Many entrepreneurs feel that when they leave their job to start their own enterprise they may have to forego things like benefits for a while. This isn’t the case. The Chambers Plan allows them to take the risk on their new venture without risking their personal or family’s health. The Chambers Plan can insure you before you take on employees and provide traditional group benefits even if you are your only employee.
As a not for profit plan designed for start-ups and entrepreneurs, the Chambers Plan has assembled more than 30,000 other businesses into Canada’s largest pool of its kind providing additional protection and stability for small and medium business enterprises.
One of the great things about the Chambers Plan is that it allows start-ups to participate fully in the pool if they have 3-9 employees, though some 1 and 2 person firms may also qualify. If they are fully pooled they join the other 35,000 businesses and renewals are based simply on what’s needed to sustain the pool. This keeps their costs predictable until they grow to a size where they can take on additional risk. If they had a bad year for claims due to an employee or their dependent it won’t impact rates the way it would if with a traditional carrier.
In addition, as you grow you can move into the Chambers Plan’s partially pooled option. With this your firm takes on more risk as a portion of their claims will be rated against premiums, although for taking on that risk you benefit from reduced rates. As the Chambers Plan is a not-for-profit program, surpluses go back into your claims and provide reduced rates.
Regardless of the firm size, the Chambers Plan offers typical benefits such as life, disability, critical illness, health and dental plans. To determine what levels of protection you want to put into place and also match your budget, a local Chambers Plan representative can help you marry up the two. It’s also important to prioritize the protection when you start your own benefits program, keeping in mind your advisor can help you to evolve your benefits plan as you grow your organization or should your needs change.
The Chambers Plan also provides the best in class out-of-country protection which can be particularly important if you need to travel for your new business. If you and your staff must travel often this can save you significantly rather buying travel protection on each trip.
Other benefits can be sculpted based on budgets. Costs for things such as paramedical benefits for physiotherapy, chiropractor and massage therapists etc., can be capped or limited to provide budget control. Dental coverage can also be tailored to the company budget as well as the needs of the staff. Drug coverage is another area where a variety of options will meet a variety of budgets. Benefits today are no longer a one size fits all product. Firms with younger demographics may prefer more wellness-related benefits such as paramedical with less drug coverage, while an older staff may prefer having the scripts in place.
Protecting your staff shows them you care. It improves your staff retention, makes it easier to hire new employees and makes your workforce happier and more productive with less absenteeism. The advantages of providing protection over doing nothing are numerous. In fact, when workers are polled about either having a benefits plan or a $10,000 raise, the majority took the benefits option. In addition, it’s a great area to enhance compensation since health and dental premiums are not taxable benefits though are deductible for the employer. It may cost a lot less after tax than implementing a raise or bonus for both the employee and employer.
Protecting your family and those of your employees is a feel-good thing to do for employers. The Chambers Plan gives you that ability regardless of the size of your organization. They insure most industries and the plan is guaranteed renewable. With the stability in premium provided by the program there’s no reason your small business can’t have a benefits plan as soon as your business is ready regardless of size. You don’t have to give up traditional benefits just because you’ve gone into business for yourself.
Having the freedom to do what you love while protecting your family’s health and well-being is a part of the entrepreneurial wish-list. That’s why more than 30,000 small and medium sized business have chosen the Chambers Plan to help provide that protection.