Group insurance is also for SMEs!

A powerful tool for attraction and retention

SMEs have to compete with larger organizations to recruit and retain skilled employees, who seek more than just a salary. Access to health care, financial protection and support in the event of illness or accident has become a key criterion.

Within this context of total compensation, offering group insurance shows that the company is concerned about its employees’ wellbeing. From a human resources perspective, this caring approach creates an attractive work environment that, in the bigger picture, helps build a strong employer brand.

Concern for total wellbeing is essential

As a general rule, group insurance is not limited to covering medical expenses. While it can be very useful in helping to cover the costs of dental or vision care, paramedical services or medication, it is first and foremost part of a holistic approach to wellbeing, supporting the physical, mental, social and financial health of employees and their loved ones. This attention to total wellbeing fosters a climate of trust and stability.

Some plans include Employee Assistance Programs (EAPs), offering resources for stress management, work-life balance, mental health or other personal issues. For an employer, promoting physical health and mental health at work can reduce costs linked to absenteeism and lost productivity, among other things.

Thanks to today’s technology, it is also possible to include telemedicine services, enabling employees to consult healthcare professionals remotely.

Option to include spouse and children

Group insurance plan members generally have the option of extending coverage to their spouse and immediate family. In addition to providing potential savings on certain expenses, the plan can also be adjusted to meet new or different needs that evolve with members’ life stages. However, members must notify their plan sponsor of life events that come up so that the necessary changes to their coverage can be made.

Increased productivity and performance

Healthy employees are more engaged and perform better. By reducing absenteeism and improving satisfaction, group insurance becomes an indirect factor for productivity. Such gains can make a significant contribution to the company’s growth and long-term success.

In short, for an SME, investing in group insurance means investing in stability and competitiveness. It’s a concrete way to protect your most precious asset: your employees.