All business owners have Group Benefit Plans available to them. Yes, a Group Plan of “1” person is a Group Plan.
When talking to clients about Group Benefit Plans, the conversation often goes to questions like; root canals, travel insurance and massage therapy. All are important points but not all employers want to spend much time discussing what I believe to be the most important coverage – Disability Coverage. If you or your employee(s) are not able to work and earn an income because of an illness or accident, what would you do? Type of dental plan will not seem so important at this point. If this happened while you were not at work, workers compensation board would not pay. Employment insurance will pay but only for 15 weeks. This is assuming that you and your employees are covered by Workers Compensation and Employment Insurance.
So when the conversation gets back to disability coverage, some business owners nod cautiously saying that they would want to continue paying their employees salary even if they could not work but also are quick to point out that it is not sustainable and they would not do this for very long.
You really need to take care of the big picture before you deal with the other coverage’s. One basic question to ask: will the disability benefits pay for 2 years, 5 years or to age 65?Be sure to seek advice and purchase insurance from those who understand your business!