Best Financial Advisors in Richmond Hill, ON

The Chambers Group Benefits Plan is a non-profit group benefit plan. It offers traditional group coverage for firms with 1-100 employees. It is mandated to provide these benefits to members of local Chambers of Commerce and Boards of Trade in an affordable manner.

The plan was formed in 1970 as a benefit for members of Chambers of Commerce and Boards of Trade across Canada. It is now the largest plan of its kind in the country insuring in excess of 34,000 firms and 160,000 employees.

Since the program is non-profit it is unique in the industry. Firms of all sizes can access guaranteed coverage. Firms with 3-9 employees may choose to be not in a claims rated environment, instead fully pooled with the other 34,000 firms for stability of rates and minimal risk. Firms with 3-9 who choose to or with more than 10 employees also benefit from partial pooling and the non-profit nature of the plan with rate rewards for taking on slightly more risk although less than the market would provide. Those with higher experience see that softened by these factors and those with good claims experience can see an actual decrease in their premiums. Also, the Chamber Plan is non-cancellable. This means as long as you continue to pay your premiums and maintain your membership they will continue to provide benefits regardless of your claims experience. The Chamber also will write non-profit organizations upon approval and contract employees where certain conditions are met, something many insurers will not.

There are many reasons why a firm would wish to provide benefits and the priority of these items may vary from firm to firm. First of all health and dental premiums are a tax deductible business expense and one of the few items that are not a taxable benefit back to the employees. In addition there is the financial well-being of having a plan and knowing your risk has been limited. Employee loyalty increases dramatically. Surveys have shown that a large percentage of employees consider a benefit plan to be important in both their choosing of an employer and remaining with that employer. Increased productivity will generally result from the peace of mind as well as the increased health of employees. Employees will no longer have to put off needed treatments. As an employer there is also an additional sense of satisfaction in providing additional protection to your family and those of your employees.

Generally speaking your Chambers Agent will tailor a plan to meet your coverage or budgetary needs. This could include building a plan from scratch or matching an existing plan design that you may have.