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SmallBiz Employee Benefits – “How much does it cost?” – The “Traditional”

By April 8, 2019 No Comments

How much does it cost?”

This is a common question when I sit down with a Small Business Owner to talk about building an employee benefits plan.

With so many moving parts to a Traditional benefits plan, I can really only give an average range of somewhere between $500 and $2,000 per year for a Single Employee and an average of between $1,000 and $4,500 per year for a Family Employee. Not insignificant.

It really does depend on what kind of plan you would like to have; the nature of your business; and the demographics of your employees.

The Carriers require the following information,

Employee Information:

  • Age; Sex; Marital Status; Occupation; Salary (if interested in Disability Benefits); and Hire Date for each employee.
  • What is the definition of an eligible employee? Full-time? Completed 3-months Probation? Working a minimum of 20 hours per week? Tell us your criteria.

Employer Information:

  • Legal name of company?
  • How many years in business?
  • Nature of business?
  • Do you currently have coverage? If you answer, “No.”, then we’re good to go. If you answer “Yes.” to this one, then we will have to have a brief chat so I can better understand why you’re not getting your current Broker to help you.

Plan Design Information:

  • Unless you tell me exactly what you are looking for, then I will request a “Cadillac” Plan Design quote and a “Chevrolet” Plan Design quote.

Next Steps:

  1. Once I get the information, then I submit an RTQ (Request-to-Quote) to all of the Carriers that I work with for your size of company.
  2. I compile all of the quotes into a Market Analysis Report for you and I to review.
  3. Through conversation we land on what works best for you…usually something in between the “Cadillac” and the “Chevrolet”.

Questions? Give me a shout!

Located in Cambridge, ON Sharkey Group Insurance  provides independent Employee Benefits advice & counsel for Small Businesses across Ontario.