How To Choose The Best Group Insurance Plan For Your Staff
Running a successful business requires a combination of elements, and one of the most challenging aspects of it is keeping a high level of motivation among your personnel. Most employers agree that an excellent way of achieving this is by providing your staff with a set of comprehensive group insurance plans.
When you, as an employer, start looking for group insurance products or services, you’ll probably find a large variety of offers in the insurance market. In this article, we’ll share some tips and aspects you should keep in mind in order to make this process flow smoothly.
First choice: individual or group insurance plans?
Fortunately, this is an easy question to answer. Most employers prefer signing up for group insurance plans for many reasons, but the two single benefits would be because it is a simpler process and it is also less expensive due to a reduced amount of administrative tasks.
How to fund the insurance plan?
This question translates to: who is going to pay for the insurance plan? Basically, there are two paths to follow. First option would be to choose a contributory plan, which is funded by the employer and the employees on agreed percentages on each part. Second option is to choose a non-contributory group insurance plan, which premium is entirely paid by the employer on behalf of the company. You should study your business’ particulars and situation and make a choice accordingly.
What kind of group insurance plan should you sign up for?
Here, the best option would be to sign up for an affordable group health insurance plan. Try to find an insurance plan that covers both term life and medical care cases for your employees and their families. It is even better if these plans can be customized to fit your company’s needs more specifically.
Are there any extra benefits you can get for a certain insurance plan?
Besides providing a wide coverage for your employees, a competent group insurance plan should be able to keep you well informed of the related activities at all times. A customer service support that is always available is always a good to have policy.
Finally, make your choice!
Once you have gathered your employee’s data and the required information about your company as well, it is time to compare your needs with the offers available. This can be a time-demanding procedure, but it is necessary in order to get the best insurance plan that will keep your staff satisfied.
We at Group Insurance Plan Malaysia can guide you to make the right choice and best group insurance policy catered for your company.
Remember! Before applying for a certain group insurance plan, make sure you have read all the information provided by the insurance company. Take a detailed view on their “Exclusions and Limitations” section.
As a final suggestion, but also a time-saver, allow us to suggest comprehensive, simple and customized group insurance plans for your company. Invest in your employees, protect your most valuable asset!