Employee Benefit Costs – How to Reduce Them?

Tips from Your Insurance Company in St. John’s Newfoundland and Labrador

Wondering how to structure an attractive employee benefits package without it affecting your bottom line? The expense of replacing staff which includes an exit package as well as the time and effort of hiring and training new employees might cost you more. With the right insurance plan, you can retain the best talent in Newfoundland and Labrador without destroying your budget. Look for insurance companies with access to a full spectrum of group health and pension products. They are likely to provide better coverage and at affordable rates.

Can Your Insurance Broker Help You Save on Employee Benefit Costs?

As a successful business owner, you are looking for the maximum value for your money. This means finding an employee benefits plan that provides the optimum coverage and at the lowest price. Here’s where your insurance broker can save you both stress and money. Learn how:

  • Wide range of products: Unlike an insurance provider that offers a particular line of products, a broker works with multiple insurance companies and therefore, has access to a variety of plans. Having a wider choice puts you in a better position to find the type of coverage you want. As a leading insurance brokerage in Newfoundland and Labrador, Steers Insurance also serves speciality markets and offers customized plans. We can design a policy that is perfectly suited to your industry and your company.
  • Best rates: Working directly with an insurance provider doesn’t necessarily mean you will get the best rates. They are often reserved for brokers because insurance companies trust them to provide appropriate coverage rather than over-insure their clients. Since brokers also have access to a wide range of insurance products, they can also save you the time and effort of shopping around by pointing out the ones with the best coverage and rates. They do all the leg work and research for you.
  • Honest advice: Employers often find themselves paying for cookie cutter insurance plans that do not match their needs. A good insurance representative or broker is one who will advise you on what’s best for you. For instance, taking advantage of group insurance to provide your employees with adequate coverage, but at a lower cost. Since brokers are not affiliated to any particular insurance company, they have nothing to gain from pushing a particular product your way. This gives you the assurance that your best interests will be protected.

If your business is located in Newfoundland and Labrador, Steers Insurance can help you find the best insurance coverage and at the best rates. We partner with major insurance companies like Sun Life, Manulife, Great West Life, Desjardins, Empire Life, Medavie Blue Cross, and Industrial Alliance, to bring you a full spectrum of group employee benefits products, including your Employee Pension Plan.

Working with a Steers Employee Benefits Specialist gives you and your employees, access to benefits at rates lower than most individual policies, with no medical required*. You won’t have to choose between your employee’s loyalty and maintaining your bottom line. We pride ourselves on providing you with honest insurance advice and exceptional service.

Request a quote online or call us about employee benefits plans in St. John’s at 1-877-478-3377. You can also contact us online today.

*If a plan has less than 3 employees, it may need some medical underwriting. Speak to us at Steers Insurance to find out more.