer employees.
Commercial Critical Illness Insurance
Critical illness insurance can help reduce the financial burden when someone is diagnosed with a serious illness such as a heart attack, cancer, organ failure or blindness (exactly which conditions are covered will be outlined in the policy). The insured will receive a sum (either a lump sum or spread out over time, depending on the plan) that can help cover debts, lost income, and medical expenses and more.
Commercial Disability Insurance
If an employee is disabled and unable to work due to an unexpected illness or accident, disability insurance can help replace 60% to 85% of your lost regular income (usually up to a maximum amount) for a specified time period. This may apply to temporary and permanent disability situations.
Key Person Insurance
The loss of a key person in a company can have a drastic impact on your business. Key people have acquired the experience and knowledge critical to the success of the company as well as developed relationships with customers, suppliers, and creditors.
Key person insurance can help minimize disruptions and loss of confidence to your business by providing a sum of money. This can be used to pay salaries and cover expenses as well as help with the costs of finding a replacement. It is essentially a life insurance policy for a key employee that pays out to the business.
Loan Protection Insurance
Creditors may demand immediate repayment of loans if a business owner passes away. In such a situation, it may be necessary to liquidate assets or even the business itself. Loan protection insurance can provide tax-free funds to repay debts and loans if a business owner dies, ensuring the business can continue while protecting the owner’s estate and any surviving partners.
Buy/sell funding can help you have the funds to buy out a partner and protect the business should a partner unexpectedly die or become disabled.